Transparency Market Research (TMR) has recently published a report on the global medical equipment calibration services market, according to which, the market is estimated to expand at a healthy CAGR of 10.10% during the period from 2014 and 2020.The research report, titled “Medical Equipment Calibration Services Market – Global Industry Analysis, Size, Share & Forecast, 2014 – 2020,” predicts this market to increase from a total value of US$1.1 bn in 2013 to a projected value of US$2.1 bn by the end of the forecast period.
According to the report, the rising demand for innovative as well as advanced medical equipment and the increasing incidence of product recalls is projected to fuel the medical equipment calibration services market across the globe.The global medical equipment calibration services market is analyzed on the basis of the type of equipment and the type of service in this market study. Fetal monitors, vital sign monitors, imaging equipment, infusion pumps, ventilators, and cardiovascular monitors are the major types of equipment available in this market. Among these, the imaging equipment market is expected to acquire the dominant position, while the cardiovascular monitor market is likely to rise at a CAGR of 14.0% over the forecast period.
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Calibration of medical equipment refers to the comparative analysis of two medical equipment in which one is pre-calibrated or standard. The second one is analyzed against the former to determine the accuracy and precision of the latter. With the escalating number of product recall cases, the demand for new as well as refurbished medical equipment is on a rise, resulting in the substantial increase in the calibration of medical equipment in the global arena.
The report has evaluated the global medical equipment calibration services market on the basis of the type of equipment, the type of services, and the region. Based on the type of equipment, the market has been segmented into infusion pumps, fetal monitors, imaging equipment, vital sign monitors, ventilators, cardiovascular monitors, and other equipment.
The imaging equipment segment is expected to lead the overall market by the end of forecast period closely followed by the vital sign monitors segment. The cardiovascular monitors segment is likely to register a remarkable CAGR of 14.0% during the forecast period, states the report.
Based on the type of service, the market has been categorized into OEM calibration services, in-house calibration services, and third-party calibration services. The in-house calibration services segment dominated the overall market in 2013. However, the third-party calibration services segment is anticipated to register the fastest growth throughout the forecast period.
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Regionally, the report segments the worldwide market for medical equipment calibration services into Europe, Asia Pacific, North America, and the Rest of the World. In 2013, Europe emerged as the leading regional market for medical equipment calibration services while North America occupied the second position with a share of approximately 33% in the overall market.
The presence of a number of prominent market participants in this region, together with the rising investments to increase research and development activities in the calibration of medical devices, is driving the Europe medical equipment calibration services market significantly.
Over the forecast period, Asia Pacific is projected record the fastest increase in its market share. The rising awareness among patients regarding the quality of services in laboratories and hospitals and the increasing number of domestic players are likely to boost the Asia Pacific market for medical equipment calibration services, notes the study.
As per the study, the global medical equipment calibration services market exhibits an extremely fragmented competitive landscape. Transcat Inc., Tektronix Inc., TAG Medical, NS Medical Systems, Medserve Ltd., JPen Medical, JM Test Systems Inc., Industrial Calibration and Service Co. Inc., Fluke Biomedical, and Biomed Technologies Inc. are the key international medical equipment calibration services providers mentioned in this research report.