Global Medical Equipment Calibration Services Market to be Propelled by Rising Demand for Innovative Medical Equipment

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.

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.

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.

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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.

Medical Equipment Calibration Services Market - Market Research Report, 2014 - 2020

Focus on efficient and effective quality of treatment with utilization of medical devices is posing a big challenge to the medical device industry. Calibration service provider for medical device industry focused on development of innovative and sophisticated technology to perform calibration services of medical devices. Calibration of any device is an essential aspect of its maintenance and assurance of its quality. Calibration is a process in which a device, under test, is compared with a standard device (already calibrated) in order to determine the quality of results and effectiveness (of test device). A calibration service is a steadily growing market. This growth is influenced by many factors such as increasing government regulations for calibration, increasing awareness of society about the use of high quality devices, and growing preference of companies to use sophisticated calibration services as a part of preventive maintenance. Industry experts believe that medical equipment calibration services market is expected to revolutionize the medical device industry market making the service an integral part of medical devices utilized in hospitals, clinics and laboratories.

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Over the past few decades medical equipment calibration service is witnessing a paradigm shift from laboratory instrument calibration to sophisticated surgical equipment calibration. In present scenario, technology that is utilized for medical equipment calibration is improved significantly due to stringent regulatory environment and increasing focus of customers on product quality. Moreover, growth of calibration services market is directly proportional to increasing demand of new and refurbished medical equipment. However, modular instrumentation or self-calibrating devices are restraining the growth of the medical equipment calibration services market.

For the research study, Transparency Market Research have segmented the global medical equipment calibration services market on the basis of types of equipment that includes ventilators, imaging equipment, vital sign monitors, cardiovascular monitors, infusion pumps, fetal monitors and others. Imaging equipment segment was identified as the largest segment mainly attributed to high cost of calibration of technologically advanced imaging equipment and need of well-equipped and well trained personnel. Based on types of services, the market of medical equipment calibration services is segmented as in-house calibration services, third-party calibration services and original equipment manufacturer (OEM) calibration services. Amongst these, in-house calibration services segment accounted for the largest share due to quick turnaround time required for calibration, international accreditation and certification and government support. Transparency Market Research, a leading U.S.-based Market Research firm, estimated that the total medical equipment calibration services market is expected to reach an estimated value of USD 2,135.7 million by 2020.

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Currently, most players in the market are regional players and the business is restricted to domestic markets. Globalization has provided ample amount of opportunities for various businesses to expand presence in other geographies of the world. Similarly, service providers for these businesses get an opportunity to expand global footprint. This is expected to be one of the major opportunity for calibration service providers to expand business along with a loyal and long alliance customer in different geographies.

Thus, it can be securely concluded that the future of the medical equipment calibration services market holds immense potential for growth due to the introduction of innovative technology for product calibration. Moreover, private companies and government organizations have invested a huge amount in research and development activities to bring revolutionary persistent product in the market, which will further augment the uptake of these services.

Vendors who are operating in the global medical equipment calibration services market include Fluke Biomedical, Tektronix, Inc., NS Medical, STQC and others.

Global Medical Equipment Calibration Services Market to be Propelled by Rising Demand for Innovative Medical Equipment

A research study on the global medical equipment calibration services market, published by Transparency Market Research (TMR), estimates this market to expand at a healthy CAGR of 10.10% during the period from 2014 to 2020 and reach a market value of US$2.1 bn by the end of the forecast period.The research report, titled “Medical Equipment Calibration Services Market - Global Industry Analysis, Size, Share & Forecast, 2014 - 2020”, states that the worldwide market for medical equipment calibration services stood at US$1.1 bn in 2013.

Browse the full Global Medical Equipment Calibration Services Market (By Equipment Types: Cardiovascular Monitors, Fetal Monitors, Imaging Equipment, Vital Sign Monitor, Infusion Pumps, Ventilators and Others; By Types of Services: In-House, Third Party Vendor, OEM Calibration Services) - Industry Analysis, Size, Share & Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/medical-equipment-calibration-services-market.html

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.

In-house calibration services, OEM calibration services, and third party calibration services are the key services provided in the worldwide medical equipment calibration services market. The in-house calibration services market is leading the global market at present. However, analysts anticipate it to report moderate growth in the coming years, owing to the increase in the penetration of third party calibration services, which are slated to post the fastest development in the overall market during the forecast period.

Considering its spread, the market study divides the global medical equipment calibration services market into the regional markets in North America, Asia Pacific, Europe, and the Rest of the World. The Europe medical equipment calibration services market stood at the leading position among all the regional markets in 2013.The presence of regional as well as international players in huge number, coupled with extensive research and development practices and strict rules enforced by governments related to medical equipment calibration, is fueling the market in Europe, says the report. Analysts at TMR expect this market to maintain its pace of growth during the forecast period.

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North America holds the second position in the global medical equipment calibration services market at present. It generated around 33% of the overall revenue produced in the global market in 2012.Of late, Asia Pacific has been showing a tremendous rise in its market share. The regional market is projected to register the fastest growth in the overall market over the forecast period. The increased awareness among people regarding the quality of services provided in hospitals and laboratories, together with stringent government regulations, is expected to drive the Asia Pacific medical equipment calibration services market significantly during the forecast period, notes the market study.

The report also studies the competitive landscape prevalent in the worldwide market for medical equipment calibration services by analyzing the company profiles of the major players operating in this highly fragmented market.Biomed Technologies Inc., Industrial Calibration and Service Co. Inc., Fluke Biomedical, JM Test Systems Inc., Medserve Ltd., JPen Medical, NS Medical Systems, TAG Medical, STQC (Government of India), Transcat Inc., and Tektronix Inc. are some of the key participants in the global medical equipment calibration services market, states the report.