Medical Equipment Third Party Calibration Services Market Size, Share & Trends Analysis Report By End-use (Hospitals, Clinical Laboratories, Others), By Region, And Segment Forecasts, 2024 - 2030

Medical Equipment Third Party Calibration Services Market Size, Share & Trends Analysis Report By End-use (Hospitals, Clinical Laboratories, Others), By Region, And Segment Forecasts, 2024 - 2030

Medical Equipment Third Party Calibration Services Market Growth & Trends

The global medical equipment third party calibration services market size is anticipated to reach USD 1.08 billion by 2030 and is projected to grow at a CAGR of 8.7% during the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic diseases and high demand for effective diagnosis, as well as increased usage of refurbished medical equipment to fulfill the rising demand for healthcare services, leads to the growth of the third-party calibration services market.

The COVID-19 pandemic fueled the growth of the calibration of medical equipment to ensure the quality and accuracy of the instruments for better diagnosis. The stringent regulations and acquisitions of various firms to expand their presence further boost market growth. Technological advancements enabled third-party vendors to offer remote calibration services without human involvement. Furthermore, the key players are acquiring companies to expand their presence and calibration services. For instance, Transcat, Inc. acquired TIC-MS, Inc., a U.S.-based calibration laboratory, in March 2023 to strengthen its presence in the Midwest region of the country.

Various regulatory frameworks are established to ensure seamless processes and not compromise the quality of medical equipment. For instance, ISO/IEC 17025 standards enable laboratories to perform testing or calibration with reliable results. Such standards are expected to improve the quality of work and offer better healthcare treatment, boosting market growth.

Medical Equipment Third Party Calibration Services Market Report Highlights

• In 2023, hospitals dominated the end use segment with 43.8% share, which can be attributed to the offering of integrated healthcare services under one roof. The rising usage of refurbished medical equipment and the need to calibrate the equipment contribute to the growth of third-party calibration services.
• Clinical laboratories are expected to register the fastest CAGR over the forecast period as they extensively use third-party calibration services to maintain accuracy.
• The electrical calibration services in the hospital segment held the largest market share, of 33.8%, in 2023. Temperature-based calibration services in the hospital segment are anticipated to grow significantly over the forecast period.
• North America dominated the market in 2023 owing to increased demand for healthcare services and the number of third-party calibration service providers.
• Some of the market players operating in the medical equipment third party calibration services include NorthLab (India) Pvt.Ltd, Al Borg Diagnostics, Allometrics Inc., NicolScales, The Calibration Company, ACS-Calibration, and Applus+, among others.

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