Medical Equipment Calibration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medical Equipment Calibration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The medical equipment calibration market is expected to register a CAGR of 9.3% over the forecast period.

The COVID-19 pandemic has brought challenges to all businesses and industries, but none more than hospitals and healthcare facilities. Hospital equipment needs to be routinely maintained and calibrated to assure regulatory compliance, patient safety, and health. But during the pandemic, there were new restrictions and requirements brought on due to COVID-19. To avoid this challenge companies created new virtual support. For instance, according to the report titled "Healthcare Calibration in the Time of COVID-19" published by Tektronix, a novel "virtual onsite" service delivery option was developed, that would allocate a technician's time to hospital service requirements, either by picking up the equipment to transport back to the nearby service center or by maintaining the assets remotely. Through this virtual onsite module, the medical equipment calibration continued with less impact on the market. As the COVID-19 restrictions were removed with vaccination campaigns and a decline in COVID-19 cases, the market is anticipated to grow to its full potential shortly.

The demand for calibration services is increasing due to several factors, including an increase in hospitals and laboratories, stricter environmental regulations, a greater emphasis on quality and accuracy among consumers, increased investment in R&D initiatives, and an increase in the demand for medical devices. These factors help in the growth of the medical equipment calibration market.

As per the FDA annual recall lists of medical devices in 2021, 57 devices were recalled which is higher than the number of devices recalled in 2020 which is 32. Consequently, it is anticipated that an increase in medical device recalls would be another major factor raising the demand for medical device calibration.

However, the limited consciousness and eagerness for medical device calibration are expected to restrain growth in the medical device calibration market during the forecast period of the study.

Key Market TrendsImaging Equipment is Expected to Hold the Largest Market Share Over the Forecast Period

Medical imaging refers to several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. A few of the major equipment used under this segment include ultrasound imaging, MRI (Magnetic Resonance Imaging), X-ray imaging, and computed tomography (CT). Dominant share is retained by the imaging equipment segment owing to the attributes such as a growing geriatric population and rising incidence of chronic diseases worldwide and disease awareness is further expected to drive the market growth for imaging equipment.

As per the American Cancer Society Cancer Facts & Figures 2022, there were an estimated 18.1 million new cancers in 2020 globally, and by 2040, it is expected to reach 28.0 million new cancer cases, solely due to the growth and aging of the population. Hence, the raise in the burden of chronic diseases like cancers increase the demand for medical imaging diagnosis which helps the market to grow during the forecast period.

In addition, the increasing population with an unhealthy lifestyle, the increasing prevalence of chronic diseases like cardiac disease, gastrointestinal conditions, and different genetic mutations requiring advanced imaging equipment are some of the considerations that are anticipated to strengthen the growth of the market for imaging equipment calibration.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall medical equipment calibration market, throughout the forecast period. This is owing to factors such as the rising cases of medical device recalls as technology-related recalls are also rising as medical equipment technology is becoming highly sophisticated.

Also, the companies are expanding their business toward healthcare devices and technology management services. For instance, in October 2021, ISS Solutions, Inc announced the acquisition of Biomed Technologies, Inc. of Mount Arlington, New Jersey. Biomed Technologies, Inc. performs expert on-site repair services, calibrations, preventive maintenance and safety inspections on all makes and models of diagnostic, therapeutic, surgical, laboratory, and infection control equipment.

All these factors like increased product recall and new healthcare expansion towards the medical equipment calibration in the region are expected to drive the United States segment over the forecast period.

Competitive Landscape

The medical equipment calibration market is moderately competitive and consists of a few major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are ISS Solutions, Inc (Biomed Technologies Inc.), JM Test Systems, Fortive (Fluke), Godrej.com, JPen Medical, TAG Medical, NS Medical Systems, Transcat, Inc., Medserve Ltd. and Tektronix, Inc.

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