Medical Equipment Calibration Services Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Medical Equipment Calibration Services Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : January, 2023 | Medical Devices

Report Digest

Medical Equipment Calibration Services Market: Overview

Pieces of biomedical equipment need to be calibrated according to the prevailing industry regulations pertaining to patient’s safety and efficacy of the devices. The medical equipment calibration services market is evolving on the back of this aspect. The services have risen in demand in hospital settings and at lab setting typically clinical laboratories. The competitive dynamics is shaped by the offering of original equipment providers (OEM) and third-party services. The latter is demanded popularly for refurbished medical equipment. The market is witnessing abundant opportunities from the need for the services among the various application areas notable of which are in critical care, diagnostic equipment, therapeutics, and radiology & medical imaging. The drive for the demand in the medical equipment calibration services market stems from the need for high quality performance testing and calibration services.

The study on the medical equipment calibration services market presents a data-science backed evaluation of emerging trends, promising investment pockets for equipment developers, and the new value propositions that are likely to demand attractive.

Medical Equipment Calibration Services Market: Key Trends

Rise in demand for refurbished devices in cost-sensitive geographies is a key trend in propelling revenue generation in the medical equipment calibration services market. Over the years, new avenues have been created from technological advancements in the systems used for calibration. On the other hand, the strides in the market have been pivoting on the relentless urge of players to meet new expectation of customer services, including in offering flexibility in handling on-site testing.

Service providers in recent times have been witnessed a surge in demand from countries where the healthcare systems have been badly impacted by Covid-19 pandemic. The drive for the adoption of such services gained momentum from the intensifying focus by international regulators to ensure the availability of properly calibrated devices. 

Medical Equipment Calibration Services Market: Competitive Dynamics and Key Developments

The medical equipment calibration services market has seen service providers jostling to offer better customer services to their clients. To this end, they have, among other things, emphasized on upgrading the engineering capabilities.

The competitive landscape in the medical equipment calibration services market is expected to be greatly shaped by stringent implementation of regulations for ensuring patient safety in the use of medical devices for radiology and therapeutics. Vendors are thus accelerating their efforts to meet the regulations and improving the precision of equipment and updating instructions of use.

Some of the industry players who are keen on consolidating their stakes in the medical equipment calibration services market are;

  • TAG Medical
  • Hospicare Equipment Services Corp.
  • JM Test Systems
  • JPen Medical
  • Transcat, Inc.
  • Biomedical Technologies Inc.
  • Tektronix

Medical Equipment Calibration Services Market: Regional Assessment

On the regional front, the U.S. and Europe have been potentially lucrative regions in the medical equipment calibration services market for the past several years. The massive push by government agencies in the key economies in these regions in ensuring the precision and accuracy of medical equipment used in hospital and radiology settings is the major underpinning for proliferating opportunities over the past few years. A case in point is regulations put forth by Medicines and Healthcare products Regulatory Agency and the U.S. FDA. Their incessant emphasis on updating patient safety norms in the light of new technological developments in the healthcare sector has been fuelling the growth prospects in these regional markets. 

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?