Medical Equipment Calibration Services Market To Reach $3.28 Billion By 2030

Medical Equipment Calibration Services Market Growth & Trends

The global medical equipment calibration services market size is expected to reach USD 3.28 billion by 2030, registering a CAGR of 12.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is majorly driven by the demand for refurbished medical equipment, stringent regulations, and market strategies, such as total annual calibration service subscriptions, provided by service providers.

Calibration ensures the highest level of precision for medical devices while also lowering costs, making it an essential component of biomedical cGMP and FDA compliance. As medical equipment measurements have a significant impact on public health and safety, pharma and biotech businesses must adhere to ISO/IEC 17025:2005 regulations throughout testing, calibration, and sampling.

The calibration requirements for equipment are defined in title 21 of the FDA’s Code of Federal Regulations. As per section 820.72, manufacturers are required to inspect, measure, and test equipment to ensure that it is adequate for its intended purpose and capable of producing correct findings. Noncompliance with FDA equipment calibration standards can result in significant financial fines. It ranges from $100,000for individual errors that do not result in a patient's death to $500,000 for a noncompliance issue that results in a patient's death.

The COVID-19 pandemic has had a major impact on the market The healthcare sector has experienced unprecedented difficulty as a result of governments' clear social distancing attempts to prevent the virus from spreading. This has affected the sales reps, medical scientific liaisons, and pharma personnel's face-to-face interactions.

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Medical Equipment Calibration Services Market Report Highlights

• The third-party calibration service sector dominated the market in 2023, with 41.1% of the revenue share in 2023. The growth is driven by a fast turnaround time for equipment calibration results with the help of third-party sources at the site.

• The OEM services sector is expected to witness a CAGR of 12.4% during the forecast period.

• The hospitals accounted for the largest revenue share of 42.8% in 2023. Hospitals continue to prioritize the health and safety of patients as a significant concern.

• Clinical laboratories sector is expected to experience rapid growth with a growth rate exceeding 14.1% in the forecast period.

• North America was at the forefront of the global market in 2023, accounting for the largest revenue share of 36.4%. It is projected to experience substantial growth throughout the forecast period.

Medical Equipment Calibration Services Market Segmentation

Grand View Research has segmented global medical equipment calibration services market report based on service, end-use, and region:

Medical Equipment Calibration Services Service Outlook (Revenue, USD Million, 2018 - 2030)

• In-house

• Third-party Services

• Original Equipment Manufacturer (OEM)

Medical Equipment Calibration Services End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Clinical Laboratories

• Others

Medical Equipment Calibration Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Thailand

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Medical Equipment Calibration Services Market

• TEKTRONIX, INC.

• Fluke

• Transcat Biomedical

• NS Medical Systems

• Transcat Inc.

• JM Test Systems

• Godrejenterprises.com

• NES GROUP MEDICAL

• Helix Pvt Ltd

• Angelus Medical and Optical