Medical Equipment Calibration Services Market Can Witness Growth, Due to Increasing Healthcare Expenditure and Emphasis on Quality Patient Care
Medical equipment calibration services market is estimated to be valued at USD 1.58 Bn in 2024, exhibiting a CAGR of 10.1% over the forecast period (2024-2031). The market has been witnessing steady growth, owing to increasing healthcare expenditure globally and emphasis on delivering quality patient care services. Stringent regulatory norms regarding regular equipment calibration and presence of large installed base of medical equipment that requires periodic calibration can aid the market expansion.
Market Dynamics
Medical equipment calibration services market growth is driven by increasing healthcare expenditure and stringent regulatory guidelines regarding equipment calibration. In 2023, according to the World Health Organization, global healthcare spending is projected to grow at an annual rate of 5.4% by 2022. This rise in expenditure promotes upgrading and calibrating medical equipment to ensure optimal performance. Certification bodies such as the Joint Commission and regulatory agencies mandate periodic calibration and testing of medical devices. This establishes quality control and safety standards, thus, boosting need for calibration services. Furthermore, advancements in medical technologies have increased the reliance on delicate medical equipment which require specialized calibration and maintenance. The presence of large installed base of medical devices boosts aftermarket demand for calibration services.
Increasing Regulatory Compliance for Medical Equipment Accuracy Drives Market Growth
Medical device manufacturers and healthcare facilities are required to perform regular equipment calibration services to ensure compliance with various regulatory standards. Regulators such as the U.S. FDA and Europe's MDR have stringent rules around maintaining calibration logs and accuracy checks for medical devices. Failing to comply can result in fines or even product recalls. This has significantly increased the demand for third party medical equipment calibration services that can help organizations meet regulatory requirements through calibrated equipment and documentation. Specialized calibration service providers employ trained technicians and engineers who have expertise in calibrating diverse medical devices from MRI and CT scanners to ventilators, defibrillators and more using industry approved methods and traceable standards. Ensuring accuracy of medical devices is crucial for patient safety and clinical outcomes, leading to more spend on calibration services annually.
In-House Calibration Capabilities Restrain Market Reliance on Third Parties
Some large hospitals and medical device manufacturers have invested in developing in-house calibration labs over the years. Having dedicated biomedical equipment technicians and physicists has allowed them to perform many routine calibration tasks internally instead of outsourcing. This reduces reliance and spend on third party calibration service providers. In-house calibration also ensures better control over schedules and turnaround times. While specialized or complex equipment may still need to be calibrated externally. Setting up efficient in-house calibration also poses challenges around maintaining accreditation, hiring skilled staff and investing in expensive test equipment which limits its adoption.
Adoption of Digital Calibration Records and Remote Monitoring Creates New Opportunities
Medical equipment calibration service providers are increasingly adopting cloud-based asset management software and remote monitoring technologies. This allows recording calibration logs digitally instead of paper, enabling quick access to compliance documentation from any location. Remote monitoring capabilities also help in predictive maintenance by continuously tracking sensor data for deviations. Analytics tools further help identify maintenance trends. Such digital transformation is appealing to healthcare organizations looking for flexibility, convenience and improved asset management. It open up opportunities for calibration providers to offer additional value-added services around consultancy, customized dashboards and predictive analytics. Tele calibration using remote access technologies during the pandemic has further accelerated digital adoption across the industry.
Key Developments
- On April 15, 2024, The Indian Institute of Technology Madras (IIT-M) developed a mobile unit to calibrate medical diagnostic devices. It can calibrate 45 types of life-saving medical equipment: from BP monitoring machines and ventilators to foetal simulators, incubator analysers, defibrillators, and ECG machines, among others.
- In November 2023, Dracal Technologies, a manufacturer of high-precision portable data acquisition products, and Essco Calibration Laboratory announced an agreement for Sensor Calibration in the U.S. The agreement aims to enhance calibration services for Dracal's medical instruments, ensuring precision and reliability for its customers in the North America region.
Key Players
TEKTRONIX, INC., Fluke Corporation, Transcat Biomedical, JM Test Systems, NES GROUP MEDICAL, Helix Pvt, MEDQOR LLC., Angelus Medical, Cyrix Healthcare, Calibrationhouse, Medisave UK, Obelis Group
