The competitive rivalry in the global medical equipment calibration services market is significantly high due to the presence of numerous regional and multinational companies, reports Transparency Market Research in a new study. To maintain a stable position in the market and introduce differentiated products and services, leading players in the global medical equipment calibration services market are entering into mergers with regional players or acquiring them instead. The three leading companies operating in the global medical equipment calibration services market are Biomed Technologies, Inc., Fluke Biomedical, and Tektronix, Inc. To expand their service capabilities, key market players are also entering into long-term contracts with hospitals and healthcare centers. This is further expected to intensify the competition among the players in the coming years.
The global medical equipment calibration services market is projected to expand at a 10.1% CAGR between 2014 and 2020. In 2015, the market stood at a value of US$1.32 bn and is projected to rise to a valuation of US$2.13 bn by 2020. Based on equipment type, the cardiovascular monitors segment is anticipated to register strong growth among all equipment segments until 2020. This segment is projected to expand at a 14.0% CAGR during the forecast period. Technological advancements along with a subsequent rise in the number of cardiovascular disorders and diseases are anticipated to drive the growth of the cardiovascular monitors segment over the next couple of years.
High Demand for On-Site Calibration Services to Help Europe Maintain Lead
Geographically, Europe is anticipated to emerge as the leading region until 2020 in terms of consumption. The market for medical equipment calibration services in Europe was worth US$481.7 mn in 2015 and is likely to touch a valuation of US$749.6 mn by the end of 2020. The rising emphasis on accurate and high quality medical services has led to significant rise in the demand for medical equipment calibration services over the past few years. Moreover, the growing need for in-house monitoring services by healthcare professionals and patients is another factor driving the sales of on-site calibration services. The rise in research and development activities regarding the development of more advanced and high quality medical equipment calibration services is likely to further augment the demand for it in Europe in the upcoming years, thus helping Europe maintain its lead in the global medical equipment calibration services market.
Rigid Regulations and Need for Quality Products and Services to Augment Growth of Medical Equipment Calibration Services Market
According to a TMR analyst, “The production of medical equipment calibration devices is anticipated to rise owing to the growing demand for accurate and upgraded medical equipment and increasing healthcare awareness among consumers across the world.” Customers are shifting their focus towards high quality medical equipment calibration services in order to achieve accurate and easy results related to their health status. Furthermore, the implementation of stringent regulations regarding the quality of products and equipment precision is anticipated to aid the production of high quality medical equipment calibration devices. For instance, the Emergency Care Research Institute in the United States, passed regulations in order to ensure proper governance of medical procedures, drugs, devices and the processes to improve product quality. It further provides maintenance service governance and tracks the validation and calibration of medical devices. Such regulations ensuring the circulation of better medical devices are likely to aid the growth of the global medical equipment calibration services market.
Advent of Self-Calibrating Devices to Inhibit Demand for Medical Equipment Calibration Services
Calibration is a time consuming and expensive process when it is used in on-site or in-house services. As a result, many consumers are shifting their focus towards modular instrumentation. This technology keeps the device under constant surveillance. Moreover, these types of self-calibrating devices also auto detect errors with the help of modular instruments attached to them. The adoption of these devices is likely to hinder the demand for medical equipment calibration services in the future.
However, market players can gain lucrative opportunities from the expansion of services beyond national boundaries. Partnerships and alliances between end users or calibration service providers from across the world are likely to drive the growth of the global medical equipment calibration services market in the coming years.
The review is based on the findings of a TMR report titled, “Medical Equipment Calibration Services Market - Global Industry Analysis, Size, Share & Forecast, 2014 – 2020.”
The global medical equipment calibration services market is segmented into:
By Types of Equipment
By Types of Services
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