Medical Equipment Calibration Services Market (By Equipment Types: Cardiovascular Monitors, Fetal Monitors, Imaging Equipment, Vital Sign Monitor, Infusion Pumps, Ventilators and Others; By Types of Services: In-House, Third Party Vendor, OEM Calibration Services) - Global Industry Analysis, Size, Share & Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/11/2015 -- Calibration can be defined as, the comparative analysis of one equipment (under test) with another (pre-calibrated or standard) in order to determine the accuracy and precision of former with latter one. Rising number of multi-specialty hospitals and increasing complexity of the devices are the major factors that are expected to positively influence the medical equipment calibration services market. Furthermore, growing demand for new and refurbished medical devices that require periodic calibration and increasing quality oriented approach of the customers are some other key reasons cited to propel the growth of this market. In addition, increasing government and environmental regulations and frequent product recalls are some of the major drivers of this market. Frequent product recalls adversely affect the reputation of a company, and hence, the companies are offering strong focus on the calibration services before and after commercialization of their products.
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Medical Equipment Calibration Services Market is divided into two segments, namely; by equipment types and by types of services. Amongst the equipment types, cardiovascular monitors calibration services market is expected to grow at a rapid rate, reporting a CAGR of 14.0% during forecast period 2014 – 2020. Similarly, by the end of 2020, imaging equipment calibration services market is identified as a largest segment. This is followed by vitals sign monitors and other patient monitoring equipment.
Furthermore, the market is also classified on the basis of types of services, such as, in-house calibration services, third party calibration services and OEM calibration services. As of 2013, in-house calibration services market was anticipated as the largest segment. However, by the end of 2020, the market for in-house calibration services is expected to grow at a constant rate due to increasing penetration of third party calibration service providers. Third party service providers are anticipated to emerge as the fastest growing segment during the forecast period owing to ease of access, quick calibration and sophisticated service with less cost. It has also been witnessed that certain service providers are offering 24x7 services with zero downtime for certain critical applications that is further attracting customers. On the other hand OEMs (original equipment manufacturers) are expected to witness decline in their market share. This trend is anticipated as the cost of the instrument to be calibrated is usually higher than third party calibration service provider. Additionally, most of the manufacturers currently are focused on their core competencies and downsizing their labor.
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Geographically, in 2013, the European region was anticipated as the largest market in calibration services market globally. The leadership position of Europe is justified by the presence of large number of local and regional players, stringent government regulations for calibration of medical devices and extensive R&D practices. North America held the second largest position in the market and contributed to approximately 33.3% of the total calibration services market revenue in 2012. Asia-Pacific region is expected to witness tremendous increase in its market share and emerge as the fastest growing segment during the forecast period. Rising government regulations, increased awareness amongst patients towards quality of services in hospitals and laboratories and rising number of regional players are key reasons which would account for the growth of calibration services in this region.
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The market is highly fragmented and is dominated by number of small and regional players. Fluke Biomedical, Tektronix, Inc., JPen Medical Systems, IN-CAL, and SQTC are some of the major players operating in this market. Companies in this market are adopting strategies of partnership and collaboration to increase their market presence.
Browse the full Global Medical Equipment Calibration Services Market (By Equipment Types: Cardiovascular Monitors, Fetal Monitors, Imaging Equipment, Vital Sign Monitor, Infusion Pumps, Ventilators and Others; By Types of Services: In-House, Third Party Vendor, OEM Calibration Services) - Industry Analysis, Size, Share & Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/medical-equipment-calibration-services-market.html
The global medical equipment calibration services market is segmented as follows:
Global Medical Equipment Calibration Services Market, by Equipment Types
- Cardiovascular Monitors
- Fetal Monitors
- Imaging Equipment
- Vital Sign Monitoring
- Infusion Pumps
Global Medical Equipment Calibration Services Market, by Types of Services
- In-House Calibration Services
- Third Party Calibration Services
- OEM Calibration Services
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