Mounting Demand for Refurbished Medical Equipment to Drive Adoption of Medical Equipment Calibration Services Globally

Transparency Market Research Report Added “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)” to its database.

Medical Equipment Calibration Services Market: Description

Calibration is defined as an operation that, under specified conditions, performs two steps. In the first step, it establishes a relation between the quantity values with measurement uncertainties provided by measurement standards and corresponding indications with associated measurement uncertainties (of the calibrated instrument or secondary standard). In the second step, it uses this information to establish a relation for obtaining a measurement result from an indication.

The same principle is applicable to the calibration of medical equipment. The medical equipment calibration services market report studies the current scenario as well as the future market potential for medical equipment calibration services globally. The medical equipment calibration services market has been segmented on the basis of product types and types of services. On the basis of equipment types, the market is segmented as ventilators, cardiovascular monitors, vital signs monitors, imaging equipment, infusion pumps, fetal monitors and others. Further, the medical equipment calibration services market is segmented on the basis of types of service providers such as in-house calibration services, third party calibration services, and OEM calibration services. The market for medical equipment calibration services has been extensively analyzed on the basis of factors such as demand of calibration services in various specialty hospitals, average price range of each segment, number of hospitals and research institutes, pathology laboratories and its relevance with medical equipment calibration services. The market size and forecasts in terms of revenue (USD million) for each of these segments have been provided for the period 2014 to 2020, considering 2013 as the base year. The medical equipment calibration services market report also provides the compounded annual growth rate (CAGR) for each segment of the market for the forecast period 2014 to 2020.

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Medical Equipment Calibration Services Market: Overview

Calibration is considered as an essential procedure for any equipment and device, in order to maintain and improve its accuracy and precision. Calibration is the process, in which equipment under test is compared with some standard equipment, in order to understand the accuracy of former one. The calibration of medical equipment is also based on the same principle. Medical equipment calibration services market is highly fragmented market and the demand for calibration services is increasing, owing to various factors, such as, rising number of hospitals, increasing environmental regulations, and rising customer focus towards quality and precision. This report is focused towards identifying the current scenario as well as future market potential for medical equipment calibration services globally. The global medical equipment calibration services market is divided into two segments, namely; by equipment types and by types of services. On the basis of by equipment types, the market is further segmented as ventilators, imaging equipment, fetal monitors, infusion pumps, cardiovascular monitors, vital sign monitors and others. Whereas, on the basis of types of services, the market is divided as in-house calibration services, third party calibration services and OEM calibration services.

Out of the all above devices, market of imaging equipment calibration services held the largest market share in 2013. Whereas, cardiovascular monitors calibration services market is expected to grow at the highest growth rate during the forecast period. Increasing focus of customers on the quality, rising penetration of companies in this market and strict compliance environment are key factors expected to drive the growth of this market. In addition, rising product recall is another major driver expected to push the market to a higher end. According to the U.S. FDA, number of product recalls since past couple of years have increased from 763 in 2009 to 1,190 in 2012. These recalls were observed due to software design failure, component and material issues and packaging and labeling. Hence, such frequent product recall affects the company’s reputation and thus, the companies are offering strong emphasis on calibration of their products before and after commercialization. This fact is considered as an important growth propeller of this market. In addition, rising demand for third party and in-house calibration services is another important driver of the market. However, shift towards usage of modular instrumentation, high capital requirement, and dominance by the local and regional players are some of the major reasons that could slow down the growth of this market.

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