Pieces of biomedical equipment need to be calibrated according to the prevailing industry regulations pertaining to patient’s safety and efficacy of the devices. The medical equipment calibration services market is evolving on the back of this aspect. The services have risen in demand in hospital settings and at lab setting typically clinical laboratories. The competitive dynamics is shaped by the offering of original equipment providers (OEM) and third-party services. The latter is demanded popularly for refurbished medical equipment. The market is witnessing abundant opportunities from the need for the services among the various application areas notable of which are in critical care, diagnostic equipment, therapeutics, and radiology & medical imaging. The drive for the demand in the medical equipment calibration services market stems from the need for high quality performance testing and calibration services.
The study on the medical equipment calibration services market presents a data-science backed evaluation of emerging trends, promising investment pockets for equipment developers, and the new value propositions that are likely to demand attractive.
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Medical Equipment Calibration Services Market: Key Trends
Rise in demand for refurbished devices in cost-sensitive geographies is a key trend in propelling revenue generation in the medical equipment calibration services market. Over the years, new avenues have been created from technological advancements in the systems used for calibration. On the other hand, the strides in the market have been pivoting on the relentless urge of players to meet new expectation of customer services, including in offering flexibility in handling on-site testing.
Service providers in recent times have been witnessed a surge in demand from countries where the healthcare systems have been badly impacted by Covid-19 pandemic. The drive for the adoption of such services gained momentum from the intensifying focus by international regulators to ensure the availability of properly calibrated devices.
Medical Equipment Calibration Services Market: Competitive Dynamics and Key Developments
The medical equipment calibration services market has seen service providers jostling to offer better customer services to their clients. To this end, they have, among other things, emphasized on upgrading the engineering capabilities.
The competitive landscape in the medical equipment calibration services market is expected to be greatly shaped by stringent implementation of regulations for ensuring patient safety in the use of medical devices for radiology and therapeutics. Vendors are thus accelerating their efforts to meet the regulations and improving the precision of equipment and updating instructions of use.
Some of the industry players who are keen on consolidating their stakes in the medical equipment calibration services market are;
- TAG Medical
- Hospicare Equipment Services Corp.
- JM Test Systems
- JPen Medical
- Transcat, Inc.
- Biomedical Technologies Inc.
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Medical Equipment Calibration Services Market: Regional Assessment
On the regional front, the U.S. and Europe have been potentially lucrative regions in the medical equipment calibration services market for the past several years. The massive push by government agencies in the key economies in these regions in ensuring the precision and accuracy of medical equipment used in hospital and radiology settings is the major underpinning for proliferating opportunities over the past few years. A case in point is regulations put forth by Medicines and Healthcare products Regulatory Agency and the U.S. FDA. Their incessant emphasis on updating patient safety norms in the light of new technological developments in the healthcare sector has been fuelling the growth prospects in these regional markets.
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