Medical Equipment Third-Party Calibration Services Market Report on the Untapped Growth Opportunities in the Industry

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Medical Equipment Third-Party Calibration Services Market – (By End-User (Hospitals (Electrical, Radio Frequency (RF), Temperature, Humidity, Pressure, Others), Clinical Laboratories, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Medical Equipment Third-Party Calibration Services Market is valued at US$ 604.3 Mn in 2023, and it is expected to reach US$ 1,166.5 Mn by 2031, with a CAGR of 8.8% during the forecast period of 2024-2031.

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Medical equipment third-party calibration services involve independent specialists assessing and adjusting medical devices to ensure accuracy, regulatory compliance, and optimal performance for safe and effective patient care. The market is experiencing significant growth due to factors such as rising demand for healthcare services, advancements in medical device technology, stringent regulatory requirements, and increasing awareness regarding the importance of routine equipment maintenance.

The growing need for medical services in underserved regions and the rising costs of healthcare have led to increased demand for refurbished medical equipment. To maintain the effectiveness of these devices, third-party calibration services play a crucial role in ensuring their continued precision and reliability. 

List of Prominent Players in the Medical Equipment Third-Party Calibration Services Market:

·      NorthLab Pvt. Ltd

·      TÜV SÜD's calibration laboratory

·      Al Borg Diagnostics

·      Abdulminam Ibrahim Al Mohaisin Contracting

·      Allometrics Inc.

·      The Calibration Company

·      Copper Mountain Technologies

·      LotusWorks

·      ACS-Calibration

·      NicolScales

·      Aries e-Solutions

·      Applus+

Market Dynamics:

Drivers-

The increasing demand for third-party calibration services for medical equipment is driven by the growing reliance on accurate and reliable medical devices. Healthcare providers are increasingly engaging independent calibration specialists to ensure compliance with strict regulatory requirements and safety standards. Additionally, the widespread adoption of technologically advanced medical equipment has heightened the necessity for frequent calibration to maintain precision and functionality.

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Challenges:

Despite the market's growth, several challenges hinder widespread adoption, particularly in emerging economies and smaller healthcare institutions. The high costs of sophisticated medical equipment and associated third-party calibration services pose financial constraints for many organizations. Moreover, maintaining compliance with evolving regulatory standards requires frequent recalibration and meticulous quality control, increasing operational complexities and expenses. Rapid technological advancements can also lead to the obsolescence of older medical equipment, making it challenging for healthcare providers to keep pace with new calibration requirements.

Regional Trends:

The North American market for medical equipment third-party calibration services holds a substantial revenue share and is expected to expand at a high compound annual growth rate (CAGR) in the coming years. This growth is attributed to a well-established healthcare industry, rising incidence of chronic diseases, increasing healthcare service demands, and the growing use of refurbished medical equipment.

Similarly, Europe has secured a significant market share, driven by the presence of leading industry players, advancements in healthcare technology, rising per capita healthcare expenditure, and an increasing number of third-party calibration service providers.

Recent Developments:

• In January 2024, India's IIT Madras unveiled a mobile facility for calibrating medical devices. This recently opened institution is working to reduce transit times and costs associated with calibration in an effort to provide scalable, inexpensive, and high-quality healthcare.

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Segmentation of Medical Equipment Third-Party Calibration Services Market-

By End-Use-

·      Hospitals

o  Electrical

o  Radio Frequency (RF)

o  Temperature

o  Humidity

o  Pressure

o  Others

·      Clinical Laboratories

·      Others

By Region-

North America-

·      The US

·      Canada

·      Mexico

Europe-

·      Germany

·      The UK

·      France

·      Italy

·      Spain

·      Rest of Europe

Asia-Pacific-

·      China

·      Japan

·      India

·      South Korea

·      South East Asia

·      Rest of Asia Pacific

Latin America-

·      Brazil

·      Argentina

·      Rest of Latin America

 Middle East & Africa-

·      GCC Countries

·      South Africa

·      Rest of the Middle East and Africa

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