The Medical Equipment Calibration Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Equipment Calibration Services Global Market Report 2024, The medical equipment calibration services market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to global health preparedness, remote calibration services, patient-centric care, aging medical equipment, regulatory compliance.
The medical equipment calibration services market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to digital health expansion, eco-friendly calibration practices, preventive maintenance, clinical laboratory accreditation, patient safety. Major trends in the forecast period include telehealth equipment calibration, remote calibration support, digital calibration solutions, internet of things (iot)-enabled calibration, artificial intelligence (ai)-enhanced calibration.
Rising investment in healthcare infrastructure is expected to propel the growth of the medical equipment calibration service market going forward. The growth in healthcare infrastructure would provide better protection for public health. The medical equipment calibration service helps to ensure that the medical devices available are safe and effective. For instance, according to the Indian Brand Equity Foundation, an Indian-based government ministry, the healthcare market can increase threefold to USD 133.44 billion by 2022. In addition, according to the Centre for Medicaid & Medicare Services, in 2020 U.S. health care spending grew 9.7%, reaching $12,530 per person, or $4.1 trillion. Therefore, rising investment in healthcare infrastructure is driving the growth of the medical equipment calibration services market.
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The medical equipment calibration services market covered in this report is segmented –
1) By Service: In-house, Third-Party Services, Original Equipment Manufacturer (OEM)
2) By Equipment: Fetal Monitors, Imaging Equipment, Vital Sign Monitors, Infusion Pumps, Cardiovascular Monitors, Ventilators, Other Equipments
3) By End User: Hospitals, Clinical Laboratories, Other End Users
Strategic partnerships and collaborations are a key trend gaining popularity in the medical equipment calibration services market. Companies operating in medical equipment calibration services are undergoing partnerships to strengthen their position in the market. For instance, in April 2022, Ultimo, a US-based company that provides information technology services, partnered with Fluke Biomedical, a US-based medical equipment calibration services manufacturer. This partnership would aim to help healthcare organizations improve efficiency by minimizing the time that technicians spend on manual, paper-based, or repetitive tasks. Furthermore, in March 2020, Tektronix Inc., a US-based manufacturer of medical equipment calibration services, partnered with Coherent Solutions, a US-based software and consulting company. This partnership aims to provide fully-integrated optical communications platforms to new and existing customers in support of the growing global demand for communications across the telecom, datacom, defense/aerospace, and semiconductor markets.
The medical equipment calibration services market report table of contents includes:
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