Rising Health Risks from Unmaintained Medical Devices Stimulates the Global Medical Equipment Calibration Service Market
Ameco Research Analyst projected that the global medical equipment calibration service market will rise at a CAGR of more than 10% during the forecast period, with a market size of over US$ 6,990 Mn by 2030.
The process of configuring the measurement and accuracy of a medical device or medical system used in hospitals is known as medical equipment calibration. This field aims to provide advanced healthcare services such as diagnosis, monitoring, and therapy. Medical calibration measurements are critical because they determine whether medical devices are suitable for usage in accordance with international standards. The calibration also aids in reducing misdiagnosis due to a machine that is not properly calibrated. It is critical to configure hospital systems in accordance with standard calibration since these instruments must be extremely accurate because they deal with life and death situations.
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The pandemic of COVID-19 has had a significant influence on the market. As a result of governments’ apparent social distancing attempts to prevent the virus from spreading, the healthcare sector has faced unprecedented difficulties. Face-to-face interactions between sales staff, medical scientific liaisons, and pharma personnel have been impacted.
Market Dynamics
Patients’ health and safety remain a key focus at hospitals and clinics. Doctors and nurses rely on the accuracy and precision of the tools they use to monitor patients as a result of this. As a result, the precision and accuracy of a device are critical. The medical device industry is controlled by tight standards, including FDA’s 21 CFR Parts 11 and 820, ISO 13485, and Quality System Regulation (QSR) to service users and guarantee public health and safety is not jeopardized.
The maintenance of medical equipment has become much more important than in normal times. Because of the significant health dangers associated with the industry, it is governed by strict rules. The global COVID-19 epidemic is exacerbating these limitations. Furthermore, during the COVID-19 pandemic, the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) has provided guidelines to laboratories and manufacturers who require outside engineers to calibrate their equipment. The MHRA has a variety of solutions for companies that require their equipment maintained or calibrated.
According to the FDA’s annual medical device recall lists, 44 devices were recalled in 2019, which is greater than the 32 devices recalled in 2017. As a result, an increase in medical device recalls is predicted to push the demand for medical device calibration to a higher level. Noncompliance with FDA equipment calibration criteria might lead to hefty financial penalties. Individual errors that do not result in a patient’s death are worth $100,000, but noncompliance issues that result in a patient’s death are worth $500,000.
Global Medical Equipment Calibration Service Market Classification
The medical equipment calibration service market is divided into three categories: service, end-user, and geography. The service segment is categorized into third-party services, in-house, and original equipment manufacturers (OEM). Among services, the third-party services segment accounted for the majority of the share in 2021. The most precise results come from strict controls over every aspect of the environment. Manufacturers do not use calibration labs frequently enough to justify the expensive cost of keeping them in such a regulated environment.
The end-user segment is divided into hospitals, clinical laboratories, and others. Based on them, the hospital’s segment generated the maximum revenue in 2021. Hospitals continue to place a high premium on patient health and safety. Doctors and nurses rely on the tools they employ to monitor patients for accuracy and precision, thus hospital equipment calibration is critical for more than just assuring the best possible patient care.
Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Medical Equipment Calibration Service market. Throughout the projected period, North America is expected to dominate the global medical equipment calibration market. This is due to reasons such as the increasing number of medical device recalls, as well as technology-related recalls, as medical equipment technology advances. Europe stood for the second position in the regional market. Many universities in Europe offer specialty studies in the subject of biomedical devices, as well as competent engineers and technicians who can serve as useful calibration resources for medical device manufacturers. However, the Asia-Pacific region is anticipated to attain the fastest growth rate throughout the forecast period 2022 – 2030.
Major Players
The top players offered in the report include vendors Calibration Laboratory, LLC., Custom Calibration, Inc., Fluke, Industrial Calibration and Service Company, Inc., Morehouse Instrument Company, Inc., Spectrum Technologies (Transcat Company), Sierra Instruments, Inc., and Strainsert.
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