The medical equipment calibration market growth is driven by the rising demand for calibration services owing to various factors such as increasing hospital numbers, laboratories, rising environmental regulations and increased consumer focus on quality and accuracy, along with the increase in research and development measures as well as growing demand for medical devices will upsurge the growth of medical equipment calibration market.
As per the FDA annual recall lists of medical devices in 2019, 44 devices were recalled which is higher then the number of devices recalled in 2017 which is 32. Therefore, increasing recall of medical devices is another key driver expected to bring the demand to a higher-end for calibration of medical devices.
Key Market Trends
Imaging Equipment is Expected to Hold the Largest Market Share in the Medical Equipment Calibration Market
Dominant share is retained by the imaging equipment segment owing to the attributes such as a growing geriatric population and rising incidence of chronic diseases worldwide and the disease awareness is further expected to drive the market growth for imaging equipment. As per the statistics from GLOBOCAN 2018, there is an estimated 2,129,118 number of incident cases in the United States, in 2018, which is expected to grow by 2040 and reach a number of 3,096,944 cases.
In addition, the increasing population with an unhealthy lifestyle, the increasing prevalence of chronic diseases like cardiac disease, gastrointestinal conditions, and different genetic mutations requiring advanced imaging equipment are some of the considerations that are anticipated to strengthen the growth of the market for imaging equipment calibration.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall medical equipment calibration market, throughout the forecast period. This is owing to factors such as the rising cases of medical device recalls as technology-related recalls are also rising as medical equipment technology is becoming highly sophisticated. For the 14th sequential quarter, software issues continued to remain the primary cause of the recall.
Software, mislabeling, and quality problems were the top causes of recall in 2018 which is further expected to upsurge the demand for the medical equipment calibration market during the forecast period.
Competitive Landscape
The Medical Equipment Calibration market is moderately competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Biomed Technologies Inc. (Abbott Laboratories), Industrial Calibration and Service Co. Inc., Fluke Biomedical (Fortive), JM Test Systems Inc., and Tektronix, Inc.
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As per the FDA annual recall lists of medical devices in 2019, 44 devices were recalled which is higher then the number of devices recalled in 2017 which is 32. Therefore, increasing recall of medical devices is another key driver expected to bring the demand to a higher-end for calibration of medical devices.
Key Market Trends
Imaging Equipment is Expected to Hold the Largest Market Share in the Medical Equipment Calibration Market
Dominant share is retained by the imaging equipment segment owing to the attributes such as a growing geriatric population and rising incidence of chronic diseases worldwide and the disease awareness is further expected to drive the market growth for imaging equipment. As per the statistics from GLOBOCAN 2018, there is an estimated 2,129,118 number of incident cases in the United States, in 2018, which is expected to grow by 2040 and reach a number of 3,096,944 cases.
In addition, the increasing population with an unhealthy lifestyle, the increasing prevalence of chronic diseases like cardiac disease, gastrointestinal conditions, and different genetic mutations requiring advanced imaging equipment are some of the considerations that are anticipated to strengthen the growth of the market for imaging equipment calibration.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall medical equipment calibration market, throughout the forecast period. This is owing to factors such as the rising cases of medical device recalls as technology-related recalls are also rising as medical equipment technology is becoming highly sophisticated. For the 14th sequential quarter, software issues continued to remain the primary cause of the recall.
Software, mislabeling, and quality problems were the top causes of recall in 2018 which is further expected to upsurge the demand for the medical equipment calibration market during the forecast period.
Competitive Landscape
The Medical Equipment Calibration market is moderately competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Biomed Technologies Inc. (Abbott Laboratories), Industrial Calibration and Service Co. Inc., Fluke Biomedical (Fortive), JM Test Systems Inc., and Tektronix, Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Fluke Biomedical (Fortive)
- Biomed Technologies Inc. (Abbott Laboratories)
- JM Test Systems, Inc.
- Industrial Calibration and Service Company, Inc. (IN-CAL)
- Tektronix, Inc.
- JPen Medical
- TAG Medical
- NS Medical Systems
- Transcat, Inc.
- Medserve Ltd.
Methodology
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