Medical Device Testing Services Market will reach $85.15

ByLance T. Lee

Oct 13, 2022

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Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) — The report “Medical Device Testing Services Market – Forecast 2022 to 2027” has been added to from ResearchAndMarkets.com offer.

The global medical device testing services market is estimated to grow at a CAGR of 14.79% from a market value of US$32.434 billion in 2020, to reach a market value of US$85.156 billion. by the end of 2027.

The presence of companies offering varied medical device testing services is fueling the growth of the market over the forecast period. For example, companies offer medical device testing services for biocompatibility testing, biosafety, chemical characterization, analytical chemistry, environmental monitoring, and long-term and accelerated shelf-life testing.

Additionally, with the growing need to test the quality and reliability of medical devices, the medical device testing services market offers strong growth opportunities over the forecast period.

The companies also offer medical device testing services that provide comprehensive support from device concept design to post-market applications. These services are highly beneficial due to strict product development regulations; therefore, any defect in a medical device or failure of a medical device to serve the required medical purpose would result in disqualification of the product. Hence, stringent regulations for the development and approval of devices are contributing to the increase in market demand over the forecast period.

Applying its unique combination of solutions including medical device testing, regulatory, reimbursement, quality consulting, and clinical research services, the company provides support across the development continuum, from bench to real applications for patients. The company’s offices are located in Asia, Europe and North America regions and support accelerated introduction in major global markets.

Geographically, North America is expected to hold a significant market share. At the same time, Asia-Pacific region is estimated to be the fastest growing market in the global medical device testing services market during the forecast period.

The growing medical device industry will continue to grow and drive market demand during the forecast period and the emergence of new and innovative medical devices.

The global medical device industry is expected to grow steadily over the forecast period. Industrial growth is further supported by rising demand for innovative medical devices including wearables and innovative healthcare services such as healthcare data. This is mainly because lifestyle related diseases get more severe over time due to the adoption of unhealthy living conditions. Hence, this creates a high demand for the development of wearable medical devices to continuously monitor vital signs, further offering strong market growth prospects over the forecast period.

Governments around the world are striving to reduce healthcare costs (particularly by reducing the number of hospital visits) and are demanding greater value when it comes to improving patient outcomes. Companies are expected to break out of their traditional device manufacturing to achieve this. Instead, a need for service integration and data intelligence coupled with their products is being realized to provide holistic solutions, further strengthening B2B activities and empowering the creation of new business-to-business activities. -consumer (B2C).

It will further compel manufacturers to adopt different strategies in the form of mergers and acquisitions and strategic partnerships and collaborations. Medical device companies will eventually play a bigger role in the value chain and have the opportunity to interact closely with end consumers. This would further help in increasing the revenue of the business and, in turn, help in reducing the number of hospital visits.

Using the various medical device testing strategies, a medical device manufacturer is expected to verify all the functionality of their medical device right from the concept design phase through to post-marketing applications. In case a fault is found, it would cause huge losses for the company.

Therefore, with the growth of the medical device industry, medical device testing services assume importance to help manufacture the device properly. Testing services can be provided in-house or can be outsourced. Also, with the increasing number of chronic diseases in the world, the market is expected to offer strong growth prospects and develop new medical devices through continuous innovations and technological advancements.

Segmentation:
By type

  • Medical Device Testing Solution
  • Certification & Audit
  • Scientific support services

By Services

  • Cardiovascular device test
  • Orthopedic implant test
  • Microbiological analysis
  • Shelf life test

By type of supply

  • In-house testing
  • Outsourced testing

By geography

  • North America
  • UNITED STATES
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Middle East and Africa
  • United Arab Emirates
  • Israel
  • Saudi Arabia
  • Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Thailand
  • Indonesia
  • Taiwan

Main topics covered:

1. Introduction

2. Research methodology

3. Executive Summary

4. Market dynamics

5. Medical Device Testing Services Market Analysis, By Type

6. Medical Device Testing Services Market Analysis, By Services

7. Medical Device Testing Services Market Analysis, By Type of Supply

8. Medical Device Testing Services Market Analysis, By Geography

9. Competitive environment and analysis

10. Company Profiles

Companies cited

  • SGS S.A.
  • Intertek Group plc
  • Office Veritas
  • DEKRA
  • Eurofins Scientific
  • The British Standards Institute
  • Nelson Laboratories, LLC (a Sotera Health Company)

For more information about this report visit https://www.researchandmarkets.com/r/irpv9y

  • Medical Device Testing Services Market


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