LOS ANGELES, Jan. 17, 2019 (GLOBE NEWSWIRE) -- The global Medical Device Testing Services market size is projected to around USD 14.2billion by 2026, the market is projected to grow with 12.2% CAGR during the forecast timeframe. Growing expenditure in preclinical phase of medical gadgets paired with rising trend of outsourcing the services is anticipated to boost the market development.
Growing need for in-vitro tests is also anticipated to boost the industry as many CROs are emerging novel in-vitro approaches to replace the traditional approaches that require animal testing. Important progression in the growth and standardization of such novel test approaches, predominantly for cytotoxicity, sensitization, and irritation, is also expected to drive the market growth. There has been an important increase in preclinical expenditure for both pharmaceutical and medical gadgets.
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Growing need for in-vitro tests is also anticipated to boost the industry, as a lot of CROs are emerging novel methods to replace the traditional in-vivo tests that require animal testing. Development in the growth and standardization of novel in vitro test approaches; particularly for sensitization, cytotoxicity, and irritation that are the basic test required for all the medical device is also expected to support industry development.
Also, increasing numeral of businesses in this industry is contributing to the industry growth. Structurally, global medical device industry is divided amongst few major players and a huge numeral of (SMEs) Small- and Medium-sized Enterprises. Therefore, rising need from SMEs that lack in-house capabilities, will backing the industry.
Rise of drug device combination, personalized medication, artificial intelligence (AI), wearable’s and focus on real-time patient monitoring resulted in complex medical devices ecosystem. To match these factors, gadgets now have to undergo shear testing in augmented conditions to obtain marketing approval. Conducting these tests in-house needs a lot of time, cost, and labour; this is anticipated to increase the need for outsourcing of these services thereby increasing the market development.
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The global medical device testing service market is segmented into service, phrase and region. On the basis of service the global medical device testing service market is segmented biocompatibility tests, chemistry test, microbiology & sterility testing, and package validation. Microbiology & Sterility Testing is further bifurcated into bio-burden determination, pyrogen and endotoxin testing, sterility test and validation, anti-microbial activity testing, and other services. On the basis of phrase the global medical device testing service market is segmented into preclinical and clinical. Preclinical sub segment is further bifurcated into antimicrobial wound dressings, medical coatings and others. On the basis of region the global medical device testing service market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific captures the largest market share in the medical device testing services market due to augmented outsourcing in nations, for instance, as India and China. Contract Research Organizations (CROs) are spending heavily in emerging nations of APAC due to lower cost and easy accessibility of trained labour. North America captures the second-largest share in 2018 and is anticipated to observer important development during the forecast timeframe.
This development can be credited to the fact that it is one of the top industrial hubs of complex, high-end, and reliable medical gadgets. Many CROs have a developed business in the region that delivers complete range of testing services for businesses. The Europe region is led by nations (Germany Spain, U.K., France, and Italy) EU5. Increasing demand for cost cutting and growing difficulty in product designing are anticipated to be the major industry drivers.
The key players catering to the global Medical Device Testing Services market are Medical Device Testing Services, Toxikon, Inc., American Preclinical Services LLC, SGS SA, Charles River Laboratories International, Inc., Eurofins Scientific, LLC, Sterigenics International LLC, Intertek Group PLC, North American Science Associates, Inc., WuXiAppTec Group, and Pace Analytical Services, LLC.
This trend is anticipated to contribute to the industry development over the next few years. Stringent regulatory standards relating to operator safety have also drive the trend of outsourcing medical device testing services. Growing need for quality products is anticipated to further push the need by medical device businesses, increasing the industry development. There has been an important consolidation in the CRO space in coming years.
Such as, Sterigenics International LLC acquired the European division of Toxikon Corp.; Toxikon Europe N.V., in October 2017. The objective of the partnershipto strengthen its preclinical service portfolio for pharmaceutical and medical device businesses.
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