London, Jan. 14, 2021 (GLOBE NEWSWIRE) -- In its latest publication, titled “Medical Device Testing Market by Service Type (Testing and Certification) Location, Technology (Active Implant, Active Medical, In-Vitro Diagnostic, Ophthalmic, Orthopedic and Dental, Vascular), Device Class, and Geography- Global Forecast to 2027”, Meticulous Research® states that the medical device testing market is expected to reach $12.5 billion by 2027, at a CAGR of 4.7% during the forecast period of 2020 to 2027.
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Medical device testing is the process of demonstrating that the device will reliably and safely perform in use. It is a critical step in transforming an innovative design into a reliable and marketable product. This is a standard procedure performed by government-certified agencies to check whether a medical device can meet the current safety and performance standards.
The growth in this market is mainly driven by the increasing need for the validation and verification of medical devices and stringent government regulations and standards across medical devices and medical device technologies. Furthermore, growing medical device industry in emerging countries and the integration of mobile and medical devices are offering opportunities for the growth of this market. However, dynamic regulations/standards across regions and lack of testing facilities and skilled resources can obstruct market growth.
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To provide efficient analysis, Meticulous Research® has segmented this market on the basis of service type (testing, certification), sourcing type (in-house, outsourced), technology (active implant medical device, active medical device, non-active medical device, in-vitro diagnostic medical device, ophthalmic medical device, orthopedic and dental medical device, vascular medical device, and others), device class (class-1, class-2, and class-3), and geography.
Geographically, North America commanded the largest share of the global medical device testing market in 2020 due to the increased focus on the quality of medical devices and the presence of a large number of medical device companies. In the North American region, the U.S. commanded the largest share of the North American medical device testing market in 2020. This can be attributed to the presence of well-developed healthcare infrastructure. Furthermore, increasing aging population, rising rate of chronic diseases, and advancement in digital technologies is driving the growth of medical device testing market in this country.
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Based on service type, the testing services segment commanded the largest share of the overall medical device testing market in 2020. The large share of this segment is attributed to the high demand for quality and safety products and strong recommendations from regulatory authorities to ensure the safety, quality, and efficiency of products. However, the certification services segment is expected to grow at the fastest CAGR during the forecast period, owing to the increasing number of specified standards by governments and international standardization institutions. As the medical devices market is expanding continuously, consumers are getting more inclined towards safe, reliable, and eco-friendly products validated by certifications.
Based on technology, in-vitro diagnostics segment accounted for the largest share of the overall medical device testing market in 2020. The marketplace has witnessed rapid growth driven by technological advancements, better diagnostic tools, improved treatment monitoring, and increased availability of over-the-counter tests. Furthermore, the active implant medical devices segment is expected to grow at the highest CAGR during the forecast period.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including SGS S.A (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), Eurofins Scientific SE (Luxembourg), British Standards Institution (BSI) Group (U.K.), Element Materials Technology Ltd. (U.K.), UL LLC (U.S.), Pace Analytical Services, LLC (Germany), North American Science Associates, Inc. (NAMSA) (U.S.), Medistri SA (Switzerland), and Avomeen Analytical Services (U.S.), among others.
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Scope of the report:
Medical Device Testing Market by Service Type
- Testing
- Physical Testing
- Electrical Safety Testing
- Functional Safety Testing
- EMC Testing
- Environmental Testing
- Others
- Physical Testing
- Chemical/Biological Testing
- Biological Evaluation & Biocompatibility Testing
- Biological, Physical, & Chemical Testing
- Cybersecurity Testing
- Certification
Medical Device Testing Market by Sourcing Type
- In-house
- Outsourced
Medical Device Testing Market by Technology
- Active Implant Medical Device
- Active Medical Device
- Non-active Medical Device
- In-vitro Diagnostic Medical Device
- Ophthalmic Medical Device
- Orthopedic and Dental Medical Device
- Vascular Medical Device
- Other
Medical Device Testing Market by Device Class
- Class l Devices
- Class ll Devices
- Class lll Devices
Medical Device Testing Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
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