Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Medical Device Testing Services Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global medical device testing services market is estimated to surge at a CAGR of 14.79% from a market value of US$32.434 billion in 2020, to achieve a market value of US$85.156 billion by the end of 2027.
The presence of companies offering varied medical device testing services fuels the market growth in the forecast period. For example, companies offer medical device testing services for biocompatibility testing, biological safety, chemical characterization, analytical chemistry, environmental monitoring, and long-term and accelerated shelf-life testing.
Furthermore, with the growing need for testing the quality and reliability of medical devices, the market for medical device testing services holds strong growth opportunities during the forecast period.
Companies also offer medical device testing services that provide full support right from the device concept designing design to post-market applications. These services are highly beneficial due to stringent regulations for product development; hence, any defect in a medical device or inability of a medical device to serve the required medical purpose would lead to product disqualification. Therefore, strict regulations for device development and approval contribute to surging market demand during the forecast period.
By applying its unique combination of solutions that include medical device testing, regulatory, reimbursement, quality consulting, and clinical research services, the company offers support throughout the full development continuum, from bench to actual patient applications. The company's offices are located across the Asian, European, and North American regions and support fast-track market introduction in the world's major markets.
Geographically, North America is projected to hold a significant market share. At the same time, the 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 surge and drive the market demand during the forecast period and the emergence of novel and innovative medical devices.
The global medical device industry is projected to grow steadily during the forecast period. Industrial growth is further supported by the growing demand for innovative medical devices, including wearables and innovative health services like health data. This is mainly because lifestyle diseases are gaining momentum with time due to the adoption of unhealthy living conditions. Hence, this is creating a high demand for the development of portable medical devices to keep a constant check on the vital parameters, further providing robust market growth prospects during the forecast period.
Governments around the globe are working on cutting healthcare costs (especially on lowering the number of hospital visits) and demand greater value regarding improved patient outcomes. Companies are expected to step out of their traditional device manufacturing to achieve this. Instead, a need for integrating services and data intelligence coupled with their products is being realized to deliver holistic solutions, further bolstering the B2B activities and strengthening the creation of the new business-to-consumer (B2C) activities.
This will further require the manufacturers to adopt different strategies in the form of mergers & and acquisitions and strategic partnerships and collaborations. The medical device companies will ultimately play a bigger role in the value chain and will get an opportunity to interact with the end consumers closely. This would further aid in increasing the company's revenues and, in turn, would contribute to lowering the number of hospital visits.
By utilizing the various medical device testing strategies, it is expected of a medical device manufacturer that the company checks every functionality of its medical device right from the concept designing stage to the post-market applications. In the case of any defect being found, it would lead to huge losses to the company.
Hence, with the growing medical device industry, medical device testing services hold importance to assist in properly manufacturing the device. Testing services can be provided in-house or can be outsourced. Furthermore, with the surging number of chronic diseases worldwide, the market is projected to hold strong growth prospects and develop novel medical devices through continuous innovations and technological advancements.
Segmentation:
By Type
- Medical Device Testing Solution
- Certification & Auditing
- Scientific Support Services
By Services
- Cardiovascular Device Testing
- Orthopedic Implant Testing
- Microbiological Analysis
- Shelf-Life Testing
By Sourcing Type
- In-House Testing
- Outsourced Testing
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Thailand
- Indonesia
- Taiwan
Key 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 Sourcing Type
8. Medical Device Testing Services Market Analysis, by Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- SGS SA
- Intertek Group plc
- Bureau Veritas
- DEKRA
- Eurofins Scientific
- The British Standards Institution
- Nelson Laboratories, LLC (A Sotera Health Company)
For more information about this report visit https://www.researchandmarkets.com/r/irpv9y
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