Brooklyn, New York, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global silico testing for medical device market is expected to grow at a CAGR of 6.8% from 2023 to 2028.
The key driver for silico testing for the medical device market is the growing need for cost-effective and efficient preclinical testing methods, the rising need to ensure regulatory compliance amongst the OEMs, and the increasing demand for minimizing risks associated with traditional testing methods.
Key Market Trends
- The continual advancement in artificial intelligence (AI) and machine learning (ML) technologies has significantly impacted the silico testing for medical device market. These technologies enable the development of more sophisticated and precise simulations, enhancing the accuracy of testing methodologies. AI and ML algorithms can analyze complex data sets, identify patterns, and predict potential outcomes, thereby streamlining the testing process and reducing the need for extensive physical trials.
- Virtual prototyping is emerging as a dominant trend in the silico testing for medical device market, enabling manufacturers to create digital replicas of medical devices for comprehensive testing purposes. This approach offers a cost-effective and time-efficient alternative to traditional physical prototyping, allowing for thorough evaluations of device performance, durability, and safety in a simulated environment. Virtual prototyping facilitates the identification of design flaws, performance limitations, and potential failure points, enabling companies to optimize product designs before entering the production phase.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Silico Testing for Medical Device Market - Forecast to 2028’’
Key Market Insights
- As per the application type outlook, the preclinical testing segment is expected to be the largest segment during the forecast period
- As per the medical device outlook, the cardiovascular devices segment is analysed to be the largest segment during the forecast period
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- The North American region is analyzed to have the largest share in the global market during the forecast period of 2023-2028
- Key players operating in the global silico testing for medical device market include ANSYS Inc., Dassault Systèmes, Siemens Healthineers, MSC Software, COMSOL Inc., Synopsys Inc., FEops NV, Materialise NV, Cradle CFD, and InSilicoTrials Technologies, among others.
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By Application Type (Revenue, USD Billion, 2023-2028)
- Preclinical Testing
- Regulatory Approval
- Device Design and Development
- Risk Assessment
- Virtual Clinical Trials
- Others
By Medical Device (Revenue, USD Billion, 2023-2028)
- Cardiovascular Devices
- Orthopaedic Devices
- Implantable Devices
- Diagnostic Devices
- Surgical Instruments
- Others
Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of Central & South America
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East and Africa
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
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