Dublin, March 10, 2023 (GLOBE NEWSWIRE) -- The "Medical Device Analytical Testing Outsourcing Market by Service, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The medical device analytical testing outsourcing market valued for $4,744.84 million in 2021 and is estimated to reach $7,956.99 million by 2031, exhibiting a CAGR of 5.3% from 2022 to 2031.
Key factors driving the growth of the medical device analytical testing outsourcing market include growing need for medical testing and validation for medical devices and rise in adoption of analytical testing services such as physical testing, sterility testing, and others. In addition, rise in adoption of the medical devices such as cardiovascular devices, orthopedic devices, dental implants have led to increase the demand for analytical testing services for medical devices and further supports the growth of market.
Furthermore, rise in standards and regulations relating to services for medical device validation and verification stimulate the growth of the market. In addition, various initiatives by public organizations promoting the testing of medical devices drive the market growth.
Furthermore, Food Drug Administration (FDA) has regulated the guidelines, for ensuring the products quality, safety, and accuracy before its use. Hence, validation and medical testing is necessary for medical equipment which further contributes toward market growth.
Moreover, presence of well-established healthcare systems and rise in healthcare expenditure boost the market growth. Thus, increase in the prevalence of cardiovascular disease among population, presence of well-established healthcare systems, and rise in R&D activities for cardiovascular disease led to increases the demand for outsourcing of cardiovascular devices which contributes towards market growth.
The market also offers growth opportunities to the key players in the market. Rise in affordability of healthcare infrastructure and surge in medical expenditure in developing countries such as China, Japan, India and rise in healthcare spending this has led to surge in demand for medical devices analytical testing services, thereby provides the lucrative opportunity to the market growth. In addition, strong presence of pharmaceutical manufacturers in the developed countries are expected to create a positive impact on the market growth.
Furthermore, rise in health care expenditure significantly impacts growth of various pharmaceutical sectors in the healthcare industry. For instance, according to the Medicare and Medicaid Services, the National Health Expenditure (NHE) reached $3.8 trillion in 2019. The NHE increased by 4.6% in 2019 and accounted for 17.7% of the U.S. GDP.
Thus, increase in healthcare spending, surge in demand for medical devices analytical testing, owing to increase in prevalence of chronic diseases are expected to provide remunerative opportunities for expansion of the global medical device analytical testing outsourcing market during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical device analytical testing outsourcing market analysis from 2021 to 2031 to identify the prevailing medical device analytical testing outsourcing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical device analytical testing outsourcing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical device analytical testing outsourcing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Service
- Physical Testing
- Bioburden Testing
- Sterility Testing
- Others
By End User
- Medical Device Manufacturer
- Pharmaceutical Companies
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- SGS SA
- Medistri SA
- Element Materials Technology
- Pace Analytical
- North American Science Associates, LLC
- The Smithers Group Inc.
- Eurofins Scientific
- Intetek Group plc
- WuXi AppTec
- Charles River Laboratories International, Inc.
Key Market Insights
- By service, the others segment was the highest revenue contributor to the market in 2021 and is estimated to reach $3,812.71 million by 2031, with a CAGR of 4.5%. However, the sterility testing segment is estimated to be the fastest-growing segment with a CAGR of 7.5% during the forecast period.
- By end user, the medical device manufacturer segment dominated the global market in 2021 and is expected to be the fastest-growing segment with a highest CAGR of 5.7% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL DEVICE ANALYTICAL TESTING OUTSOURCING MARKET, BY SERVICE
CHAPTER 5: MEDICAL DEVICE ANALYTICAL TESTING OUTSOURCING MARKET, BY END USER
CHAPTER 6: MEDICAL DEVICE ANALYTICAL TESTING OUTSOURCING MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/me588b
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