Market Research Future (MRFR) has published a cooked research report on the “Global Medical device testing services Market” that contains information from 2018 to 2032. The medical device testing services market is estimated to register a CAGR of 9.30% during the forecast period of 2023 to 2032.
Medical Device Testing Services Market Highlights
The global medical device testing services market is accounted to register a CAGR of 9.30% during the forecast period and is estimated to reach USD 18.92 billion by 2032.
The medical devices are subject to rigorous regulations in most countries to ensure their safety, efficacy and quality. Additionally, the modern medical devices are becoming more complex, incorporating advanced technologies like IoT connectivity, AI and nanotechnology. The medical device industry has become increasingly globalized, with manufacturers sourcing components and materials from various countries. This globalization has led to a greater need for standardized testing services to ensure consistency and quality across international markets. Further, advances in testing technologies and methodologies have made it easier to conduct more thorough and accurate testing of medical devices.
MRFR recognizes the following companies as the key players in the global medical device testing services market— SGS S.A.; Labcorp (Toxikon, Inc); American Preclinical Services; Sterigenics International LLC; Charles River Laboratories; Element Minnetonka; North America Science Associates Inc.; Eurofins Scientific; Pace Analytical Services LLC; Intertek Group Plc.
Segment Analysis
The global medical device testing services market has been segmented based on service and phase.
On the basis of type, the market is segmented into Biocompatibility Tests, Chemistry Test and Microbiology & Sterility Test. The microbiology & sterility test segment was attributed to holding the largest market share in 2022, as it ensures the safety and efficacy of medical devices.
Based on phase, the global medical device testing services market has been segmented into Preclinical and Clinical. The clinical segment was expected to hold the largest market share in 2022, as the regulatory bodies mandate extensive clinical testing for medical devices.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Medical Device Testing Services Market Research Report
Regional Analysis
The global medical device testing services market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe medical device testing services market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The medical device testing services market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World medical device testing services market comprises of Middle East, Africa, and Latin America.
The largest market share for medical device testing services was maintained by the North American regional sector. This increase is attributed to the presence of robust healthcare industry, having high demand for medical device due to their large populations and advanced healthcare systems, being the hub for technological innovation and research and development, many cutting-edge medical devices are developed and manufactured in this region. Further, the region is home to a significant number of medical device manufacturers and has strong research and development infrastructure. The region also has strong economic strength and high spending capacity, favoring the market growth.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for medical device testing services is driven by rising aging population, leading to the growing demand for healthcare services and medical devices. The market expansion is supported by an increase in the investment made by the government and private sector entities in healthcare research and development.
Additionally, the expanding healthcare infrastructure due to the rapid economic growth in the Asia Pacific region is driving the demand for medical devices. The growing aging population, leading to an increased prevalence of chronic diseases and higher demand for medical devices like implants, diagnostic equipment and assistive devices. Further, the rising healthcare expenditure is contributing to the growth of medical device industry, there is a greater willingness to invest in testing services to meet regulatory requirements and ensure the quality of medical devices.
Furthermore, the rest of the world's medical device testing services market is divided into the Middle East, Africa, and Latin America. The region are considered emerging markets with growing healthcare sector. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study
- The global medical device testing services market is expected to reach USD 18.92 billion by 2032, at a CAGR of 9.30% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the increasing expanding healthcare infrastructure, growing aging population and rapid growth of the economy in this region.
- Based on phase, the clinical segment was attributed to holding the largest market in 2022, with an approximate market share of 45–70%.
- SGS S.A.; Labcorp (Toxikon, Inc); American Preclinical Services; Sterigenics International LLC; Charles River Laboratories; Element Minnetonka; North America Science Associates Inc.; Eurofins Scientific; Pace Analytical Services LLC; Intertek Group Plc.
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Companies Covered | 15 |
Pages | 131 |
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