Medical Device Testing Services Market Trends

Key Emerging Trends in the Medical Device Testing Services Market

In recent years, there has been a notable increase in the adoption of rapid sterility testing, addressing the drawbacks associated with prolonged product storage and minimizing costs for companies. This has prompted pharmaceutical manufacturers and quality control laboratories to extensively explore rapid testing methods. Consequently, a significant number of key market players are actively developing products focused on rapid sterility testing. An illustrative example is Merck's Millflex Rapid System, a revolutionary system capable of conducting rapid sterility testing while detecting bacterial contamination in just a quarter of the time required by traditional methodologies.

The global Gross Domestic Product (GDP) witnessed fluctuations in the years between 2014 and 2016. Subsequently, global growth is anticipated to reach 3.6% by the end of 2018. This growth is accompanied by an increase in the proportion of GDP allocated to healthcare expenditure. In 2014, global healthcare expenditure amounted to USD 7.82 trillion, and this figure is projected to rise to approximately USD 9.2 trillion by 2018, reflecting a substantial increase of 17.64%.

Healthcare spending in North America has displayed positive growth trends. According to the Centers for Medicare & Medicaid Services, national health spending is projected to grow at an average rate of 5.6% annually from 2016 to 2025, with a per capita growth rate of 4.7%. Reforms introduced by the Affordable Care Act (ACA) in 2010 and subsequent amendments in 2014 have contributed to a reduction in Medicare costs. The Affordable Care Act is expected to lead to a projected spending of USD 1 trillion by Medicare from 2010 to 2020. In Canada, healthcare organizations were relieved of a special tax on medical devices in 2016, known as the Medical Device Excise Tax Act of 2013.

In Europe, healthcare spending accounted for 9.9% of the GDP in 2015. Notably, countries like Germany, Sweden, and France allocate approximately 11% of their GDP towards healthcare spending.

Asia experienced an expansion in healthcare spending in 2016, attributed to the extension of state healthcare programs and the growing affluence of the population. The Organization for Economic Co-operation and Development (OECD) reports that India sustained high growth in 2017 at 7.3%. Government policies are expected to further enhance health spending in the region.

Anticipated rapid growth in healthcare expenditure is foreseen in the Middle East and Africa due to a growing population and increased efforts to access medical care. The Middle East is projected to witness a 9% increase until 2018. Conversely, the African region is expected to see a widening demand and supply gap over the coming decades.

In summary, the adoption of rapid sterility testing methods is on the rise, driven by the need to overcome challenges related to prolonged product storage. The global healthcare landscape reflects a significant increase in GDP allocation to healthcare expenditure, with different regions experiencing distinct growth patterns. The development and implementation of rapid sterility testing methods align with the broader trends in the healthcare sector, emphasizing efficiency and cost-effectiveness in response to the evolving global healthcare landscape.