According to The Insight Partners market research study titled ‘Medical Device Testing Services Market to 2027 – Global Analysis and Forecasts by Service and Phase.’ The Global Medical Device Testing Services Market is anticipated to reach US$ 14,660.09 Mn in 2027 from US$ 5,505.38 Mn in 2018. The market is projected to grow with a CAGR of 11.7% from 2019-2027. The report highlights the trends prevalent in the global medical device testing services market and the factors driving the market along with those that act as deterrents to its growth.
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Based on the service, medical device testing services market was segmented into biocompatibility test, chemistry test, microbiology & sterility testing, and package validation. In 2018, the microbiology & sterility testing segment held the most significant market share of 53.6% in the medical device testing services market by service. This segment is also anticipated to dominate the market in 2027 as sterility assurance is very crucial for medical devices. Also, chemistry testing segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.
The market for medical device testing services is expected to grow, owing to factors such as rising demand of testing for medical devices, a growing number of small and medium-sized enterprises (SMEs) requiring domestic analysis, and stringent regulatory scenario. Restraining factors like interruptions in contractual obligations are likely to have a negative impact on the growth of the market in the coming years.
The major players operating in the medical device testing services market include SGS SA, Eurofins, Toxikon, Pace Analytical Services, LLC, Intertek Group plc, NORTH AMERICAN SCIENCE ASSOCIATES INC., Charles River, WuXi AppTec, Element Materials Technology, and TÜV SÜD AG, among others. The market has witnessed various organic as well as inorganic developments during recent years in the medical device testing services market. For instance, during October 2019, SGS introduced a new in vitro toxicology services which would help SGS clients to create the toxicological profiles of bio/pharmaceuticals, medical devices, cosmetics, and chemicals. These product launches are helping the major players to expand their product portfolio in the forecast period.
Growing Number of Small and Medium-Sized Enterprises (SMEs) Requiring Domestic Analysis
The medical device technology is improving life by identifying diseases at an early stage and enhancing treatment, diagnosis, and patient monitoring. The small and medium-sized enterprises (SMEs) training programs have been implemented in the countries such as China, Chile, Indonesia, Mexico, Malaysia, Singapore, Philippines, Peru, Russia and Viet Nam and others. In 2018, the medical device market in the U.K. was valued approximately US$10.6 billion. Among which, around 2,500 are small to medium-sized medical device companies in the U.K. Moreover, a large number of multinational companies have established their head offices or subsidiaries in the country. Furthermore, every year, the acute trusts spend around an average of US$ 6.6 billion on clinical supplies, which include medical equipment. Additionally, among the 1,300 medical device companies in France, approximately 92% are small and medium-sized enterprises (SMEs), out of which 88% produce entirely medical devices. SME’s outsource the medical device testing as it requires high cost, time, and skilled labor.
Rising Demand of Testing for Medical Devices
Medical device testing needs strong experience of the domain, native and national legislations, and information about the devices, infrastructure, and ability to support the testing. The healthcare and medical device industry is an active one due to continuous development and advanced solutions. The enhancements in medical device technology have significantly enhanced the efficiency of patient care in the last few decades. As per the FDA in 2018, stated that there are above 80,000 incidents identified since 2008, due to the medical device injury. Since, last few years, medical device companies and doctors have observed that spinal-cord stimulators have helped the patients who suffer from pain disorders. Due to this, it has become one of the most rising products in the $400 billion medical device industry. Therefore, the increasing incidences of product recall and higher demand for quality products are growing the need for testing of medical devices. Hence, it will boost the market for medical device testing services.
The report segments the global medical device testing services market as follows:
Global Medical Device Testing Services Market – By Service
Global Medical Device Testing Services Market – By Phase
Global Medical device testing services Market – By Geography
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