PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1372488
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1372488
The market for medical device testing globally is expected to be valued at USD 10.6 billion in 2023 and is anticipated to reach at value of USD 13.5 billion by 2028. Furthermore, the market is expected to grow at a CAGR of 4.9% during 2023 to 2028. Global healthcare industry expansion represents a substantial potential for numerous stakeholders in the medical device testing market. As healthcare access increases globally, particularly in emerging nations, there is an increase in demand for innovative medical equipment. An increasing population, increased disposable incomes, and a greater awareness of healthcare and wellbeing are driving this need. As a result, robust testing services are required to assure the safety, efficacy, and compliance of these devices with stringent regulatory criteria. Testing facilities and services play an important role in assisting the global expansion of the healthcare business by giving manufacturers, healthcare providers, and patients with the essential assurance, thereby contributing to the overall growth and credibility of the medical device sector.
Scope of the Report | |
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Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Service, Sourcing, Technology, Class and Region |
Regions covered | North America, Europe, Asia Pacific, and RoW |
"Outsourcing segment to account for the largest CAGR for medical device testing market"
Outsourcing in the medical device testing market refers to delegating testing responsibilities to specialized service providers on behalf of medical device manufacturers. This approach proves beneficial, particularly for smaller companies or those lacking the necessary resources or expertise for thorough testing. It provides adaptability, expandability, and wider access to diverse testing capacities, expediting product development, ensuring compliance with regulations, and offering cost-efficiency to manufacturers. The growing inclination towards outsourcing medical device testing is a significant driver for market growth.
"Certification services to account for highest CAGR of medical device testing market."
The certification services is holds for the highest CAGR within the medical device testing market. The certification services is holds for the highest CAGR within the medical device testing market. Certification services are a fundamental aspect of the medical device testing market, ensuring that medical devices conform to industry-specific standards and regulations. These services involve a comprehensive evaluation of design, manufacturing, labeling, and intended use to determine compliance with established criteria. Obtaining certification is vital for medical device manufacturers as it demonstrates their commitment to quality and safety, helping gain market access and customer trust. Certification offers assurance to healthcare professionals and end-users that the medical devices meet rigorous quality and safety standards.
"North America to have the highest market share for medical device testing market."
North America ranks as the second-largest market share holder in the medical device testing market, encompassing the US, Canada, and Mexico. The region stands out for its advanced healthcare infrastructure, strict regulatory frameworks, and a committed focus on ensuring the safety and effectiveness of medical devices. The US, in particular, commands a dominant market position owing to its strong research and development efforts, a considerable presence of medical device manufacturers, and substantial investments in the healthcare sector. The market growth is propelled by factors like regulatory compliance, continuous technological advancements, and a growing demand for innovative medical devices. Additionally, prominent trends such as personalized medicine and the integration of digital health technologies are significantly influencing the market landscape.
The key players operating in the medical device testing market are Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Societe Generale de Surveillance SA. (Switzerland), Bureau Veritas (France), TUV SUD (Germany).
The research reports the Medical Device Testing Market, By Service Type (Testing Services, Inspection Services, Certification Services and Others), Sourcing Type (In-house and Outsourced), By Device Class (Class I, Class II, and Class III), By Technology (Active Implant Medical Devices, Active Medical Devices, Non-active Medical Devices, IVD Medical Devices, Ophthalmic Medical Devices, Orthopedic Medical Devices, Vascular Medical Devices and Others) and Region (North America, Europe, Asia Pacific, and RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the medical device testing market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the medical device testing market. Competitive analysis of upcoming startups in the medical device testing market ecosystem is covered in this report.
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