WASHINGTON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The Global Medical Device Testing Market size is expected to reach over USD 12.94 Billion by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Market Synopsis
Increasing medical devices consumption, harmonization of standards in emerging nations, growing need of verification and validation for medical devices, the imposition of stringent government regulations, increasing trend of outsourcing of medical standards and device testing services are a few driving factors for the market for medical device testing, states Vantage Market Research, in a report, titled “Medical Device Testing Market by Service Type (Testing Services, Inspection Services, Certification Services), by Sourcing Type (In-house, Outsourced), by Device Class (Class I, Class II, Class III), by Technology (Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-vitro Diagnostic Medical Device), by Regions (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Medical Device Testing Market:
- Medtronic plc
- Siemens AG
- Terumo Corporation
- SGS (Switzerland)
- Eurofins Scientific (UK)
- Bureau Veritas (UK)
- Intertek (UK)
- TUV SUD (UK)
- DEKRA (UK)
Market Dynamics:
Driver: Increasing Need for Verification and Validation of Medical Devices
Market players in manufacturing across the globe post COVID-19 are looking to invest more on automation as the requirement for automated quality assurance has expanded as businesses have realized the importance of automation in manufacturing processes. This requirement is however elevated owing to the COVID-19 pandemic further owing to less intervention by human beings involved in the procedure. This has led in the acceptance of machine vision widespread as an integral part of an automation development processes which is long-term.
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Opportunity: Development in IoT and AI in Numerous Medical Devices
The medical device testing market globally is witnessing number of developments in the area of personalized medicine, drug-device combination, and the expanded adaption of various wearable and portable medical devices. Technological advancements like, the implementation of AI and IoT in numerous devices is a main growth factor for the market for medical device testing service globally. These devices have to comply with strict regulations; therefore, manufacturers are heavily investing in testing their devices which will increase the market share for the market in future.
Regional Trends
The market for Medical Device Testing in Asia Pacific is increasing rapidly owing to the increasing per capita income especially the middle class. Furthermore, there is rising consumer awareness with respect to the importance of certification. Market for Medical Device Testing in India is estimated to increase at the highest CAGR in the coming years. However, North America holds the biggest market share in the medical device testing market globally as Stringent regulations have been entrenched by the governments to maintain safety and quality standards in the sector, which fuels the requirement for TIC services in the region.
Important questions answered in this report:
- What is the estimated market size and growth rate of the Medical Device Testing Market?
- Which segments are included in the Medical Device Testing Market?
- Which top companies are active in the Medical Device Testing Market?
- What are the major driving factors for the growth of the Medical Device Testing Market?
- How can I get free sample reports or study of Medical Device Testing Market?
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Recent Developments
- June, 2020: Intertek announced the expansion of its personal protective equipment services to include the pre-certification testing of N95 respirators to requirements set by the National Institute for Occupational Safety and Health (NIOSH). With these new services, Intertek also expanded upon its solutions and resources to support customers and the global community during the COVID-19 pandemic.
- Oct, 2019: TÜV SÜD signed a memorandum of understanding (MoU) with the NUS Centre for Additive Manufacturing (AM.NUS) at the National University of Singapore (NUS), to promote R&D activities in the area of 3D printed biomedical implants for clinical trials.
- May, 2019: Intertek announced the expansion of its pharmaceutical services laboratory in Melbourne, near Cambridge, through the acquisition of a new 20,000 sq. ft facility, which will double the footprint of the existing laboratory.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Medical Device Testing Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Medical Device Testing Market by Service Type (Testing Services, Inspection Services, Certification Services), by Sourcing Type (In-house, Outsourced), by Device Class (Class I, Class II, Class III), by Technology (Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-vitro Diagnostic Medical Device), by Regions (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here - https://www.vantagemarketresearch.com/press-release/medical-device-testing-market-328927
The report on Medical Device Testing Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Medical Device Testing Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Projected Market Size in 2028 | USD 12.94 Billion |
| CAGR Growth Rate | CAGR of 4.5% from 2021-2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Service Type: - Testing Services, Inspection Services, Certification Services Sourcing Type: - In-house, Outsourced Device Class: - Class I, Class II, Class III |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Advantages of this Research:
- Evaluate market share for commercial Medical Device Testing market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
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- Latest Trends and Market Events and analyze essential events in Medical Device Testing market.
- Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
- Answer vital business questions; supports decision making in R&D to long term marketing strategies
- Develop economic models, forecast models, and healthcare frameworks.
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