New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Device Testing Global Market Report 2023" - https://www.reportlinker.com/p06466505/?utm_source=GNW
, Siemens AG, ASTM International, Cordant Health Solutions, Legacy Medical Services LLC., GE Healthcare Technologies Inc, and Thermo Fisher Scientific Inc.
The global medical testing device market is expected to grow from $8.60 billion in 2022 to $9.21 billion in 2023 at a compound annual growth rate (CAGR) of 7%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The medical testing device market is expected to reach $11.58 billion in 2027 at a CAGR of 5.90%.
The medical devices testing market includes revenues earned by entities by providing services such as biocompatibility testing services, bio-burden determination services, and quality assurance testing services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Medical device testing refers to the process of evaluating and verifying the safety, effectiveness, and quality of medical devices. It is used to ensure that products are safe and effective for use in patient care and that they meet the standards and requirements set by regulatory agencies.
North America was the largest region in the medical device testing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medical device testing are physical testing, chemical or biological testing, cybersecurity testing, microbiology and sterility testing, and others.Physical testing involves subjecting medical devices to a series of physical tests to evaluate their performance, durability, and safety, which is used to help manufacturers ensure that their products are safe, effective, and reliable.
The device classes are class I, class II, and class III are sourced in-house, and outsourced, and offers services such as testing services, inspection services, and certification services. It is used by various end-users such as hospital, research center, homecare clinics, and others.
A rise in medical device recalls is driving the medical device testing market forward.A device recall is a process by which the manufacturer or distributor of the device takes corrective action to remove or correct the problem in the medical device.
Medical device testing is used by medical device manufacturers in identifying the potential safety issues associate with devices and can help determine whether a medical recall is necessary to ensure patient safety and the effectiveness of devices and helps in improving the quality of the product to avoid medical recalls.For instance, in 2022, according to Sedgwick, a US-based IT services management company, there were 719 medical recalls in Q2 2022, up by 11% from Q1 2022.
Therefore, the increasing number of medical device recalls is driving the medical device testing market.
Product innovations are a key trend gaining popularity in the medical device testing market.Major companies in the market are introducing innovative products to sustain their position in the market.
For instance, in February 2022, Nelson Labs, a US-based laboratory testing services provider, launched Nelson Labs Mark, a product testing verification program that authenticates test reports and offers trustworthy data on product performance.The new product is a medical device testing and verification program.
The uniqueness of this program is that it includes two-factor authentication for the consumer, which they can use to confirm the legitimacy of tests. The testing is initially intended for masks and respirator devices.
In November 2022, Millstone Medical Outsourcing LLC, a US-based post-manufacturing and aftermarket services provider, acquired MycoScience Inc. for an undisclosed amount. Through this acquisition, Millstone Medical Outsourcing LLC aimed to expand its cutting-edge laboratory and environmental testing services in the medical device testing market. MycoScience Inc. is a US-based medical device and pharmaceutical laboratory testing services provider.
The countries covered in the medical device testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical device testing market research report is one of a series of new reports that provides medical device testing market statistics, including the medical device testing industry global market size, regional shares, competitors with a medical device testing market share, detailed medical device testing market segments, market trends and opportunities, and any further data you may need to thrive in the medical device testing industry. This medical device testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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