(PharmaNewsWire.Com, March 02, 2021 ) Meticulous Research® – a leading global market research company, published a research report titled “Medical Device Testing Market by Service Type (Testing, & Certification) Location, Technology (Active Implant, Active Medical, In-Vitro Diagnostic, Ophthalmic, Orthopedic and Dental, Vascular), Device Class, and Geography – Global Forecast to 2027”
According to this latest publication from Meticulous Research, the medical device testing market is expected to grow at a CAGR of 4.7% from 2020 to 2027 to reach $12.5 billion by 2027. The growth in this market is mainly driven by the increasing need for the validation and verification of medical devices and stringent government regulations and standards. Furthermore, growing medical device industries in emerging countries and the integration of mobile and medical devices are offering prominent opportunities for market growth. However, dynamic regulations/standards across regions and lack of testing facilities and skilled resources can obstruct market growth.
The medical device testing market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on service type, location, technology, device class, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on service type, the testing services segment is estimated to command the largest share of the medical device testing market in 2020. The large share of this segment is attributed to the high demand for quality products and strong recommendations from regulatory authorities to ensure the safety, quality, and efficiency of products. As several class-2 and class-3 medical devices are embedded with microelectronic chips, meticulous device testing has become vital to ensure user safety and product performance. However, certification services are expected to grow at the fastest CAGR during the forecast period.
Based on sourcing type, the in-house segment is estimated to account for the largest share of the medical device testing market in 2020. Conducting in-house testing services allow manufacturers to exert a higher level of control by keeping services and personnel under direct control. Therefore, in-house services are likely to capture a larger share of the medical device testing market
Based on technology, the segment of the in-vitro diagnostics is estimated to account for the largest share of the medical device testing market in 2020. The marketplace has witnessed rapid growth driven by technological advancements, better diagnostic tools, improved treatment monitoring, and increased availability of over-the-counter tests. Furthermore, the active implant medical devices segment is expected to grow at the highest CAGR during the forecast period.
Based on Geographically, the North American region is estimated to command the largest share of the overall medical device testing market in 2020. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The adoption of medical device testing services is less in Asia-Pacific than other developed markets, which is expected to provide numerous opportunities for the growth of the market.
The key players together holding the major share of the medical device testing market are SGS S.A (Switzerland), Bureau Veritas S.A. (France), Intertek Group Plc. (U.K.), Dekra SE (Germany), TÜV SÜD (Germany), TÜV Rheinland Ag Group (U.S.), Eurofins Scientific SE (Luxembourg), British Standards Institution (BSI) Group (U.K.), Element Materials Technology Ltd. (U.K.), UL LLC (U.S.), Pace Analytical Services, LLC (Germany), North American Science Associates, Inc. (NAMSA) (U.S.), Medistri SA (Switzerland), and Avomeen Analytical Services (U.S.), among others.
Key questions answered in the report-
Which are the high growth market segments in terms of the service type, sourcing type, technology, device class, and regions/countries?
What is the historical market for medical device testing across the globe?
What are the market estimates and forecasts for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global medical device testing?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what share of the market do they hold?
How is the competitive landscape in the medical device testing market?
What are the recent developments in the medical device testing market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high growth countries?
Who are the local emerging players in the medical device testing market, and how do they compete with the other players?
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