Medical Device Testing Services Market to be Valued USD 13.4 Billion By 2025Posted by Ryan Shaw on August 22nd, 2019 The global Medical Device Testing Services Market size is expected to reach USD 13.4 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 11.5% during the forecast period. Increasing spending in preclinical phase of medical devices coupled with growing trend of outsourcing the services is expected to drive the market growth. Increasing demand for in-vitro tests is also expected to drive the market as many CROs are developing novel in-vitro methods to replace the traditional methods that require animal testing. Significant advancement in the development and standardization of such novel test methods, particularly for sensitization, cytotoxicity, and irritation, is also likely to boost the market development. There has been a significant rise in preclinical spending for both pharmaceutical and medical devices. This trend is expected to contribute to the market growth over the next few years. Stringent regulatory standards pertaining to user safety have also fueled the trend of outsourcing medical device testing services. Increasing demand for quality products is expected to further propel the demand by medical device companies, boosting the market growth. There has been a significant consolidation in the CRO space in recent years. For instance, in October 2017, Sterigenics International LLC acquired Toxikon Europe N.V., the European division of Toxikon Corp., to strengthen its preclinical service portfolio for pharmaceutical and medical device companies. Browse details of Report @ Further key findings from the study suggest:
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