Medical Device Testing Services Market– Statistics And Analysis & Forecast To 20Posted by Mrudula Anil Karmarkar on April 27th, 2021 The global medical device testing services market size is expected to reach USD 14.6 billion by 2027, according to a new report by Grand View Research, Inc., registering a 9.4% CAGR over the forecast period. Growing trend of clinical outsourcing is one of the major factors contributing to market growth. Recent advancements in the development of novel test methods for sterilization, irritation, and cytotoxicity are likely to propel the market during the forecast period. With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor. Significant rise in preclinical spending is a recent trend among pharmaceutical and medical device companies, which is expected to significantly contribute to market growth. As per a survey carried out by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, around USD 149.8 billion is spend on preclinical trials every year. With modern medical devices offering a host of complex functions, the need for appropriate tests to check the compliance of the device with regulatory requirements is becoming vital. In order to meet the requirement of enhanced accuracy, ease of use, and durability, medical devices need to undergo extensive tests. This is expected to deliver competitive advantage to manufacturers. Rising pressure to contain overall device development costs and avoid the risk of product recall is also compelling manufacturers to outsource testing activities to third-party entities. This trend is expected to contribute to market growth over the forecast period. Medical Device Testing Services Market Report Highlights
Growing trend of outsourcing medical device testing services is also projected to drive the market. Emergence of personalized medicine, drug-device combination, Artificial Intelligence (AI), and wearables, coupled with increasing focus on real-time patient monitoring, has resulted in a complex medical devices ecosystem. To match these parameters, devices now have to undergo stringent testing in accelerated conditions to obtain marketing approval. Conducting these tests in-house requires a lot of time, cost, and labor and this is projected to augment the demand for outsourcing medical device testing services. Ongoing technological development in the medical device industry is also likely to have a positive impact on the demand for testing services during the forecast period. Advancement in the development and standardization of novel in-vitro test methods, particularly for sensitization, cytotoxicity, and irritation, is also likely to propel the market growth. These are some of the most basic tests required for all medical devices. A rising number of companies are contributing to the growth of this market. Structurally, the global medical device industry is led by a handful of major players and a large number of small- and medium-sized enterprises (SMEs). Escalating demand from SMEs, which lack in-house capabilities, will support the market. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5007/ibb The global market is highly competitive. Some of the key players operating in the market are Toxikon, Inc.; SGS S.A.; Eurofins Scientific, LLC; Intertek Group plc; WuXi AppTec Group; Pace Analytical Services; North American Science Associates, Inc.; Sterigenics International LLC; Charles River Laboratories International, Inc.; and American Preclinical Services LLC. Rapid adoption of advanced healthcare technology for improved healthcare is a key parameter affecting the competitive nature of the vendor landscape. Major players undertake mergers and acquisitions along with the launch of new services in order to expand their share in the market and diversify their product portfolio. Grand View Research has segmented the global medical device testing services market based on service, phase: Medical Device Testing Service Outlook (Revenue, USD Million, 2016 - 2027)
Medical Device Testing Services Phase Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |