Medical Device Testing Market Set to Grow at the Fastest Rate
Posted by edwardzmusso on January 14th, 2022
The report \"Medical Device Testing Market with COVID-19 impact, By Services (Testing, Inspection , Certification), Sourcing , Technology (Active Implant, IVD, Orthopedic & Dental, Opthalmic, Vascular), Class, Testing, & Region- Global Forecast to 2025\", The medical device testing market was valued at USD 9.3 billion in 2020 and is projected to reach USD 11.8 billion by 2025; growing at a CAGR of 4.8% from 2020 to 2025. The medical device testing market is growing due to the increasing need of verification and validation for medical devices. The in-vitro diagnostic (IVD) medical device segment held the largest share of the medical device testing market in 2019, owing to the increasing demand for rapid testing kits and other diagnostics devices across regions. The active implant medical device segment is projected to witness the highest CAGR during the forecast period, owing to the implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body.
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The COVID-19 crisis has led to global health and economic pandemic. This has resulted in a number of businesses shutting down their manufacturing plants and halting most of their operations. During this crisis, the main objective of companies is to sustain their businesses by finding safe ways to continue their manufacturing operations or explore other sustainable ways to get their revenue streams flowing. The demand for medical device TIC services has always been on the rise as these services play a vital role across the world in protecting consumers from poor quality, unsafe medical device products. The pandemic has increased the demand for TIC services in the medical sector. For instance, the recent COVID-19 outbreak has led to increased demand for hygienic masks, and countries such as France, Spain, and Mexico have published relevant standards and specification, namely the UNE 0065, UNE 0064-1, UNE 0064-2, and AFNOR-SPEC-S76 standards, which are to be met before a mask is being sold. Additionally, TIC market players providing services to the medical industry have started remote inspections of medical equipment to maintain the continuity of health and safety compliance and avoid any possible physical contact.
Testing Services, by service type held the largest share in the global medical device testing market in 2019
There is an increasing demand for TIC services in medical devices, owing to the rising demand for good quality and standard products across the industry. In the medical device testing market, testing services ensure the products have met the required quality, safety, and performance regulatory standards. A few of the major examples of testing services are electromedical device testing, biocompatibility testing, clinical research services assessing the final product to investigate the faulty material, and testing the performance of medical devices and the electrical safety of devices. Testing services are carried out in laboratories and research sites. Testing services assist manufacturers in improving the marketability of their medical devices and in lowering costs in the pre-production phase (e.g. R&D, the selection of suppliers, etc. However, the Certification services tend to grow at a higher CAGR during the forecast period as certifications ensure that the manufacturers of the medical products have followed the standards and quality and safety norms during the production process.
Outsourcing, by sourcing type will grow at a higher CAGR during the forecast period
Many large firms are increasingly outsourcing medical device testing services as the increased regulations make it costly to conduct in-house tests, thereby helping firms reduce the overall cost of testing. The demand for outsourcing TIC services to third-party vendors is increasing for technologies, such as active implant medical devices, owing to the capital-intensive nature of in-house TIC activities. However, the in-house sourcing type held the major share of the global medical device testing market in 2019.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
The medical device testing market in APAC is growing rapidly because of the rising per capita income among the middle class. Moreover, there is growing consumer awareness regarding the importance of certification. The medical device testing market in India is projected to growing at the highest CAGR during the forecast period. North America, however, holds the largest share in the global medical device testing market as Strict regulations have been established by the governments to maintain quality and safety standards in the industry, which drives the need for medical device testing services in North America.
SGS (Switzerland), Eurofins Scientific (UK), Bureau Veritas (UK), Intertek (UK), TÜV SÜD (UK), and DEKRA (UK), Source Bioscience (UK), NSF International (US), BDC laboratories (US) and Surpass (US) are the key players in the global medical device testing market.
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Joined: February 8th, 2021
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