With 4.8% CAGR, Medical Device Testing Market Growth to Surpass USD 11.8 billion

Posted by edwardzmusso on July 22nd, 2022

The global medical device testing market is expected to grow from USD 9.3 billion in 2020 to USD 11.8 billion by 2025, at a CAGR of 4.8% during the forecast period. The harmonization of standards, growing consumption of medical devices in emerging countries, increasing need of validation and verification for medical devices, the imposition of rigorous government regulations, the growing trend of outsourcing medical device testing services and standards across medical devices are a few of the driving factors for the medical device testing market.  The COVID-19 outbreak in 2019 further accentuated the development of advanced low-cost medical devices. These devices need to comply with stringent regulations regarding medical devices, hence, manufacturers are investing heavily in testing their devices.

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Testing Services, by service type held the largest share in the global medical device testing as 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.

IVD adds significant value to the treatment process and medical diagnosis, and is projected to hold the largest share in the by technology, medical device testing market during the forecast period. These devices help detect infections, diagnose medical conditions, and monitor drug therapies. IVD medical devices include various devices, but not limited to HIV hepatitis detection devices, infectious disease detection devices, blood glucose monitors, human leukocyte antigen detection devices, cancer markers, clinical chemistry devices, COVID-19 test kits, pregnancy test kits, coagulation test systems, urine test strips, and receptacles manufactured specifically for medical specimens. However, the active implant medical device technology tend to grow at a higher CAGR during the forecast period because of there direct impact on safety and health of personnel.

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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 TIC services in North America.