Medical Device Testing Services Market Analysis & Upcoming Trends and Opportunities Up to 2027
The Medical Device Testing Services market was valued at US$ 5505.4 million in 2018 and it is projected to reach US$ 14,660.1 million by 2027; it is expected to grow at a CAGR of 11.7% from 2019 to 2027.
Medical devices are very critical as they have a direct impact on patient's life. To deliver high-quality and safe experiences to the patients’ medical device manufacturers test the medical devices before delivering it to the market. Medical device manufactures prefer to do in-house testing or outsource the testing services to the contract research organizations (CROs) to comply with the stringent regulatory guidelines. The testing of the medical devices is to ensure the service safety, quality and consistency during all stages of development and usage of medical device. The medical treatment is highly dependent on medical devices, hence it's important to ensure that the testing of medical devices is done with the outmost proficiency. The growth of the Medical Device Testing Services in healthcare market is attributed to the innovative product development, collaborations, mergers and acquisitions, stringent regulatory scenario for medical device approval are boosting the growth of the market over the years. Also, the developments in the medical device industry is likely to have a positive impact on the demand for the market during the forecast period. However, the growth of the market is restrained by factors such as interruptions in contractual obligations.
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Key Findings from The Medical Device Testing Services Market
- In terms of service, the Medical Device Testing Services in healthcare market is segmented into biocompatibility test, chemistry test, microbiology & sterility testing, and package validation. In 2018, the microbiology & sterility testing held the most significant market share 53.55% of the medical device testing services market, by service.
- Based on phase, the Medical Device Testing Services in healthcare market is segmented into preclinical, and clinical. In 2018, the preclinical segment held a considerable market share of 68.17% of the medical device testing services market, by phase.
- The major players operating in the medical device testing services market include SGS SA, Eurofins, Toxikon, Pace Analytical Services, LLC, Intertek Group plc, NORTH AMERICAN SCIENCE ASSOCIATES INC., Charles River, WuXi AppTec, Element Materials Technology, and TÜV SÜD AG, among others.
- The market has witnessed various organic as well as inorganic developments during recent years in the medical device testing services market. For instance, during October 2019, SGS introduced a new in vitro toxicology services which would help SGS clients to create the toxicological profiles of bio/pharmaceuticals, medical devices, cosmetics, and chemicals. These product launches are helping the major players to expand their product portfolio in the forecast period.
Growing Applications of Medical Device Testing Services in Healthcare to Drive Medical Device Testing Services in Healthcare Market Growth
Medical device testing needs strong experience of the domain, native and national legislations, and information about the devices, infrastructure, and ability to support the testing. The healthcare and medical device industry is an active one due to continuous development and advanced solutions. The enhancements in medical device technology have significantly enhanced the efficiency of patient care in the last few decades.
However, manufactures of various medical devices sometimes face challenges in making products ready for the market. The regulations are occasionally complex and challenging to understand, majorly when relating to applications of innovative and novel medical devices.
A recall is a process of eliminating or modifying products that are not as per the laws administered by the Food and Drug Administration (FDA). Mostly the medical device recalls are conducted voluntarily by the company under 21 CFR 7. The product recalls are classified into various designation, such as I, II, or III by the FDA for indicating the comparative degree of health hazard offered by the product being recalled.
The medical device technology is improving life by identifying diseases at an early stage and enhancing treatment, diagnosis, and patient monitoring. The small and medium-sized enterprises (SMEs) training programs have been implemented in the countries such as China, Chile, Indonesia, Mexico, Malaysia, Singapore, Philippines, Peru, Russia and Viet Nam and others. In 2018, the medical device market in the U.K. was valued approximately US$10.6 billion. Among which, around 2,500 are small to medium-sized medical device companies in the U.K. Moreover, a large number of multinational companies have established their head offices or subsidiaries in the country. Furthermore, every year, the acute trusts spend around an average of US$ 6.6 billion on clinical supplies, which include medical equipment.
Additionally, in Madrid and Catalonia accounts for more than 80 percent of medical device sales. Among that, 90% of the medical device market is small and medium-sized companies that generate around 40% revenue from the total medical device revenue. Since these companies are start-ups, they choose to outsource the medical device testing for reducing the cost and saving time. Thus, the growing need in the industry is likely expected to drive the growth of the global medical device testing services market over the coming years. Bringing advanced medical device technology for the consumers is a high.
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