The surging demand for medical device testing and the increasing burden of chronic illnesses is stimulating the market demand.
The global Medical Devices Testing Services Market is expected to be valued at USD 14.25 Billion in 2027 from USD 7.20 Billion in 2019, registering a CAGR of 9.5% through the forecast period. The exponential growth of the market is majorly driven by the growing need for testing and regulations of medical devices. The soaring requirement of highly accurate and durable medical devices has boosted the adoption of these advanced testing services in major pharmaceutical and biotechnology companies. Key medical device producers are sub-contracting the testing solutions to third-party firms to minimize the escalating product recalls. This is in turn expected to bolster the growth of the market.
Get Sample Report At: https://www.emergenresearch.com/request-sample/365
Moreover, the emergence of stringent regulatory framework to make sure the medical devices are extremely safe, reliable, and accurate is projected to further add traction to the market growth. The growing requirement for in-vitro tests to efficiently screen and detect infectious diseases and keep track of the drug therapies and overall health of the patients is a significant factor bolstering the market’s growth.
Technological developments and the rising incorporation of artificial intelligence and the Internet of Things are further contributing to the market growth. The rising adoption of wearable devices is also projected to add to the market growth. Additionally, the increasing progress in medical device technology and the increased efficacy of the medical devices have enhanced patient care, thereby stimulating the market demand. However, the increasing prices of medical device testing services and the existence of complex reimbursement policies are expected to impede the market expansion in the projected timeframe.
Key Highlights from the Report:
- The preclinical segment held a significantly large share of the industry in 2019, occupying a 57.6% share of the market. The segment growth can be ascribed to the surging investments and funding in the research and development activities of the preclinical testing of the medical devices.
- The microbiology and sterility testing segment is projected to register a significantly high CAGR of 10.0% in the projected timeframe due to the rising investments and funding by the biopharmaceutical companies for the testing services and expanding research scope.
- Asia Pacific region is projected to be the fastest-growing region in the forecast timeframe owing to the rising government initiatives on enhancing the healthcare facilitates, improving the infrastructure, and the availability of skilled workers at lower costs.
- Major companies operating in the market include Toxikon, Inc., SGS S.A., Intertek Group plc, WuXi AppTec Group, Pace Analytical Services, Charles River Laboratories International, Inc., American Preclinical Services LLC, North American Science Associates, Inc., Eurofins, and Sterigenics International LLC, among others.
- In January 2020, SGS gained a controlling stake in Thomas J. Stephens & Associates, Inc., a nationally renowned clinical research organization catering to the cosmetic and personal care sector. The acquisition is set to expand SGS’s consumer and retail service portfolio in the clinical testing sector for the industry in the United States.
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/medical-devices-testing-services-market
For the purpose of this report, Emergen Research has segmented the global Medical Devices Testing Services Market on the basis of phase, service, and region:
Phase Outlook (Revenue, USD Billion; 2017-2027)
- Preclinical (Medical Coatings and Antimicrobial Wound Dressings)
Service Outlook (Revenue, USD Billion; 2017-2027)
- Chemistry Test
- Package Validation
- Microbiology & Sterility Testing (Pyrogen and Endotoxin Testing, Anti-microbial Activity Testing, Sterility Test and Validation and Bio-Burden Determination)
- Biocompatibility Tests
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Quick Buy– Medical Devices Testing Services Market Research Report At: https://www.emergenresearch.com/select-license/365
Company Name: Emergen Research
Contact Person: Eric Lee
Email: Send Email
Phone: +1 (604) 757-9756
Address:14671 110 Avenue Surrey, British Columbia, V3R2A9
State: British Columbia