New York, United States , May 23, 2023 (GLOBE NEWSWIRE) -- The Global Medical Device Testing Service Market Size to grow from USD 8.5 billion in 2021 to USD 16.17 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
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Medical device testing is the procedure used to demonstrate a medical equipment's dependability and safety while being used. In the creation of new products, extensive design validation testing is utilised. This includes testing for toxicity, chemical analysis, and performance, as well as occasionally testing that involves humans or even clinical trials. Less resources are often required for continuous quality assurance testing. Typically included are dimensional checks, a few functional tests, and package verification. Medical testing services come in a wide range of varieties, including inspection and certification services.
Verification and validation procedures are widely and extensively employed in the healthcare industry. Generally speaking, validation examines whether usability standards have been met by a product after it has been utilised for its intended purpose. On the other hand, verification establishes whether a product has been created in accordance with the specifications. The most prevalent methods of verification and validation for medical devices include design, process, and software. Medical devices are also getting bigger and more complicated, and they occasionally use high-end, produced polymers. This makes validation and verification (V&V) even more important. The end outcomes include improved repeatability, fewer mistakes, a reduced need for rework and redesign, a speedier time to market, better competitiveness, and cheaper production costs.
The expansion of the growth of the global market for medical device testing will be hampered by the high cost of medical devices and the obstacles to local medical device development in some regions. In addition, the market developments have been hampered by the growing competition in the medical technology sector and the protracted foreign qualification process.
Browse key industry insights spread across 210 pages with 100 market data tables and figures & charts from the report on "Global Medical Device Testing Service Market Size, Share, and COVID-19 Impact Analysis, By Service (Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing, Package Validation), By Phase (Preclinical, Clinical), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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Services Insights: Microbiology & Sterility testing segment holds the highest market share over the forecast period
On the basis of services, the global medical device testing market is segmented into Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing, Package Validation. Among these, the microbiology and sterility testing segment holds the highest market share over the forecast period. To remove or lower the danger of contamination in the production process that could have resulted in illnesses in users or patients, microbiology and sterility testing are performed. If such examinations are not conducted, the regulatory process for the devices may be delayed.
Phase Insights: Clinical segment is dominating the market with the highest market share over the forecast period.
Based on the phase, the global medical device testing market is segmented into preclinical and clinical. Among these, the clinical segment is dominating the market with the highest market share over the forecast period. One of the key reasons determining the biggest market in the clinical phase is the cost of the medical device testing services, which is considerably greater than the price of pre-clinical devices. Another important aspect that is influencing the segmental expansion is the fact that testing of medical devices requires more time in each step than it does in the preclinical stage and is also more intensive.
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Regional Insights: Asia Pacific is dominating the market with the largest market share over the forecast period.
The market is being dominated by Asia Pacific, which will have the greatest market share during the forecast. Due to China's tight product approval standards and the advancement of the healthcare infrastructure, there has been an increase in global interest in both the Chinese and Indian markets. Numerous product launches are taking place to maintain compliance with international standards because China has a significant position on the market for testing medical equipment.
On the other hand, North America is expected to see the fastest market growth during the projected period as a result of the complexity of product design and growing efforts to save costs. In addition, the existence of strong regulatory organisations like the FDA is fueling the expansion of the regional market. The region's need is expected to increase due to the increased production of medical devices to fulfil the region's high demand for effective healthcare.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Medical Device Testing Market include SGS SA; Euro fins Scientific; Pace Analytical Services LLC; Intertek Group Plc; WUXI APPTEC; TÜV SÜD AG; Sterigenics International LLC; American Preclinical Services; North American Science Associates, Inc.; Charles River Laboratories International, Inc; Medical Device Testing Services; Toxikon, Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Medical Device Testing Service Market based on the below-mentioned segments:
Medical Device Testing Service Market, System Analysis
- Biocompatibility Tests
- Chemistry Test
- Microbiology & Sterility Testing
- Package Validation
Medical Device Testing Service Market, Phase Analysis
- Clinical
- Pre-clinical
Medical Device Testing Service Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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