Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Medical Device Testing Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Technology (Active Implant, Active, Non-active, IVD, Ophthalmic, Orthopedic & Dental, Vascular), Class (I, II, III) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The market for medical device testing globally is expected to be valued at USD 10.6 billion in 2023 and is anticipated to reach a value of USD 13.5 billion by 2028. Furthermore, the market is expected to grow at a CAGR of 4.9% during 2023 to 2028
Global healthcare industry expansion represents substantial potential for numerous stakeholders in the medical device testing market. As healthcare access increases globally, particularly in emerging nations, there is an increase in demand for innovative medical equipment. An increasing population, increased disposable incomes, and a greater awareness of healthcare and well-being are driving this need.
As a result, robust testing services are required to assure the safety, efficacy, and compliance of these devices with stringent regulatory criteria. Testing facilities and services play an important role in assisting the global expansion of the healthcare business by giving manufacturers, healthcare providers, and patients with essential assurance, thereby contributing to the overall growth and credibility of the medical device sector.
Outsourcing segment to account for the largest CAGR for medical device testing market
Outsourcing in the medical device testing market refers to delegating testing responsibilities to specialized service providers on behalf of medical device manufacturers. This approach proves beneficial, particularly for smaller companies or those lacking the necessary resources or expertise for thorough testing.
It provides adaptability, expandability, and wider access to diverse testing capacities, expediting product development, ensuring compliance with regulations, and offering cost-efficiency to manufacturers. The growing inclination towards outsourcing medical device testing is a significant driver for market growth.
Certification services account for the highest CAGR of the medical device testing market.
The certification services hold for the highest CAGR within the medical device testing market. The certification services hold for the highest CAGR within the medical device testing market. Certification services are a fundamental aspect of the medical device testing market, ensuring that medical devices conform to industry-specific standards and regulations.
These services involve a comprehensive evaluation of design, manufacturing, labelling, and intended use to determine compliance with established criteria. Obtaining certification is vital for medical device manufacturers as it demonstrates their commitment to quality and safety, helping gain market access and customer trust. Certification offers assurance to healthcare professionals and end-users that the medical devices meet rigorous quality and safety standards.
North America to have the highest market share for the medical device testing market.
North America ranks as the second-largest market share holder in the medical device testing market, encompassing the US, Canada, and Mexico. The region stands out for its advanced healthcare infrastructure, strict regulatory frameworks, and a committed focus on ensuring the safety and effectiveness of medical devices.
The US, in particular, commands a dominant market position owing to its strong research and development efforts, a considerable presence of medical device manufacturers, and substantial investments in the healthcare sector. The market growth is propelled by factors like regulatory compliance, continuous technological advancements, and a growing demand for innovative medical devices.
Additionally, prominent trends such as personalized medicine and the integration of digital health technologies are significantly influencing the market landscape.
Competitive landscape
The key players operating in the medical device testing market are Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Societe Generale de Surveillance SA. (Switzerland), Bureau Veritas (France), TUV SUD (Germany).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.6 Billion |
| Forecasted Market Value (USD) by 2028 | $13.5 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Companies Mentioned
- Astm
- Biomedical Device Labs
- Bureau Veritas
- Charles River Laboratories
- Dekra
- Element Materials Technology
- Eurofins Scientific
- Gateway Analytical
- Inotiv
- Intertek Group PLC
- Laboratory Corporation of America
- Measur Oy
- Medistri SA
- North American Science Associates, LLC (Namsa)
- Nsf
- Pace
- Sgs Societe Generale De Surveillance SA
- Sotera Health
- Source Bioscience
- Surpass, Inc.
- The British Standards Institution
- Tuv Rheinland
- Tuv Sud
- Ul LLC
- Wuxi Apptec
For more information about this report visit https://www.researchandmarkets.com/r/k3iu45
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