The global medical device testing services market size is expected to reach USD 14. 6 billion by 2027, according to a new report by Radiant Insights, Inc., registering a 9.4% CAGR over the forecast period. Growing trend of clinical outsourcing is one of the major factors contributing to market growth. Recent advancements in the development of novel test methods for sterilization, irritation, and cytotoxicity are likely to propel the market during the forecast period.
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Significant rise in preclinical spending is a recent trend among pharmaceutical and medical device companies, which is expected to significantly contribute to market growth. As per a survey carried out by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, around USD 149.8 billion is spend on preclinical trials every year.
With modern medical devices offering a host of complex functions, the need for appropriate tests to check the compliance of the device with regulatory requirements is becoming vital. In order to meet the requirement of enhanced accuracy, ease of use, and durability, medical devices need to undergo extensive tests. This is expected to deliver competitive advantage to manufacturers.
Rising pressure to contain overall device development costs and avoid the risk of product recall is also compelling manufacturers to outsource testing activities to third-party entities. This trend is expected to contribute to market growth over the forecast period.
Further key findings from the report suggest:
• By service, biocompatibility tests held the largest share in the global market in 2019 owing to increasing demand for in-vitro testing
• Based on phase, the preclinical segment accounted for the dominant share in 2019 and is expected to retain its lead throughout the forecast period
• North America dominated the global medical device testing services market in 2019, fueled by increasing demand for new technologies and presence of advanced healthcare infrastructure
• Asia Pacific is projected to witness the fastest growth during the forecast period owing to increasing number of diabetic patients in this region
• Some of the key market players are Eurofins Scientific, LLC; WuXi AppTec Group; North American Science Associates, Inc.; Sterigenics International LLC; and SGS S.A. Most players are focusing on new product development and launch in order to maintain their position in market.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Services
1.1.2. Phase
1.1.3. Regional scope
1.1.4. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Radiant Insights internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis (Model 1)
1.6.1.1. Approach 1: Commodity flow approach
1.6.2. Volume price analysis (Model 2)
1.6.2.1. Approach 2: Volume price analysis
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1: Understanding the market dynamics
1.9.2. Objective 2: Understanding the market estimates and forecasts
1.9.3. Objective 3: Understanding the attributes such as strategy framework, competitor categorization
1.9.4. Objective 4: Understanding the key Services and Phase scopes to conclude on the market size
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Medical Device Testing Services Market Variables, Trends & Scope
3.1. Market Lineage outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Product Pipeline Analysis, by services
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.1.1. Increasing demand for in-vitro tests
3.4.1.2. Rising prevalence of chronic disease
3.4.1.3. Recent technological advancement
3.4.1.4. Improving healthcare infrastructure in emerging economies
3.4.2. Market Restraint Analysis
3.4.2.1. Presence of complicated reimbursement framework and reimbursement cuts
3.4.3. Industry Challenges
3.4.3.1. Rising cost of medical device testing services
Continued…
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The global Medical Device Testing Services Market is estimated to stretch to US$ 13.4 billion by the year 2025.
Growing expenditure in preclinical stage of medical devices, combined with increasing percentage of subcontracting is expected to benefit the market, in achieving important grip.
With reference to type of phase, the subdivision of preclinical testing detained the biggest stake of the market in 2016.
The Medical Device Testing Services industry on the source of Type of Service could span Certification Services, Testing Services Inspection Services, Environment Services, Asset Integrity Management Services, Technical Assistance & Training Services, Auditing Services, Quality-Safety-Health Services, Project Management Services, Consulting Services.
The areas of North America and Europe seized notable increasing stake in 2016 due to well recognized industrial substructure for high end and composite medical procedures.
In North America, the U.S. is the most important country in the field of medical devices by means of alertness between the customers regarding the care and safety of medical devices.
Global Medical Device Testing Services Market is estimated to stretch to US$ 13.4 billion by the year 2025.
Growing expenditure in preclinical stage of medical devices, combined with increasing percentage of subcontracting is expected to benefit the market, in achieving important grip.
Gushing demand for in-vitro test is moreover expected to trigger the demand for testing services such as a lot of CROs are evolving innovative in-vitro procedures to substitute outdated in-vivo systems, which have need of animal testing.
Developments in processes for improvement and regularization of innovative in vitro test procedures, mainly for irritation, sensitization and cytotoxicity are too functioning in support of the market.
This Research will help you to understand the Volume, growth with Impacting Trends.
Click HERE To get SAMPLE PDF (Including Full TOC, Table & Figures) @ https://www.millioninsights.com/industry-reports/medical-device-testing-services-market/request-sample The Medical Device Testing Services market on the source of Type of Phase could span Clinical, Preclinical.
