Medical Device Testing Market Size & Share to Surpass $12.94 Bn by 2028 | Vantage Market Research
WASHINGTON, Nov. 27, 2022 (GLOBE NEWSWIRE) -- Vantage Market research has a newly released expansive study titled Global Medical Device Testing Market which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and succeeding in the market. This medical device testing report has been produced, which results in significant growth, as well as robust sustainability in the market for the firms. This is due to the inclusion of precise facts and insights gained from market research. This study analyzes and talks about a variety of topics, including significant industry trends, estimations of market size, and market share. This report provides an advantage that not only allows one to compete but also allows one to excel over one's rivals. It classifies the global medical device testing market size in terms of value and volume according to the various types of manufacturers, applications, and regions. The outlook for the medical device testing market and the medical device testing industry as a whole appears to be quite positive during the projection period.
The global Medical Device Testing Market was valued at $9.60 Billion in 2021 and is expected to reach $12.94 Billion by 2028, registering a CAGR of 4.5% during the forecast period of 2022-2028. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Vantage Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Increasing medical devices consumption, harmonization of standards in emerging nations, growing need of verification and validation for medical devices, the imposition of stringent government regulations, increasing trend of outsourcing of medical standards and device testing services are a few driving factors for the market for medical device testing.
List of Prominent Players in the Medical Device Testing Market:
- Medtronic plc
- Siemens AG
- Terumo Corporation
- SGS (Switzerland)
- Eurofins Scientific (UK)
- Bureau Veritas (UK)
- Intertek (UK)
- TUV SUD (UK)
- DEKRA (UK)
Medical Device Testing Market Dynamics:
Driver: Increasing Need for Verification and Validation of Medical Devices
Market players in manufacturing across the globe post COVID-19 are looking to invest more on automation as the requirement for automated quality assurance has expanded as businesses have realized the importance of automation in manufacturing processes. This requirement is however elevated owing to the COVID-19 pandemic further owing to less intervention by human beings involved in the procedure. This has led in the acceptance of machine vision widespread as an integral part of an automation development processes which is long-term.
Opportunity: Development in IoT and AI in Numerous Medical Devices
The medical device testing market globally is witnessing number of developments in the area of personalized medicine, drug-device combination, and the expanded adaption of various wearable and portable medical devices. Technological advancements like, the implementation of AI and IoT in numerous devices is a main growth factor for the market for medical device testing service globally. These devices have to comply with strict regulations; therefore, manufacturers are heavily investing in testing their devices which will increase the market share for the market in future.
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By Service Type
- Testing Services, Inspection Services, Certification Services
By Sourcing Type
- In-house, Outsourced
By Device Class
- Class I, Class II, Class III
- Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-vitro Diagnostic Medical Device, Ophthalmic Medical Device, Orthopedic and Dental Medical Device, Vascular Medical Device, Other Medical Device Technologies
- North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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- June, 2020: Intertek announced the expansion of its personal protective equipment services to include the pre-certification testing of N95 respirators to requirements set by the National Institute for Occupational Safety and Health (NIOSH). With these new services, Intertek also expanded upon its solutions and resources to support customers and the global community during the COVID-19 pandemic.
The market for Medical Device Testing in Asia Pacific is increasing rapidly owing to the increasing per capita income especially the middle class. Furthermore, there is rising consumer awareness with respect to the importance of certification. Market for Medical Device Testing in India is estimated to increase at the highest CAGR in the coming years. However, North America holds the biggest market share in the medical device testing market globally as Stringent regulations have been entrenched by the governments to maintain safety and quality standards in the sector, which fuels the requirement for TIC services in the region.
The report on Medical Device Testing Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 155 Pages and in-depth TOC on Medical Device Testing Market Forecast Report (2022-2028).
Why Buy this Medical Device Testing Market Report?
- The report offers a comprehensive evaluation of the Global Medical Device Testing Market. The report includes verifiable data from authentic sources, in-depth qualitative analysis, and estimates about size of market. Estimates are calculated using proven research methods.
- The report includes in-depth market analysis using Ansoff Matrix and Porter's 5 Forces Model. Apart from this, the pre-post impact of Covid-19 on the medical device testing market is also featured in the report.
- This medical device testing report has been organize through extensive primary and secondary research. Primary research is done through interviews, surveys and observation of eminent persons in the industry.
- The medical device testing industry report also includes a competitive analysis using the analyst's proprietary competitive positioning tool.
- The report also covers the regulatory landscape in the medical device testing industry, which will help you make an informed decision. The report discusses key regulations and rules imposed on the sector by major regulatory bodies and various geographies.
Scope of the Report:
|Market Size in 2021||USD 9.60 Billion|
|Revenue Forecast by 2028||USD 12.94 Billion|
|CAGR||4.5% from 2022 to 2028|
|Forecast Year||2022 to 2028|
|Key Players||Medtronic plc, Siemens AG, Terumo Corporation, SGS, Eurofins Scientific, Bureau Veritas, Intertek, TÜV SÜD, DEKRA.|
Customization of the Report:
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