HOME Top Market Reports Medical Device Testing Market by Services (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Class (Class I, Class II, Class III), Technology (Active Implant, IVD, Orthopedic & Dental, Ophthalmic, Vascular) - Global Forecast to 2023

Medical Device Testing Market by Services (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Class (Class I, Class II, Class III), Technology (Active Implant, IVD, Orthopedic & Dental, Ophthalmic, Vascular) - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: December 2017
Report Code: SE 5802

 

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The medical device testing market was valued at USD 8.01 Billion in 2016 and is projected to reach USD 12.26 Billion by 2023, at a CAGR of 6.18% during the forecast period. The base year for this study is 2016 and the forecast period is 2017–2023.

The major objectives of the study are as follows:

  • Define, describe, and forecast the medical device testing market by technology, sourcing type, service type, device class, and region
  • Forecast the market size, in terms of value, for various segments with regard to 4 main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • Provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the medical device testing market
  • Analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • Study the complete value chain and allied industry segments, and perform a value chain analysis of the medical device testing landscape
  • Analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the medical device testing market
  • Profile the key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape for the market leaders
  • Analyze competitive developments, such as partnerships and joint ventures, mergers and acquisitions, new product developments, expansions, and research and development, in the medical device testing market

Research Methodology

During this research study, major players of the medical device testing ecosystem in various regions have been identified, and their offerings, regional presence, and distribution channels have been understood through in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used to estimate the market size of individual market by using percentage splits from secondary sources, such as D&B Hoovers, Bloomberg BusinessWeek, and Factiva as well as primary research. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interview of industry leaders, such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The following figure shows the breakdown of the primaries on the basis of the company size, designation, and region conducted during the research study.

Medical Device Testing Market

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the medical device testing market comprises a network of regulatory bodies, accreditation and standards organizations, third-party TIC service providers, research and development (R&D) institutions, manufacturers, technology integrators, and distributors. The key companies in the medical device testing, inspection, and certification market are SGS, Bureau Veritas, Intertek, DEKRA, and TάV SάD. They are the well-established, financially stable, and technical strong players that have been operating in the industry for several years and have diversified service portfolios, proprietary technologies, and strong distribution networks through collaborations and acquisitions.

Target Audience:

  • Raw material and testing equipment suppliers
  • Research organizations
  • Original equipment manufacturers (OEMs)
  • Technology standards organizations, forums, alliances, and associations
  • Technology investors
  • Analysts and strategic business planners
  • Government bodies, venture capitalists, and private equity firms

Report Scope:

By Service Type:

  • Testing Services
  • Inspection Services
  • Certification Services
  • Others (Auditing Services, Consulting Services, Technical Assistance & Training Services, Project Management Services, Asset Integrity Management Services, and Quality-Safety-Health-and-Environment Services)

By Sourcing Type:

  • In-house
  • Outsourced

By Device Class:

  • Class I
  • Class II
  • Class III

By Technology:

  • 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 (Mobile Devices, Medical Device with Ancillary Medicinal Substances, and Medical Devices Utilizing Animal Origin)

By Geography:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the client’s specific needs. The following customization options are available for the report:

Geographic Analysis

Further analysis of the TIC market for additional countries

Company Information

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Lucrative Opportunities in the Medical Device Testing Market
    4.2 Medical Device Testing Market, By Technology
    4.3 Medical Device Testing Market, By Device Class and Technology
    4.4 Medical Device Testing Market, By Device Class and Service Type
    4.5 Medical Device Testing Market, By Technology and Sourcing Type
    4.6 Medical Device Testing Market in Asia Pacific, By Country and Technology
    4.7 Medical Device Testing Market, By Geography

5 Market Overview (Page No. - 38)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 The Race of Market vs More Regulatory Compliance
                    5.2.1.2 Increasing Need of Validation and Verification (V&V) for Medical Devices
                    5.2.1.3 Imposition of Rigorous Government Regulations and Standards in Medical Devices
           5.2.2 Restraints
                    5.2.2.1 Barriers to Local Development of Medical Device Manufacturers
           5.2.3 Opportunities
                    5.2.3.1 Integration of Mobile and Medical Devices
                    5.2.3.2 Consolidation of Fragmented Market
                    5.2.3.3 Inclination Toward Outsourcing Tic Services
           5.2.4 Challenges
                    5.2.4.1 Complex Nature of Global Supply Chains
                    5.2.4.2 Long Lead Time for Overseas Qualification Tests
    5.3 Value Chain Analysis
    5.4 Core Industry Segments for the Overall Medical Device Testing Market
                    5.4.1.1 Tic Standards and Regulatory Bodies
                    5.4.1.2 Companies Offering Tic Services
                    5.4.1.3 Technology for End-User Applications
    5.5 Key Trends

6 Medical Device Testing Market, By Service Type (Page No. - 45)
    6.1 Introduction
    6.2 Testing Services
    6.3 Inspection Services
    6.4 Certification Services
    6.5 Others

7 Medical Device Testing Market, By Sourcing Type (Page No. - 56)
    7.1 Introduction
    7.2 In-House
    7.3 Outsourced

8 Medical Device Testing Market, By Device Class (Page No. - 62)
    8.1 Introduction
    8.2 Regional Class Differentiation
           8.2.1 Us
                    8.2.1.1 Class I: General Controls
                    8.2.1.2 Class II: General Controls With Special Controls
                    8.2.1.3 Class III: General Controls, Special Controls, and Premarket Approval
           8.2.2 European Union and European Free Trade Association
           8.2.3 Canada
           8.2.4 Australia
    8.3 Class Differentiation Considered in This Study
    8.4 Class I
    8.5 Class II
    8.6 Class III

9 Medical Device Testing Market, By Technology (Page No. - 73)
    9.1 Introduction
    9.2 Active Implant Medical Device
    9.3 Active Medical Device
    9.4 Non-Active Medical Device
    9.5 In-Vitro Diagnostic Medical Device
    9.6 Ophthalmic Medical Device
    9.7 Orthopedic and Dental Medical Device
    9.8 Vascular Medical Device
    9.9 Other Medical Device Technologies
           9.9.1 Mobile Devices
           9.9.2 Medical Devices With Ancillary Medicinal Substances
           9.9.3 Medical Devices Utilizing Animal Origin

10 Geographic Analysis (Page No. - 100)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 UK
             10.3.2 Germany
             10.3.3 France
             10.3.4 Italy
             10.3.5 Spain
             10.3.6 Rest of Europe
     10.4 APAC
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 South Korea
             10.4.5 Australia
             10.4.6 Rest of APAC
     10.5 RoW
             10.5.1 South America
             10.5.2 Middle East and Africa

11 Competitive Landscape (Page No. - 120)
     11.1 Overview
     11.2 Key Players in the Medical Device Testing Market
     11.3 Competitive Situations and Trends
     11.4 Developments
             11.4.1 New Standards and Certification Developments
             11.4.2 Expansions and Service Expansions
             11.4.3 Mergers and Acquisitions

12 Company Profiles (Page No. - 126)
(Overview, Services Offered, Strength of Service Offering, Business Strategy Excellence, Recent Developments, Key Relationships)*
     12.1 Key Players
             12.1.1 SGS
             12.1.2 Bureau Veritas
             12.1.3 Intertek
             12.1.4 TUV SUD
             12.1.5 Dekra
             12.1.6 BSI
             12.1.7 TUV Rheinland
             12.1.8 UL
             12.1.9 Eurofins Scientific
             12.1.10 ASTM
     12.2 Start-Up Ecosystem
             12.2.1 Element Material Technology (Exova)
             12.2.2 Envigo
             12.2.3 Avomeen Analytical Services
             12.2.4 Gateway Analytical
             12.2.5 Medistri SA
     12.3 Other Key Players
             12.3.1 North American Science Associates (NAMSA)
             12.3.2 Pace Analytical Services
             12.3.3 Wuxi Apptec
             12.3.4 Toxikon
             12.3.5 Charles River Laboratories
             12.3.6 Medical Device Testing Services
             12.3.7 Source Bioscience
             12.3.8 NSF International
             12.3.9 BDC Laboratories
             12.3.10 Surpass

*Details on Overview, Services Offered, Strength of Service Offering, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 178)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (67 Tables)

Table 1 Common Framework for Medical Device Regularization
Table 2 List of Standards Related to the Wireless Medical Device
Table 3 Medical Device Testing Market, By Service Type, 2015–2023 (USD Million)
Table 4 Medical Device Testing Market for Testing Services, By Technology, 2015–2023 (USD Million)
Table 5 Medical Device Testing Market for Testing Services, By Device Class, 2015–2023 (USD Million)
Table 6 Medical Device Testing Market for Inspection Services, By Technology, 2015–2023 (USD Million)
Table 7 Medical Device Testing Market for Inspection Services, By Device Class, 2015–2023 (USD Million)
Table 8 Medical Device Testing Market for Certification Services, By Technology, 2015–2023 (USD Million)
Table 9 Medical Device Testing Market for Certification Services, By Device Class, 2015–2023 (USD Million)
Table 10 Medical Device Testing Market for Other Service Types, By Technology, 2015–2023 (USD Million)
Table 11 Medical Device Testing Market for Other Service Types, By Device Class, 2015–2023 (USD Million)
Table 12 Medical Device Testing Market, By Sourcing Type, 2015–2023 (USD Million)
Table 13 Medical Device Testing Market for In-House Sourcing Type, By Technology, 2015–2023 (USD Million)
Table 14 Medical Device Testing Market for Outsourced Sourcing Type, By Technology, 2015–2023 (USD Million)
Table 15 Medical Device Testing Market, By Device Class, 2015–2023 (USD Million)
Table 16 Medical Device Testing Market for Class I, By Technology, 2015–2023 (USD Million)
Table 17 Medical Device Testing Market for Class I, By Service Type, 2015–2023 (USD Million)
Table 18 Medical Device Testing Market for Class II, By Technology, 2015–2023 (USD Million)
Table 19 Medical Device Testing Market for Class II, By Service Type, 2015–2023 (USD Million)
Table 20 Medical Device Testing Market for Class III, By Technology, 2015–2023 (USD Million)
Table 21 Medical Device Testing Market for Class III, By Service Type, 2015–2023 (USD Million)
Table 22 Medical Device Testing Market, By Technology, 2015–2023 (USD Million)
Table 23 Medical Device Testing Market for Active Implant Medical Device, By Device Class, 2015–2023 (USD Million)
Table 24 Medical Device Testing Market for Active Implant Medical Device, By Service Type, 2015–2023 (USD Million)
Table 25 Medical Device Testing Market for Active Implant Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 26 Medical Device Testing Market for Active Implant Medical Device, By Region, 2015–2023 (USD Million)
Table 27 Medical Device Testing Market for Active Medical Device, By Device Class, 2015–2023 (USD Million)
Table 28 Medical Device Testing Market for Active Medical Device, By Service Type, 2015–2023 (USD Million)
Table 29 Medical Device Testing Market for Active Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 30 Medical Device Testing Market for Active Medical Device, By Region, 2015–2023 (USD Million)
Table 31 Medical Device Testing Market for Non-Active Medical Device, By Device Class, 2015–2023 (USD Million)
Table 32 Medical Device Testing Market for Non-Active Medical Device, By Service Type, 2015–2023 (USD Million)
Table 33 Medical Device Testing Market for Non-Active Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 34 Medical Device Testing Market for Non-Active Medical Device, By Region, 2015–2023 (USD Million)
Table 35 Medical Device Testing Market for In-Vitro Diagnostic Medical Device, By Device Class, 2015–2023 (USD Million)
Table 36 Medical Device Testing Market for In-Vitro Diagnostic Medical Device, By Service Type, 2015–2023 (USD Million)
Table 37 Medical Device Testing Market for In-Vitro Diagnostic Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 38 Medical Device Testing Market for In-Vitro Diagnostic Medical Device, By Region, 2015–2023 (USD Million)
Table 39 Medical Device Testing Market for Ophthalmic Medical Device, By Device Class, 2015–2023 (USD Million)
Table 40 Medical Device Testing Market for Ophthalmic Medical Device, By Service Type, 2015–2023 (USD Million)
Table 41 Medical Device Testing Market for Ophthalmic Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 42 Medical Device Testing Market for Ophthalmic Medical Device, By Region, 2015–2023 (USD Million)
Table 43 Medical Device Testing Market for Orthopedic and Dental Medical Device, By Device Class, 2015–2023 (USD Million)
Table 44 Medical Device Testing Market for Orthopedic and Dental Medical Device, By Service Type, 2015–2023 (USD Million)
Table 45 Medical Device Testing Market for Orthopedic and Dental Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 46 Medical Device Testing Market for Orthopedic and Dental Medical Device, By Region, 2015–2023 (USD Million)
Table 47 Medical Device Testing Market for Vascular Medical Device, By Device Class, 2015–2023 (USD Million)
Table 48 Medical Device Testing Market for Vascular Medical Device, By Service Type, 2015–2023 (USD Million)
Table 49 Medical Device Testing Market for Vascular Medical Device, By Sourcing Type, 2015–2023 (USD Million)
Table 50 Medical Device Testing Market for Vascular Medical Device, By Region, 2015–2023 (USD Million)
Table 51 Medical Device Testing Market for Other Medical Device Technologies, By Device Class, 2015–2023 (USD Million)
Table 52 Medical Device Testing Market for Other Medical Device Technologies, By Service Type, 2015–2023 (USD Million)
Table 53 Medical Device Testing Market for Other Medical Device Technologies, By Sourcing Type, 2015–2023 (USD Million)
Table 54 Medical Device Testing Market for Other Medical Device Technologies, By Region, 2015–2023 (USD Million)
Table 55 Medical Device Testing Market, By Region, 2015–2023 (USD Million)
Table 56 Medical Device Testing Market in North America, By Country, 2015–2023 (USD Million)
Table 57 Medical Device Testing Market in North America, By Technology, 2015–2023 (USD Million)
Table 58 Medical Device Testing Market in Europe, By Country, 2015–2023 (USD Million)
Table 59 Medical Device Testing Market in Europe, By Technology, 2015–2023 (USD Million)
Table 60 Medical Device Testing Market in APAC, By Country, 2015–2023 (USD Million)
Table 61 Medical Device Testing Market in APAC, By Technology, 2015–2023 (USD Million)
Table 62 Medical Device Testing Market in RoW, By Region, 2015–2023 (USD Million)
Table 63 Medical Device Testing Market in RoW, By Technology, 2015–2023 (USD Million)
Table 64 Top 5 Players in the Medical Device Testing Market, 2016
Table 65 New Standards and Certification Developments (2017)
Table 66 Expansions and Service Expansions (2017)
Table 67 Mergers and Acquisitions (2015–2017)


List of Figures (59 Figures)

Figure 1 Market Segmentation
Figure 2 Process Flow of Market Size Estimation
Figure 3 Medical Device Testing Market: Research Design
Figure 4 Data Triangulation Methodology
Figure 5 Medical Device Testing Market Snapshot, By Technology, 2017–2023 (USD Billion)
Figure 6 Testing Services Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 7 Outsourced Sourcing Type is Likely to Grow at A Higher CAGR During the Forecast Period
Figure 8 Class II Medical Device is Expected to Hold the Largest Market Size During the Forecast Period
Figure 9 North America Led the Medical Device Testing Market in 2016
Figure 10 Need of Verification and Validation Process in Medical Devices is Expected to Drive the Market Growth During the Forecast Period
Figure 11 Active Implant Medical Device is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 12 Class II Medical Device for Active Implant Medical Device Technology is Expected to Exhibit the Highest Growth Rate During the Forecast Period
Figure 13 Class III Medical Devices for Certification Services is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 14 IVD Medical Device in Outsourced Sourcing Type is Expected to Hold A Larger Market Size During the Forecast Period
Figure 15 In-Vitro Diagnostic Medical Device Held the Largest Market Share in 2016
Figure 16 Emerging Markets, Such as China and India, are Some of the Growing Countries for the Medical Device Testing Market
Figure 17 Medical Device Testing Market Dynamics
Figure 18 Value Chain Analysis of the Medical Device Testing Market,2017
Figure 19 Commercialization of IoT Technology: Leading Trends Among Key Market Players
Figure 20 Certification Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 In-Vitro Diagnostic Medical Device Technology is Expected to Hold the Largest Market Size for Testing Services During the Forecast Period
Figure 22 Active Medical Device Technology is Expected to Grow at the Highest CAGR for Inspection Services During the Forecast Period
Figure 23 In-Vitro Diagnostic Medical Device Technology is Expected to Hold the Largest Market Size for Certification Services During the Forecast Period
Figure 24 Outsourced Sourcing Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Active Implant Medical Device is Expected to Have the Highest CAGR in In-House Sourcing Type During the Forecast Period
Figure 26 In-Vitro Diagnostic Medical Device Technology is Expected to Have the Largest Market Size of the Outsourced Medical Device Testing Market During the Forecast Period
Figure 27 Class II Medical Device is Expected to Hold the Largest Market Size During the Forecast Period
Figure 28 Testing Services Segment is Expected to Have the Largest Market Size in Class I Medical Device During the Forecast Period
Figure 29 In-Vitro Diagnostic Medical Device Technology is Expected to Have the Largest Market Size in Class II Medical Device Testing Market During the Forecast Period
Figure 30 Active Implant Medical Device is Expected to Have the Highest CAGR in Class III Medical Device Testing Market During the Forecast Period
Figure 31 Active Implant Medical Device is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 32 In-House Sourcing Type is Expected to Grow at A Higher CAGR for Active Implant Medical Device During the Forecast Period
Figure 33 Testing Services Segment for Active Medical Device is Expected to Hold the Largest Market Size During the Forecast Period
Figure 34 Class II Medical Device is Expected to Grow at the Highest CAGR for Non-Active Medical Device During the Forecast Period
Figure 35 In-House Sourcing Type is Expected to Hold A Larger Market Size for In-Vitro Diagnostic Medical Device During the Forecast Period
Figure 36 APAC is Expected to Grow at the Highest CAGR for Ophthalmic Medical Device During the Forecast Period
Figure 37 North America is Expected to Hold the Largest Market Size for the Orthopedic and Dental Medical Device During the Forecast Period
Figure 38 Certification Services Segment is Expected to Grow at the Highest CAGR for Vascular Medical Device During the Forecast Period
Figure 39 In-House Sourcing Type is Expected to Hold A Larger Market Size for Other Medical Device Technologies During the Forecast Period
Figure 40 Geographic Snapshot: Rapidly Growing Countries Such as India, Japan, Australia, and China are Emerging as Potential New Markets
Figure 41 Medical Device Testing Market in APAC is Likely to Witness the Highest CAGR During the Forecast Period
Figure 42 Market Snapshot: North America
Figure 43 In-Vitro Diagnostic Medical Device Technology is Likely to Hold the Largest Market Size of the Medical Device Testing Market in North America During the Forecast Period
Figure 44 Market Snapshot: Europe
Figure 45 Germany is Expected to Hold the Largest Market Size in the Medical Device Testing Market in Europe During the Forecast Period
Figure 46 Market Snapshot: APAC
Figure 47 China is Estimated to Hold the Largest Market Size of the Medical Device Testing Market in APAC During the Forecast Period
Figure 48 South America is Expected to Grow at A Higher CAGR in the Medical Device Testing Market in RoW During the Forecast Period
Figure 49 Companies Adopted Product Development as the Key Growth Strategy Between 2014 and 2017
Figure 50 Market Evolution Framework: New Standard and Certification is the Major Strategy Adopted By Key Players
Figure 51 SGS: Company Snapshot
Figure 52 Bureau Veritas: Company Snapshot
Figure 53 Intertek: Company Snapshot
Figure 54 TUV SUD: Company Snapshot
Figure 55 Dekra: Company Snapshot
Figure 56 BSI: Company Snapshot
Figure 57 TUV Rheinland: Company Snapshot
Figure 58 Eurofins Scientific: Company Snapshot
Figure 59 ASTM: Company Snapshot

The medical device testing market is expected to grow from USD 8.56 Billion in 2017 to USD 12.26 Billion by 2023, at a CAGR of 6.18% between 2017 and 2023. The growth of this market is mainly driven by an increasing need of verification and validation (V&V) for medical devices, imposition of stringent government regulations and standards across medical devices and medical device technologies.

The medical device testing market for testing services accounted for the largest share in 2016. There is an increasing demand for testing services in medical devices, owing to growing demand for good quality and standard products across the industry. Medical device manufacturers are required to ensure that the products have met the quality, safety, and performance regulatory standards.

The medical device testing market for in-house sourcing type accounted for the largest share in 2016. In the past, manufacturers and organizations had to adhere to the limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In the recent years, the standards pertaining to human/user safety have increased and become mandatory for medical devices.

The medical device testing market for IVD medical devices held the largest share in 2016. The marketplace has witnessed rapid growth driven by technological advancements, better diagnostic tools, improved treatment monitoring, and increased availability of over-the-counter tests. These factors hold the potential for the growth in TIC services worldwide.

The US accounted for the largest share of the medical device testing market in 2016. The country is the world leader in medical devices in terms of awareness among users about the safety and security of medical devices. Mexico is one of the largest medical device importers in the world. Whereas, Canada is actively involved in setting up the medical device regulations.

Medical Device Testing Market

A huge barrier to local innovation by medical device manufacturers is a restraining factor for the growth of the medical device testing market. TIC companies are subject to local laws and have to abide by the regulations and jurisdiction of each region and country in which they operate, thereby reducing their effectiveness.

SGS (Switzerland) is one of the leading companies in the medical device testing market, followed by Bureau Veritas (France) with a large contribution to the medical device TIC market share and high financial power, and provides a broad service portfolio in the medical device testing market with strong technical expertise. SGS is highly focused on its growth through service and business expansions to gain a competitive advantage.

Bureau Veritas aims to grow by deploying an aggressive inorganic strategy by acquiring companies. For instance, Bureau Veritas has acquired 3 companies in the last 3 years.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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