Medical Device Testing Market

Medical Device Testing Industry worth $13.5 billion by 2028

The report "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" The global medical device testing industry size is expected to be valued at USD 10.6 billion in 2023 and is projected to reach USD 13.5 billion by 2028; it is expected to grow at a CAGR of 4.9% from 2023 to 2028. The medical device testing industry is fueled by stringent regulatory requirements mandating comprehensive testing for device approval. Additionally, the increasing complexity and technological advancements in medical devices necessitate thorough testing for safety and efficacy.

Browse 142 market data Tables and 46 Figures spread through 215 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/medical-device-testing-market-254474064.html

Medical Device Testing Industry Segmentation

By segment, medical device testing industry for certification services segment to hold the highest CAGR during the forecast period.

The certification services segment in the medical device testing industry is projected to exhibit the highest compound annual growth rate (CAGR) due to several factors. The stringent regulatory landscape mandates rigorous testing and compliance, driving a surge in demand for certification services. Manufacturers seek certification to ensure their devices meet regulatory standards, facilitating market entry and acceptance. Moreover, heightened emphasis on quality, safety, and performance in the healthcare sector propels the need for reliable certification, pushing the CAGR upwards as the industry evolves and diversifies.

By segment, medical device testing industry for in-house segment to hold the highest market share during the forecast period.

The significant growth of the in-house sourcing segment of the medical device testing industry can be attributed to various factors. The organizations often opt for in-house testing to maintain control over the entire testing process, ensuring confidentiality and data security. Secondly, it provides greater flexibility and customization in testing protocols, aligning closely with specific device requirements and internal processes. Additionally, cost-effectiveness plays a crucial role, as organizations can manage expenses and optimize resources by utilizing their existing facilities and expertise for testing purposes. This approach enables a quicker turnaround and fosters a culture of continuous improvement and innovation within the organization, contributing to its high market share.

By segment, medical device testing industry for active implant medical devices to exhibit the highest CAGR during the forecast period.

The active implant medical devices in the medical device testing industry are positioned for the largest CAGR due to increase in the development and adoption of advanced implantable medical devices, driven by advancements in medical technology and an aging population that demands more sophisticated healthcare solutions. These active implant devices, such as pacemakers and neurostimulators, require stringent testing to ensure their safety, efficacy, and seamless integration within the human body. Regulatory compliance and the need to adhere to strict quality standards further bolster the demand for comprehensive testing services, resulting in the remarkable CAGR observed in this particular segment.

Medical Device Testing Industry Regional Analysis

By region, medical device testing industry in Asia Pacific to hold the highest CAGR during the forecast period.

The Asia Pacific region is witnessing a rapid expansion of its healthcare infrastructure, coupled with a burgeoning population and increasing awareness of healthcare standards, fueling the demand for reliable and safe medical devices. Additionally, the presence of a vast and evolving medical device manufacturing sector in countries like China and India necessitates rigorous testing to meet global regulatory requirements and gain access to international markets. The proactive initiatives by governments and regulatory bodies to enhance healthcare quality and safety are propelling the demand for comprehensive medical device testing services in this region.

Medical Device Testing Industry Key Players

The medical device testing industry includes major Tier I and II players like Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TÜV SÜD (Germany) and others. These players have a strong market presence for medical device testing across various countries in North America, Europe, Asia Pacific, and RoW.

Don’t miss out on business opportunities in Medical Device Testing Industry. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on TwitterLinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Medical Device Testing Market Size,  Share & Growth Report
Report Code
SE 5802
PR Published ON
10/23/2023
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Medical Device Testing Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status
...

Digital Virtual Assistant - MarketsandMarkets

Home