Medical Device Testing Market

include SGS (Switzerland) and Bureau Veritas (France) are the Leading players in the Medical Device Testing Market

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. Some of the key factors driving this market are increasing need of validation and verification (V&V) for medical devices, and imposition of stringent government regulations and standards across medical devices.

Key players in the medical device testing market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK) , DEKRA (Germany), and TÜV SÜD (Germany). Most of the leading companies have adopted an inorganic growth strategy of mergers and acquisitions. The market is evolving globally with the increasing competition to offer niche medical device TIC services. The leading strategies in this market, such as standards and certification, expansions and service expansion, help companies to grow and remain technically competitive in the market.

Leading players in the medical device testing market:

SGS offers a broad portfolio of testing services for medical device manufacturers. The company has a strong market position in almost all the industries it operates and a well-balanced revenue generation from all its business segments. It provides a competitive advantage to SGS. Its strategically balanced portfolio helps reduce business risks and enables the company to tap opportunities in the new as well as existing markets. In terms of key business strategies, SGS follows the expansion strategy. For instance, in August 2017, SGS is expected to expand its facility in Lincolnshire. The expansion would increase the site’s current footprint from 38,500 sq. ft. to nearly 58,000 sq. ft. In June 2017, SGS significantly enhanced its capabilities to undertake extractables and leachables (E&L) testing at its laboratory in Shanghai, China.

Bureau Veritas is one of the leading global medical device testing service providers. Its strong position in various markets provides a competitive advantage to the company. Bureau Veritas operates across Europe, APAC, and the Americas. In terms of key business strategies, the company follows the strategy of acquisitions. For instance, in August 2017, Bureau Veritas announced the acquisition of METRACEM, a France-based testing body for electrical and electronic equipment. METRACEM is headquartered in Vourles (Lyon) in the Rhône-Alpes region, a renowned digital hub supporting many electronics clusters. METRACEM provides safety and electromagnetic compatibility testing to manufacturers of aeronautics, automotive, consumer, industrial, medical, and railway products and systems. Hence, the acquisition of METRACEM is expected to strengthen the position of Bureau Veritas in the medical device testing market.

Related 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

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Report Code
SE 5802
Published ON
Dec, 2017
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