The medical device testing market was valued at USD 9.3 billion in 2020 and is projected to reach USD 11.8 billion by 2025; growing at a CAGR of 4.8% from 2020 to 2025. The harmonization of standards, growing consumption of medical devices in emerging countries, increasing need of validation and verification for medical devices, the imposition of rigorous government regulations, the growing trend of outsourcing medical device testing services and standards across medical devices are a few of the driving factors for the medical device testing market. The COVID-19 outbreak in 2019 accentuated the development of advanced low-cost medical devices. These devices need to comply with stringent regulations regarding medical devices, hence, manufacturers are investing heavily in testing their devices. This also acts as a key growth parameter for the global medical device testing service market
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These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
Eurofins Scientific was founded in 1987 and is headquartered in Luxembourg, UK. It has 310 laboratories across 39 countries in Europe, North America, South America, and APAC. As of 2019, the company employed more than 43,320 employees worldwide. It has a significant presence across all the major geographies. The company pursues its dynamic growth strategy by expanding its technology portfolio and geographic reach. For instance, in March 2017, Eurofins Scientific expanded its laboratory facility in Lancaster County, Pennsylvania. The company looks forward to achieving organic growth through the introduction of value-added services, along with acquisitions, to gain access to new customers.
Intertek is a London-based company that has significant experience in the TIC space globally, to ensure the quality and safety of products, processes, and systems. Its testing services ensure that the products meet quality, health, environment, safety, and social standards. The company operates through three major segments—Products, Trade, and Resources. The company has focused on expansions as a strategy for growth in the medical device testing market. For instance, in October 2019, Intertek expanded its center of excellence for biopharmaceutical services in Manchester, UK, through an additional 14,000 square feet laboratory space supporting the development of biologics and gene therapies.
Another important player in the medical device testing market is SGS offers a broad portfolio of services for medical devices. 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. This strong position of the company in various markets provides it a competitive advantage. The company mostly operates in all the geographic regions and earns a large share of its revenue from the European, African, and the Middle Eastern region (44%), as of 2019. Its strategically balanced portfolio reduces the business risks and enables it to tap opportunities in the new as well as the existing markets. In terms of key business strategies, SGS follows the expansion strategy. For instance, SGS acquired Skin Investigation and Technology Hamburg GmbH (SIT) in February 2018. Based in Hamburg, SIT is one of the leading independent contract research companies in Germany, conducting applied dermatological research and studies for cosmetics and personal care industries. The company offers a broad range of skin tolerance and proof of efficacy testing.
Medical Device Testing Market with COVID-19 impact, By Services (Testing, Inspection , Certification), Sourcing , Technology (Active Implant, IVD, Orthopedic & Dental, Opthalmic, Vascular), Class, Testing, & Region- Global Forecast to 2025
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