Selbyville, Delaware, Sept. 29, 2020 (GLOBE NEWSWIRE) — Worldwide medical device testing market garnered a valuation of USD 8.9 billion in 2019 and is projected to expand with a CAGR of 4.8% during 2020-2027. As per the report findings, rising focus towards better safety and patient care, growing necessity for validation & verification of medical devices, and stringent compliance norms are catalysing the industry growth.
Medical devices are liable to strict regulatory requirements to ensure the health and effectiveness of medical equipment. It is mandatory for each product to adhere with national and international requisites before being released into the market, which is hence projected to amplify the demand for medical device testing.
Despite the positive global medical device testing market outlook, long waiting periods for overseas qualification tests remain a major challenge for the industry growth.
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Regional outlook:
Global medical device testing market size is defined through several fragments, namely, North America, Latin America, Europe, Asia Pacific, and Rest of the World. Trusted records cite that North America currently accounts for majority market share, driven by strict quality & safety standards established by legal bodies.
On the other hand, Asia Pacific market size is slated to grow tremendously over the projected timeline, attributable to factors such as rising consumer cognizance towards importance of certification and increasing healthcare accessibility due to rising per capita income among the middle-class population.
Competitive landscape:
Prominent players influencing the global medical device testing market trends are Envigo International Holdings Inc., Elements Material Technology, TÜV Rheinland Group, BSI Group, DEKRA, TÜV SÜD, and Intertek Group plc among others.
These industry giants are reportedly leveraging strategies like new product launches, mergers, acquisitions, partnerships, investments, and funding to stay ahead of the competition. For instance, in October 2019, TÜV SÜD entered into an MOU with the Center for Additive Manufacturing, National University of Singapore, to accelerate R&D of 3D printing biomedical devices for clinical trials.
Whereas, Intertek, in June 2020, extended its personal protective equipment portfolio with the pre-certification testing of N95 respirators by the National Institute for Occupational Safety and Health (NIOSH). Moreover, Intertek has restructured its strategies to serve consumers and the global community amid the COVID-19 pandemic.
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Global Medical Device Testing Market Service Sub-Segments (Revenue, USD Billion, 2017-2027)
- Testing services
- Inspection services
- Certification services
Global Medical Device Testing Market Sourcing Sub-Segments (Revenue, USD Billion, 2017-2027)
Global Medical Device Testing Market Device Class Sub-Segments (Revenue, USD Billion, 2017-2027)
- Class I
- Class II
- Class III
Global Medical Device Testing Market Device Technology Sub-Segments (Revenue, USD Billion, 2017-2027)
- Active medical device
- Active implant medical device
- Non-active medical device
- Ophthalmic medical device
- In-vitro diagnostic medical device
- Orthopaedic and dental medical device
- Vascular medical device
- Other
Global Medical Device Testing Market Device Regional Bifurcation (Revenue, USD Billion, 2017-2027)
North America
Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- Rest of APAC
Latin America
Rest of the World
Global Medical Device Testing Market Device Company Profiles
- Envigo International Holdings Inc.
- Elements Material Technology Ltd.
- TÜV Rheinland Group
- BSI Group
- DEKRA
- TÜV SÜD
- Intertek Group plc
- Bureau Veritas Group
- Eurofins Scientific
- SGS S.A.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Medical Device Testing Market, by Region, 2018-2027 (USD Billion)
1.2.2. Medical Device Testing Market, by Service Type, 2018-2027 (USD Billion)
1.2.3. Medical Device Testing Market, by Sourcing, 2018-2027 (USD Billion)
1.2.4. Medical Device Testing Market, by Device Class, 2018-2027 (USD Billion)
1.2.5. Medical Device Testing Market, by Technology, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Medical Device Testing Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Medical Device Testing Market Dynamics
3.1. Medical Device Testing Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Medical Device Testing Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Medical Device Testing Market, by Service Type
5.1. Market Snapshot
5.2. Global Medical Device Testing Market by Service Type, PerService Typeance – Potential Analysis
5.3. Global Medical Device Testing Market Estimates & Forecasts by Service Type 2017-2027 (USD Billion)
5.4. Medical Device Testing Market, Sub Segment Analysis
5.4.1. Testing Services
5.4.2. Inspection Services
5.4.3. Certification Services
Chapter 6. Global Medical Device Testing Market, by Sourcing
6.1. Market Snapshot
6.2. Global Medical Device Testing Market by Sourcing, PerService Typeance – Potential Analysis
6.3. Global Medical Device Testing Market Estimates & Forecasts by Sourcing 2017-2027 (USD Billion)
6.4. Medical Device Testing Market, Sub Segment Analysis
6.4.1. In-house
6.4.2. Outsourced
Chapter 7. Global Medical Device Testing Market, by Device Class
7.1. Market Snapshot
7.2. Global Medical Device Testing Market by Device Class, PerService Typeance – Potential Analysis
7.3. Global Medical Device Testing Market Estimates & Forecasts by Device Class2017-2027 (USD Billion)
7.4. Medical Device Testing Market, Sub Segment Analysis
Chapter 8. Global Medical Device Testing Market, by Technology
8.1. Market Snapshot
8.2. Global Medical Device Testing Market by Technology, PerService Typeance – Potential Analysis
8.3. Global Medical Device Testing Market Estimates & Forecasts by Technology 2017-2027 (USD Billion)
8.4. Medical Device Testing Market, Sub Segment Analysis
8.4.1. Active Implant Medical Device
8.4.2. Active Medical Device
8.4.3. Non-Active Medical Device
8.4.4. In-vitro Diagnostic Medical Device
8.4.5. Ophthalmic Medical Device
8.4.6. Orthopaedic and Dental Medical Device
8.4.7. Vascular Medical Device
Chapter 9. Global Medical Device Testing Market, Regional Analysis
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Medical Electronics Market will exceed USD 169 billion by 2025, as per a new research report. Increasing demand for minimally invasive surgeries will render significant positive impact on medical electronics industry growth. Geriatric population generally prefers minimally invasive surgeries as it involve less complications. According to United Nations, the global geriatric population in 2017 was 962 million and majority of the geriatric population suffers from chronic ailments. This scenario proves beneficial for the industry growth as it elevates the demand for recently developed medical electronic devices utilized in minimally invasive surgeries.
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