According to newly released data from Future Market Insights (FMI), the global Medical Device Analytical Testing Outsourcing Market generated US$ 5.11 billion in 2021 and is expected to grow at a 7.18% CAGR to US$ 10.96 billion in 2032.
Product complexity, increased competition, an increase in the number of small-scale medical device manufacturers, and stringent approval norms are the key factors driving the market. The COVID-19 pandemic has highlighted the need for innovative low-cost medical equipment. This crisis has resulted in a global economic and health pandemic. As a result, several companies have shut down their plants and halted the majority of the manufacturing process.
The growing global prevalence of chronic diseases is driving up demand for medical device analytical testing outsourcing. The government’s increasingly stringent quality certificate rules are propelling the global medical device analytical testing outsourcing market forward. Class II devices require premarket approvals and 510 (k) clearance; however, obtaining such clearance is a time-consuming process; thus, such emerging scenarios have fuelled the growth of the global medical device analytical testing outsourcing market.
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Medical device manufacturers are hiring consultants to help them understand the documentation and regulations required for pre-market approvals. The development of advanced devices such as surgical microscopes, surgical robots, neurosurgery devices, ophthalmic surgical devices, and many others has reduced the direct contact of humans in the surgical procedure, making quality certificates for medical devices mandatory. The growing demand for minimally invasive surgeries is driving the global medical device analytical testing outsourcing market forward. However, manufacturers are turning to medical device analytical testing outsourcing to ensure accuracy, precision, quality control, and periodic maintenance.
Key Takeaways:
- During the forecast period, the global Medical Device Analytical Testing Outsourcing market is expected to be worth US$ 10.96 billion. In 2021.
- the global Medical Device Analytical Testing Outsourcing market is expected to be worth US$ 5.11 billion.
- The United States is expected to lead the market, acquiring US$ 1.5 billion and expanding at a CAGR of 7% during the forecast period.
- China is expected to grow at a 5.5% CAGR.
- During the assessment period, the hospitals segment is expected to lead the market with a CAGR of 6.15%.
” Because of improved healthcare infrastructure and government initiatives, Asia Pacific has the largest share of the global medical device analytical testing outsourcing market. Furthermore, rapid economic development in countries such as China and India are expected to significantly boost regional market growth over the forecast period.” Says an analyst at FMI.
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Competitive Landscape:
The global medical device analytical testing outsourcing market is highly fragmented. Mergers, acquisitions, and partnerships, among other strategies,
The key market players are:
- SGS
- Toxikon, Inc
- Eurofins Scientific
- Pace Analytical Services LLC
- Intertek Group plc
- Wuxi AppTec
- North American Science Associates, Inc
- Envigo
- Charles River Laboratories International, Inc.
- Medical Device Testing Services
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Key Segments Covered in the Medical Device Analytical Testing Outsourcing Industry Report
Medical Device Analytical Testing Outsourcing Market by Service:
- Extractable and Leachable Medical Device Analytical Testing Outsourcing
- Material Characterization Medical Device Analytical Testing Outsourcing
- Physical Testing Medical Device Analytical Testing Outsourcing
- Bioburden Testing Medical Device Analytical Testing Outsourcing
- Sterility Testing Medical Device Analytical Testing Outsourcing
- Other Tests Medical Device Analytical Testing Outsourcing
Medical Device Analytical Testing Outsourcing Market by Device Type:
- Reprocessed Devices Medical Device Analytical Testing Outsourcing Market
- Others Medical Device Analytical Testing Outsourcing Market
Medical Device Analytical Testing Outsourcing Market by End Use:
- Medical Device Analytical Testing Outsourcing for Hospitals
- Others
Medical Device Analytical Testing Outsourcing Market by Therapeutic Areas:
- Medical Device Analytical Testing Outsourcing for Cardiology
- Medical Device Analytical Testing Outsourcing for Diagnostic Imaging
- Medical Device Analytical Testing Outsourcing for Orthopedic
- Medical Device Analytical Testing Outsourcing for IVD
- Medical Device Analytical Testing Outsourcing for Ophthalmic
- Medical Device Analytical Testing Outsourcing for General & Plastic Surgery
- Medical Device Analytical Testing Outsourcing for Drug Delivery
- Medical Device Analytical Testing Outsourcing for Endoscopy
- Medical Device Analytical Testing Outsourcing for Dental
- Medical Device Analytical Testing Outsourcing for Diabetes Care
- Medical Device Analytical Testing Outsourcing for Others
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