According to the new research
report "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", the medical device testing market size is expected
to be USD 12.26 Billion by 2023, growing at a CAGR of 6.18% from USD 8.56
Billion in 2017. The market growth is mainly driven by an increasing need of
validation and verification (V&V) for medical device, and imposition of
rigorous government regulations and standards across medical devices.
Medical
device testing market for testing services held the largest market share in
2016
Increasing regulatory focus on
quality control for manufacturing operations, on additional safety, testing,
and reporting measures requires advanced test equipment and instrumentation on-site
in manufacturing facilities and laboratories. The accuracy of test results
depend largely on the accuracy of test and measurement instruments, used for a
particular test process. There is an increasing demand for TIC services in
medical devices, owing to the growing demand for good quality and standard
products across the industry.
Medical
device testing market for outsourced services is expected to grow at the
highest CAGR during the forecast period
Many large firms are increasingly
outsourcing medical device testing, inspection, and certification services, as
stringent regulations drive the cost to conduct test in-house. As a result,
outsourcing TIC services helps manufacturers reduce the overall cost of
testing. Demand for outsourcing TIC services to third-party vendors is
increasing for applications, such as consumer goods and manufacturing owing to
the capital-intensive nature of in-house TIC activities.
Medical
device testing market for IVD medical devices held the largest share in 2016
The marketplace witnesses rapid
growth, driven by technological advancements, better diagnostic tools, improved
treatment monitoring, and increased availability of over-the-counter tests. IVD
adds significant value to the treatment process and medical diagnosis, which
simultaneously increases the well-being of the public health.
North
America accounted for the largest share of the medical device testing market in
2016
In North America, the US is the
leading country in medical devices in terms of awareness among the users about
the safety and security of medical devices. The federal government established
medical devices regulating agencies, such as FDA.
SGS (Switzerland), Bureau Veritas
(France), Intertek (UK), and DEKRA (Germany), and TÜV SÜD (Germany) are the
major players covered in the report with market share analysis. The report also
covers various innovators, such as Avomeen Analytical Services (US), Medistri
(Switzerland), and Envigo (UK).
