TheMedical Device Testing Marketis anticipated to be worth USD USD 12.94 Billion billion by 2028, at the CAGR of 4.5%% for the forecast period 2022 to 2028. Medical Device Testing is the process of demonstrating that the device will reliably and safely perform in use. With the exponential growth that the medical sector is seeing, services such as these become an essential part to keep the system is tuned.
Alignment standards, the growing use of medical equipment in developing countries, the need for certification of medical devices, the establishment of stricter government regulations, the practice of issuing medical device diagnostic tools, and standards across all medical devices are some of the driving characteristics of the Medical Device Testing Market. However, strong laws or standards in all regions and a lack of testing facilities and competent resources could hamper the market growth. While upgrading and regulating medical equipment is important, extremist laws, especially in the domestic context, may serve as a barrier to the new localization of these devices. Due to such perceived risks associated with use, certain products with significant value in low-income countries may be excluded from the market. With delays in importing and exporting products, risks such as loss of customers, product quality, and the long time required for overseas qualification exams may affect business operations.
The Global Medical Device Testing Market is seeing a series of developments in the field of drug and drug combinations, man-made medicine, and the rapid transformation of various portable and portable medical devices. Technological advances such as the implementation of IoT and AI on various devices are an important parameter of the market growth of medical device testing services worldwide. In addition, the emerging medical equipment industries in developing countries and the integration of mobile and medical equipment provide outstanding market growth opportunities.
Based on the type of service, part of the testing services is estimated to control the largest share of the medical device testing market by 2021. The large share of this component is due to the high demand for quality products and strong recommendations from regulatory authorities to ensure the safety, quality, and efficiency of products. However, certification services are expected to grow in a much faster CAGR at the time of forecasting followed by inspection services. Based on technology, the in-vitro diagnostic segment is estimated to have the largest market share of medical device testing in 2021. The market has seen rapid growth driven by technological advances, better diagnostic tools, improved treatment monitoring, growth, and availability of over-the-counter testing. In addition, the proportion of active implant medical equipment is expected to grow at a very high CAGR during the forecast period. While active and non-active, ophthalmic, orthopedic and dental,vascular and other medical devices show steady growth.
There are three levels of segmentation of the medical device testing market based on the device class such as class I, class II and class III. These are categorized according to the level of risk, making class III include high-risk devices and hold the highest share of the market. While based on sourcing type, outsourcing will grow at a higher CAGR than the in-house sources. Geographically, the region of North America delivered the largest share of the medical device testing market in 2021. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The adoption of medical equipment testing services is less in the Asia-Pacific than in other developed markets, which are expected to provide many opportunities for market growth. On the other hand, Europe, South America, the Middle East, and Africa are progressing gradually.
The key players jointly holding the largest segment of the medical device testing market are - Medtronic plc, Siemens AG , Terumo Corporation, SGS (Switzerland), Eurofins Scientific (UK), Bureau Veritas (UK), Intertek (UK), TÜV SÜD (UK), and DEKRA (UK).