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Medical Device Testing Services Market to reach US$ 14,660.09 Mn by 2027 - Intertek Group, Charles River, SGS, Eurofins, Toxikon, Pace Analytical Services, WuXi AppTec, Element Materials Technology

08-07-2019 05:11 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

Medical device testing services market, by Service

Medical device testing services market, by Service

The global medical device testing services market is anticipated to reach US$ 14,660.1 Mn in 2027 from US$ 5,505.4 in 2018. The market is projected to grow with a CAGR of 11.7% from 2019-2027.

The market for medical device testing services is expected to grow, owing to factors such as rising demand of testing for medical devices, a growing number of small and medium-sized enterprises (SMEs) requiring domestic analysis, and stringent regulatory scenario. Restraining factors like interruptions in contractual obligations are likely to have a negative impact on the growth of the market in the coming years.

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The major players operating in the medical device testing services market include SGS SA, Eurofins, Toxikon, Pace Analytical Services, LLC, Intertek Group plc, NORTH AMERICAN SCIENCE ASSOCIATES INC., Charles River, WuXi AppTec, Element Materials Technology, and TÜV SÜD AG, among others.

The market has witnessed various organic as well as inorganic developments during recent years in the medical device testing services market. For instance, during October 2019, SGS introduced a new in vitro toxicology services which would help SGS clients to create the toxicological profiles of bio/pharmaceuticals, medical devices, cosmetics, and chemicals. These product launches are helping the major players to expand their product portfolio in the forecast period.

Microbiology & sterility testing segment is expected to grow at a fast pace over the forecast period

Based on the service, medical device testing services market was segmented into biocompatibility test, chemistry test, microbiology & sterility testing, and package validation. In 2018, the microbiology & sterility testing segment held the most significant market share of 53.6% in the medical device testing services market by service. This segment is also anticipated to dominate the market in 2027 as sterility assurance is very crucial for medical devices. Also, chemistry testing segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.

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Strategic Insights

There have been limited developments made in the medical device testing services market during recent years. However, growth strategies such as approvals, collaborations, and partnerships have been witnessed in the market of medical device testing services. For instance, in September 2018, Charles River Laboratories announced its acquisition of Microgenetix, which is the premier provider of microbial identification services for biopharmaceutical, biotechnology, medical device, personal care, food, beverage, and dairy companies across Australia.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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