Medical Device Testing Market Is Booming Worldwide | SGS, Bureau Veritas, Intertek, DEKRA and Others

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The Global Research report titled “Medical Device Testing Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 186 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability. An exclusive data offered in this report is collected by research and industry experts team.

Major Vendors profiled in the Medical Device Testing Market include are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), BSI (UK), UL (US), ASTM (US).

The Medical Device Testing Market is estimated to be USD 8.56 Billion in 2017 and is expected to reach USD 12.26 Billion by 2023, growing at a CAGR of 6.18% between 2017 and 2023.

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“Medical device testing market for certification services expected to grow at the highest CAGR during the forecast period”
There has been an increasing demand for certification services, owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware about their credibility than before and certifications demonstrate the compliance of their medical device with specific standards and improve its marketability.

“Medical device testing market for in-house sourcing type accounted for the largest share in 2016”
Manufacturers and organizations had to adhere to limited standards and regulations in the past; hence, it was possible for companies to build their in-house testing and inspection capabilities. In the recent years, the standards pertaining to human/user safety have increased and become mandatory for medical devices. However, this trend is shifting to the increase in outsourcing TIC services to specialized third-party service providers as they help reduce manufacturers’ operational expenditure.

“APAC is expected to be the fastest-growing market for medical device testing, inspection, and certification services during the forecast period”
Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. The markets in APAC are growing rapidly, owing to the rising per capita income among the middle class.

Target Audience for Medical Device Testing Market:
• Raw material and testing equipment suppliers
• Research organizations
• Original equipment manufacturers (OEMs)
• Technology standards organizations, forums, alliances, and associations
• Technology investors
• Analysts and strategic business planners
• Government bodies, venture capitalists, and private equity firms

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