Medical Device Testing Market Size by Top Leading Key Players, Various Important Aspects of COVID 19 Outbreak, Growth Opportunities, Incremental Revenue, Trends, Outlook and Forecasts to 2025

2020 August, Magarpatta SEZ, Pune, “ReportsnReports”, one of the world’s prominent market research firms has released a new report on Global Medical Device Testing Market. The report contains crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Medical Device Testing Market to figure out and study market needs, market size, and competition. The report talks about the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities, and the threats faced by Top key players.

The report also includes the impact of ongoing global crisis i.e. COVID-19 on the Medical Device Testing Market and what the future holds for it. The published report is designed using a vigorous and thorough research methodology and ReportsnReports is also known for its data accuracy and granular market reports.

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“The harmonization of standards, growing consumption of medical devices in emerging countries, increasing need of validation and verification for medical devices, the imposition of rigorous government regulations, the growing trend of outsourcing medical device testing services and standards across medical devices will drive the growth of  medical device testing market.”

The medical device testing market was valued at USD 9.3 billion in 2020 and is projected to reach USD 11.8 billion by 2025; growing at a CAGR of 4.8% from 2020 to 2025. The medical device testing market is growing due to the increasing need of verification and validation for medical devices. The in-vitro diagnostic (IVD) medical device segment held the largest share of the medical device testing market in 2019, owing to the increasing demand for rapid testing kits and other diagnostics devices across regions. The active implant medical device segment is projected to witness the highest CAGR during the forecast period, owing to the implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body.

The market for medical device testing is primarily driven by the continuously rising number of COVID-19 cases leading to the increasing number of ICU beds, which leads to the growing demand for COVID-19 priority medical devices. The market is also driven by factors such as the increased requirement for PPE kits and N95 masks globally and rising demand for ventilators for the effective management of critical COVID-19 patients. The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as market demand for rapid-test products and a sharp rise in the target patient population in a few countries. However, delays in non-urgent treatment and surgical procedures and the impact on supply chain and logistics due to lockdown are likely to restrain the growth of this market

“Testing services are likely to hold the largest share of the medical device testing market, in terms of value, in 2025 and a similar trend is expected to continue until 2025”

 The medical device testing market for certification services is projected to grow at the highest CAGR during the forecast period. Certification services are required to check whether the medical devices and services have complied with the required standards and regulations.

“The market for class II medical devices hold the largest share while Class III will grow at a higher CAGR during the forecast period”

There has been a high surge in demand for class III devices since they include life-critical medical devices that are needed in treating COVID-19 patients also these devices have to go through critical testing, inspection, and certification processes.

“Asia Pacific: The fastest-growing region in the medical device testing market.”

The Asia Pacific region is estimated to dominate the medical device testing market and is projected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the increase in regulatory focus on quality control for manufacturing operations and additional safety, testing, and reporting measures, which require advanced test equipment and instrumentation on-site in manufacturing facilities and laboratories.

Breakdown of primaries

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type– Tier 1- 52%, Tier 2- 14% Tier 3 - 34%
By Designation— C level - 49%, Managers & Other Level - 51%
By Region— North America - 21%, Europe - 42%, Asia Pacific - 32%

The medical device testing market is dominated by a few globally established players such as SGS (Switzerland), Eurofins Scientific (UK), Bureau Veritas (UK), Intertek (UK), TÜV SÜD (UK), and DEKRA (UK).

Research Coverage:

The report segments the medical device testing market and forecasts its size, service type, sourcing type, device class, technology and region (Asia Pacific, Europe, North America, and RoW).

The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the medical device testing market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

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The global Medical Device Testing Market is expected to witness a promising growth in the next few years. The rising level of competition among the leading players and the rising focus on the development of new products are likely to offer promising growth opportunities throughout the forecast period. The research study on the global Medical Device Testing Market offers a detailed overview, highlighting the key aspects that are expected to enhance the growth of the market in the near future. The key segmentation and the competitive landscape of the market have also been mentioned at length in the research study.

This report studies the Medical Device Testing Market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Medical Device Testing Market by product type and applications/end industries. These details further contain a basic summary of the company, merchant profile, and the product range of the company in question. The report analyzes data regarding the proceeds accrued, product sales, gross margins, price patterns, and news updates relating to the company.

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The report helps to identify the main Medical Device Testing Market players. It assists in analyzing Medical Device Testing Market competitive environment, including company overview, company total revenue, market opportunities, value, production sites and facilities, SWOT analysis, product details. The study also reveals the sales, revenue and market share for each market player included in this report for the period of 2015-2020. It also helps to ascertain the growth drivers and future prospects for the forecast timeline.

Conclusively, this report is a one stop reference point for the industrial stakeholders to get Medical Device Testing Market forecast of till 2025. This report helps to know the estimated market size, market status, future development, growth opportunity, challenges, growth drivers of by analyzing the historical overall data of the considered market segments.

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This release was published on openPR.