Medical Device Testing Services Market New Business Experts Ideas By Element Materials Technology, TÜV SÜD AG, Toxikon, Pace Analytical Services, North American Science Associates, SGS SA

The global medical device testing services market by service was led by microbiology & sterility testing segment. In 2018, the microbiology & sterility testing held the most significant market share 53.55% of 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.

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.

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During 2018, the region of Asia Pacific held a maximum share in the medical device testing services market. The growing interest of international players in China and India market, stringent product approval in countries like China, and advancing healthcare infrastructure. Thus, there is a huge potential for medical device testing services market during the forecast period.

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 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.

The small and medium-sized enterprises (SMEs) training programs have been implemented in the countries such as China, Chile, Indonesia, Mexico, Malaysia, Singapore, Philippines, Peru, Russia and Viet Nam and others. In 2018, the medical device market in the U.K. was valued approximately US$10.6 billion. Among which, around 2,500 are small to medium-sized medical device companies in the U.K. Moreover, a large number of multinational companies have established their head offices or subsidiaries in the country. Furthermore, every year, the acute trusts spend around an average of US$ 6.6 billion on clinical supplies, which include medical equipment. Additionally, among the 1,300 medical device companies in France, approximately 92% are small and medium-sized enterprises (SMEs), out of which 88% produce entirely medical devices.

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