Medical Device Validation and Verification Market to Grow at a CAGR of 11.6%, Predicts QMI | Bureau Veritas, SGS, TUV SUD, Intertek, BSI, TUV Rheinland, Dekra, Eurofins Scientific

Global Medical Device Validation and Verification Market is anticipated to register CAGR of 11.6% during the forecast period and reach USD 1.6 billion by 2028. Increasing complexity with respect to product designing and engineering and rising demand for advanced and quality medical products are boosting the demand for medical device validation and verification. In addition, there has been a rise in complexity and connectivity of a medical device. Digital technology is easily available and adopted in almost every area of the healthcare sector.

Medical devices are becoming more complex due to the incorporation of software. Earlier, the software in medical devices was used to manually turn the equipment on and off and display readings. Complexity in requirements and customer needs has made the medical device software far more complex, thereby increasing the need for validation and verification.

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As per the recent trends, the companies have various strategic collaborations and the growing support of government and healthcare agencies are expected to have a synergistic effect on market. Such developments lead to partnership and boost market competition.

1. In 2018, ICU Bureau Veritas acquired EMG Corporation provider of construction technical assessment and project management assistance, asset management assistance and transaction services with the aim to strengthen companies offering in the United States.

Major Companies of the global market are Bureau Veritas, SGS, TUV SUD, Intertek, BSI, TUV Rheinland, Dekra, Eurofins Scientific, UL, ASTM, Pace Analytical Services, Toxikon, Wuxi Apptec, Source Bioscience, BDC Laboratories, NSF International, Charles River Laboratories, Surpass and among others.

Market Segmentation:

By Therapeutic Area:
• Cardiovascular
• Dermatology
• Orthopedics
• Nephrology
• Respiratory
• Neurology
• Oncology
• ENT
• Others

By Technology:
• Mechanical testing
• Biological
• EMC/ECI
• Electrical safety testing

By Applications:
• Diagnostics
• Therapeutic
• Implants
o Active Implantable Medical Device
o Medical Implants

North America holds largest market due to increasing number of Surgeries

North America is currently dominating the global medical device validation and verification market due to the ongoing technological advancements in medical device validation and verification and increasing complexity in product design and production methods.

Europe held the second largest position in the global medical device validation and verification market owing to the presence of well-established healthcare infrastructure.

An Overview of the report

1. The report offers insights on the global market
2. The recent market developments are scrutinized to project latest trends along with growth rate projections
3. Deeper understanding of the competitive landscape of the major companies operating in the market
4. New Opportunities and challenges for the global market
5. Study of innovation and technological advancements in the industry

Experts have systematically examined the market with in-depth research based on deep understanding of the market with extensive analysis. The global market has been classified into numerous segments along with regional analysis to offer understandings on present and forthcoming growth trajectories.

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Market highlights:

In the end, the medical device validation and verification market Report concludes, including Consumer Needs, Breakdown and Data Triangulation, Customer Preference Shift, Market Size Estimate, Research Findings, Data Source. These factors are expected to improve overall business growth. The key objective of the market study is to enable companies to achieve sustainable growth by providing qualitative and thoughtful research and helping clients to understand the global situation.

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This release was published on openPR.