Preclinical Medical Device Testing Services Market is expected to grow with a 9% CAGR through 2032

The global preclinical medical device testing services market was worth US$ 2.8 billion in 2022 and is expected to be worth US$ 6.63 billion by 2032, growing at a CAGR of 9% during the forecast period. Preclinical medical device testing services market growth can be attributed to increasing product complexity and stringent government regulations. The market for preclinical medical device testing services grew at a 5.5% CAGR from 2017 to 2021.

The rising demand for technologically advanced medical devices is one of the primary factors driving the market. The COVID-19 pandemic caused an unprecedented surge in demand for medical device testing services in 2020, and this pattern was expected to continue in 2021 due to the urgent need for medical devices. As a result of the urgent need for medical devices, numerous medical device manufacturers worldwide developed new COVID-19 testing devices. This will almost certainly benefit the market.

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Integration of artificial intelligence along with Internet of Things is playing a key role in advancing preclinical medical device testing services. In addition, the growing burden of treating diseases at an early stage is creating opportunities for the development of preclinical medical device testing services. Manufacturers too are researching and analyzing preclinical devices to solve problems related to the same at an early stage. This, in turn, is driving the demand for preclinical medical device testing services.

On the contrary, incompatible sterilization measures along with equipment sensitivity is derailing the progress of the market. In addition, approvals of preclinical medical devices differ from region to region. This, in turn, is hampering the growth of the overall market.

Key Takeaways from the Market Study

Global preclinical medical device testing services market is expected to flourish 3x from 2022 to 2032
Microbiology and sterility testing expected to possess a market share for 35%
U.S projected to lead the market by expanding at a CAGR of 18% during the forecast period.
India expected to register a CAGR of 13% for preclinical medical device testing services in the assessment period 2022 to 2032
Switzerland to be an emerging hub across Europe, expected to reflect a 10% value CAGR until 2032

"Increasing burden of diseases and strict governmental regulations for safety of patients is positively influencing the demand for preclinical medical device testing services," states a Fact.MR analyst.

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Competitive Landscape

Key market players in the preclinical medical device testing services are Eurofins Scientific, Nelson Labs, North American Science Associates, Inc, WUXI APPTEC, SGS SA, Labcorp, TÜV SÜD AG, Sterigenics International LLC, Pace Analytical Services LLC, Intertek Group Plc, Charles River Laboratories International, Inc. Some of the recent key developments among the players are:

In February 2022, Eurofins acquired Genetic Testing Service JSC from Vietnam. Through this expansion, the company is planning to expand its presence in Asia and strengthen its global network of advanced genetic testing.
In September 2021, Nelson Labs and Sterigenics have collaborated to open a state of art laboratory and expand sterilization facilities to meet growing customer demand in Europe.

Key Segments Covered in the Preclinical Medical Device Testing Services Market Report

Preclinical Medical Device Testing Services by Service:

Biocompatibility Tests
Chemistry Test
Microbiology & Sterility Testing
Bioburden Determination
Pyrogen & Endotoxin Testing
Sterility Test and Validation
Ethylene Oxide (EO) gas sterilization
Gamma-irradiation
E-beam Sterilization
X-ray Sterilization
Antimicrobial Activity Testing
Others
Package Validation

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More Valuable Insights Available

FMI, in its new offering, presents an unbiased analysis of the global preclinical medical device testing services market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.

The study reveals essential insights by Service (Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing), & Region Forecast till 2032

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.