Press release
Medical Device Testing Market Projected to Reach US$ 14.76 Billion by 2029, with a 4.8% CAGR
Medical Device Testing Market
The research for this report is based on data collected from reliable sources such as Bloomberg, Hoovers, and Factiva. Insights from experts in top manufacturing companies and other stakeholders have been considered to validate and gather critical information for evaluating market trends during the forecast period. The report employs top-down and bottom-up approaches to estimate the global and regional market size, using data triangulation techniques and comparative analysis to ensure accuracy.
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What are Medical Device Testing Market Dynamics?
Drivers: The increasing need for verification and validation of medical devices, along with stringent government regulations and standards across the medical device industry, are the primary driving factors behind the growth of the medical device testing market.
Restraints: The market growth is constrained by the complexities arising from local laws, regulations, and jurisdiction in different regions and countries.
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Medical Device Testing Market Segmentation?
Service Type:The market is segmented based on service types, with testing services holding the largest market share in 2022 and expected to lead the market during the forecast period. The increasing demand for good quality and standardized products across various industries is fueling the need for Testing, Inspection, and Certification (TIC) services in the medical device sector
Sourcing Type:The market's outsourcing segment is anticipated to witness the highest Compound Annual Growth Rate (CAGR) between 2022 and 2029. This growth is attributed to the rising trend of major firms outsourcing medical device inspection, testing, and certification services. Industries like consumer goods and manufacturing are increasingly opting for third-party vendors for TIC services due to the capital-intensive nature of in-house activities.
Device Class:The report highlights the device class segmentation, providing valuable insights into the different classes of medical devices being tested in the market.
Technology:The In-vitro diagnostic (IVD) medical devices segment accounted for the largest share in the medical device testing market in 2022. This growth is attributed to technological advancements, improved treatment monitoring, better diagnostic tools, and the increased availability of over-the-counter tests in the marketplace.
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Who are Medical Device Testing Market Key Players?
1. Bureau Veritas
2. SGS
3. TUV SUD
4. Intertek
5. BSI
6. TUV Rheinland
7. Dekra
8. Eurofins Scientific
9. UL
10.ASTM
11.Pace Analytical Services
12.Toxikon
13.Wuxi Apptec
14.Source Bioscience
15.BDC Laboratories
16.NSF International
17.Charles River Laboratories
18.Surpass
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Table of content for the Medical Device Testing Market includes:
Global Medical Device Testing Market : Research Methodology
Global Medical Device Testing Market : Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
Global Medical Device Testing Market : Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
Global Medical Device Testing Market Segmentation
Global Market, by Service Type (2021-2029)
Global Market, by Sourcing Type (2021-2029)
Global Market, by Device Class (2021-2029)
Global Market, by Technology (2021-2029)
Global Regional Medical Device Testing Market (2021-2029)
Regional Market, by Service Type (2021-2029)
Regional Market, by Sourcing Type (2021-2029)
Regional Market, by Device Class (2021-2029)
Regional Market, by Technology (2021-2029)
Regional Market, by Country (2021-2029)
Global Company Profile: Key players
Company Overview by Country
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
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Regional Insights:
Outsourced services are expected to witness the highest Compound Annual Growth Rate (CAGR) between 2022 and 2029. This growth is attributed to the increasing outsourcing of medical device inspection, testing, and certification services by major firms, particularly in applications like consumer goods and manufacturing, where outsourcing TIC services to third-party vendors is gaining traction due to the capital-intensive nature of in-house activities.
Testing services held the largest market share in the medical device testing market in 2022 and are expected to continue leading the market during the forecast period. The growing demand for high-quality and standardized products across industries is fueling the demand for TIC services in the medical device sector.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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