Medical Device Testing Services Market Key Trends, Latest Insights, Future Trends And Forecast To 2033

The medical device testing services market size has grown rapidly in recent years. It will grow from $8.35 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to industry consolidation, quality assurance requirements, focus on patient safety, globalization of medical device, increasing complexity of medical devices.

The medical device testing services market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rapid growth in the medical device industry, emerging markets and regulatory changes, focus on personalized medicine, cybersecurity concerns, shift towards value-based healthcare. Major trends in the forecast period include sustainable testing practices, integration of regulatory consulting services, personalized medicine and testing, advancements in testing equipment and technologies, expansion of in vitro diagnostic (IVD) testing services.

Market Overview -
Medical device testing services refer to the processes and procedures conducted to evaluate the safety, efficacy, reliability, and quality of medical devices. These services are crucial in ensuring that medical devices meet regulatory standards and requirements before they can be marketed and used for clinical purposes.

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Role Of Chronic Diseases In Boosting The Medical Device Testing Services Market
The rising prevalence of chronic diseases is expected to propel the growth of the medical device testing services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, typically lasting for a year or more. This disease arises due to an aging population, unhealthy lifestyle choices, and environmental factors. Medical device testing services are used in the management of chronic diseases to support remote patient monitoring (RPM) and real-time detection of health changes, and these services ensures the safety, efficacy, reliability, and quality of devices, ultimately improving patient outcomes and quality of life. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library, the estimated number of individuals affected by at least one chronic disease is projected to nearly double, increasing by 99.5% from 71.522 million in 2020 to 142.66 million by the year 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the medical device testing services market.

Competitive Landscape -
Major companies operating in the medical device testing services market are Laboratory Corporation of America Holdings, Eurofins Scientific SE, SGS SA, Bureau Veritas SA, WuXiAppTec Group, Steris plc, Sartorius AG, Charles River Laboratories International Inc., Altran Corporation, TUV SUD AG, Element Minnetonka, Underwriters Laboratories LLC, Intertek Group Plc., QTS Analytical Limited, Pace Analytical Services LLC., Sterigenics International LLC, Nelson Laboratories LLC, Exova Group Limited, Mérieux NutriSciences Corporation, American Preclinical Services LLC, Toxikon Corporation, North American Science Associates Inc., Avomeen Analytical Services LLC, Element Materials Technology Group Limited, Sionic Advisors LLC, Medical Engineering Technologies Ltd.

Technological Advancements Drive Expansion of Medical Device Testing Services Market
Major companies operating in the medical device testing services market are concentrating on the adoption of technological advancements, such as new medical device testing services, to provide comprehensive testing solutions. These services refer to a range of tests conducted by specialized companies to ensure the effectiveness, safety, and compliance of medical devices with national and international regulations. For instance, in October 2023, UL Solutions , a US-based provider of medical testing, inspection, and certification services, launched new medical device testing services at its laboratory in Rochester Hills. These services include medical device makers' compliance training, usability testing, and third-party verification and validation. It contributes to the state's developing medical device sector and helps manufacturers improve the safety, security, usability, and interoperability of their devices. Additionally, it also provides third-party verification and validation, cybersecurity services, auditing, usability testing, and compliance training to medical device manufacturers, as well as addressing potential risks such as quality, safety, and cybersecurity issues, all while maintaining the pace of innovation and protecting users.

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Key Segments -
The medical device testing services market covered in this report is segmented -
1) By Product: Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-Vitro Diagnostics Medical Device, Ophthalmic Medical Device, Orthopedic And Dental Medical Device, Vascular Medical Device, Other Products
2) By Service: Biocompatibility Tests, Chemistry Test, Microbiology And Sterility Test, Package Validation
3) By Phase: Preclinical, Clinical

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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