With 4.9% CAGR, Medical Device Testing Market Growth to Surpass USD 13.5 billion

The global medical device testing market is expected to be valued at USD 10.6 billion in 2023 and is projected to reach USD 13.5 billion by 2028; it is expected to grow at a CAGR of 4.9% from 2023 to 2028. The increasing accessibility to healthcare globally, especially in emerging markets, has led to a rising need for advanced medical equipment. The alignment of standards across diverse regions offers substantial growth prospects for the medical device testing market.

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The testing services segment dominates the medical device testing market, claiming the largest share, driven by several key growth factors. Testing services play a crucial role in ensuring that medical devices meet the required standards set by regulatory authorities, such as the FDA, to guarantee the safety and efficacy of these devices in the healthcare ecosystem. Rising focus on ensuring compliance with regulatory standards to drive demand for testing services. Moreover, There is an increasing demand for testing services in medical devices, owing to the rising demand for good quality and standard products across the industry.

The active implant medical device segment is anticipated to grow with a highest CAGR in the medical device testing market. The growth in active implant medical device testing is propelled by technological advancements and rising chronic disease rates. An aging global population increases demand for reliable implantable devices, necessitating rigorous testing. Stringent regulatory requirements encourage thorough testing, enhancing market opportunities. Emerging markets with improving healthcare infrastructure seek advanced medical technologies, fueling the demand for testing services.

Among the regions, North America region holds for largest revenue share in medical device testing market in 2023. This region is known for its well-developed healthcare facilities, strict regulatory structures, and a keen emphasis on the safety and effectiveness of medical devices. The US stands out as a market leader due to its extensive research and development efforts, a significant presence of medical device manufacturers, and substantial investments in the healthcare sector. Market expansion is propelled by compliance with regulations, advancements in technology, and a growing desire for inventive medical devices. Noteworthy trends influencing the market include a focus on personalized medicine and the integration of digital health technologies.

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Major players operating in the medical device testing market are Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TÜV SÜD (Germany). These companies have reliable testing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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