Press release
Medical Device Testing Market Size, Share & Competitive Trends 2024-2033
Medical Device Testing Market Size
According to The Business Research Company's, The medical device testing market size has grown strongly in recent years. It will grow from $9.21 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to stringent regulatory requirements, increasing complexity of medical devices, globalization of medical device industry, rise in chronic diseases, focus on patient safety..
The medical device testing market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in medical technology, increased outsourcing of testing services, rapid growth of personalized medicine, expanding regulatory landscape, focus on cybersecurity for medical devices.. Major trends in the forecast period include enhanced regulatory compliance testing, expansion of biocompatibility testing methods, application of simulation and modeling techniques, increased demand for sterility testing, introduction of testing services for connected devices..
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Market Drivers and Trends:
A rise in medical device recalls is driving the medical device testing market forward. A device recall is a process by which the manufacturer or distributor of the device takes corrective action to remove or correct the problem in the medical device. Medical device testing is used by medical device manufacturers in identifying the potential safety issues associate with devices and can help determine whether a medical recall is necessary to ensure patient safety and the effectiveness of devices and helps in improving the quality of the product to avoid medical recalls. For instance, in 2022, according to Sedgwick, a US-based IT services management company, there were 719 medical recalls in Q2 2022, up by 11% from Q1 2022. Therefore, the increasing number of medical device recalls is driving the medical device testing market.
Product innovations are a key trend gaining popularity in the medical device testing market. Major companies in the market are introducing innovative products to sustain their position in the market. For instance, in February 2022, Nelson Labs, a US-based laboratory testing services provider, launched Nelson Labs Mark, a product testing verification program that authenticates test reports and offers trustworthy data on product performance. The new product is a medical device testing and verification program. The uniqueness of this program is that it includes two-factor authentication for the consumer, which they can use to confirm the legitimacy of tests. The testing is initially intended for masks and respirator devices.
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Major Key Players of the Market:
Intertek Group plc.; SGS SA; Bureau Veritas Group; TUV SUD AG; TUV Rheinland Group; Pace Analytical Services LLC.; Charles River Laboratories Inc; UL Solutions; North American Science Associates LLC; Medistri SA; WuXi AppTec Inc.; Siemens AG; ASTM International; Cordant Health Solutions; Legacy Medical Services LLC.; GE Healthcare Technologies Inc; Thermo Fisher Scientific Inc.; Biomedical Device Labs; NSF International; Analytical Lab Group LLC; Boston Analytical; DDL Inc.; Element Materials Technology; Empirical Testing Corp.; Eurofins Scientific; Gateway Analytical LLC; iuvo BioScience; Laboratory Corporation of America Holdings; Microtest Laboratories Inc.; Nelson Laboratories LLC; National Technical Systems Inc.; Pacific Biolabs Inc.; Sterigenics International LLC; Toxikon Corporation; WCG Imaging; Westpak Inc.
Medical Device Testing Market 2024 Key Insights:
• The medical device testing market will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Surge In Medical Device Testing Amidst Rising Recalls
• Nelson Labs Redefines Medical Device Testing
• North America was the largest region in the medical device testing market in 2023
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