CHICAGO, Oct. 23, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. The medical device testing market is fueled by stringent regulatory requirements mandating comprehensive testing for device approval. Additionally, the increasing complexity and technological advancements in medical devices necessitate thorough testing for safety and efficacy.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=254474064
Browse in-depth TOC on "Medical Device Testing Market"
145 – Tables
50 – Figures
290 – Pages
Medical Device Testing Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 10.6 billion |
Estimated Value by 2028 | $ 13.5 billion |
Growth Rate | Poised to grow at a CAGR of 4.9% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Service, Sourcing, Technology, Class and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Intricate nature of supply chains in medical device testing |
Key Market Opportunities | Connectivity of mobile devices with medical equipment |
Key Market Drivers | The global expansion of the healthcare industry |
Medical device testing market for a certification services segment to hold the highest CAGR during the forecast period.
The certification services segment in the medical device testing market is projected to exhibit the highest compound annual growth rate (CAGR) due to several factors. The stringent regulatory landscape mandates rigorous testing and compliance, driving a surge in demand for certification services. Manufacturers seek certification to ensure their devices meet regulatory standards, facilitating market entry and acceptance. Moreover, heightened emphasis on quality, safety, and performance in the healthcare sector propels the need for reliable certification, pushing the CAGR upwards as the industry evolves and diversifies.
Medical device testing market for in-house segment to hold the highest market share during the forecast period.
The significant growth of the in-house sourcing segment of the medical device testing industry can be attributed to various factors. The organizations often opt for in-house testing to maintain control over the entire testing process, ensuring confidentiality and data security. Secondly, it provides greater flexibility and customization in testing protocols, aligning closely with specific device requirements and internal processes. Additionally, cost-effectiveness plays a crucial role, as organizations can manage expenses and optimize resources by utilizing their existing facilities and expertise for testing purposes. This approach enables a quicker turnaround and fosters a culture of continuous improvement and innovation within the organization, contributing to its high market share.
Medical device testing market for active implant medical devices to exhibit the highest CAGR during the forecast period.
The active implant medical devices in the medical device testing market are positioned for the largest CAGR due to increase in the development and adoption of advanced implantable medical devices, driven by advancements in medical technology and an aging population that demands more sophisticated healthcare solutions. These active implant devices, such as pacemakers and neurostimulators, require stringent testing to ensure their safety, efficacy, and seamless integration within the human body. Regulatory compliance and the need to adhere to strict quality standards further bolster the demand for comprehensive testing services, resulting in the remarkable CAGR observed in this particular segment.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=254474064
Medical device testing market for Asia Pacific to hold the highest CAGR during the forecast period.
The Asia Pacific region is witnessing a rapid expansion of its healthcare infrastructure, coupled with a burgeoning population and increasing awareness of healthcare standards, fueling the demand for reliable and safe medical devices. Additionally, the presence of a vast and evolving medical device manufacturing sector in countries like China and India necessitates rigorous testing to meet global regulatory requirements and gain access to international markets. The proactive initiatives by governments and regulatory bodies to enhance healthcare quality and safety are propelling the demand for comprehensive medical device testing services in this region.
The medical device testing companies includes major Tier I and II players like Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TÜV SÜD (Germany) and others. These players have a strong market presence for medical device testing across various countries in North America, Europe, Asia Pacific, and RoW.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=254474064
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028
Wireless Testing Market by Offering (Equipment and Services), Technology (Bluetooth, 2G/3G, 4G/5G, Wi-Fi), Application (Consumer electronics, Automotive, IT & telecommunication, Medical devices, Aerospace & defense) & Region - Global Forecast to 2027
Test and Measurement Equipment Market by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028
Fire Testing Market by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Chemicals, Construction & Infrastructure, Mining) Region - Global Forecast till 2024
OTA Testing Market by Offering (Hardware, and Services), Technology (5G, LTE, UMTS, GSM, and CDMA), Applications (Telecommunication & Consumer Devices, Automotive, Smart City, Industrial), and Geography - Global Forecast to 2023
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/medical-device-testing-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/medical-device-testing.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/medical-device-testing-market-worth-13-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301964302.html
Voltar noticias em Inglês