SAN FRANCISCO, April 10, 2018
SAN FRANCISCO, April 10, 2018 /PRNewswire/ --
The global medical device testing services market size is expected to reach USD 13.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.5% during the forecast period. Increasing spending in preclinical phase of medical devices coupled with growing outsourcing rate is anticipated to help the market gain significant traction.
Surging demand for in-vitro test is also projected to fuel demand for testing services as many CROs are developing novel in-vitro methods to replace traditional in-vivo methods, which require animal testing. Improvements in procedures for development and standardization of novel in vitro test methods, particularly for sensitization, cytotoxicity, and irritation, are also working in favor of the market.
There has been a significant increase in preclinical spending for both pharmaceutical and medical devices. This trend is estimated to contribute to the demand for testing services by medical device companies.
Stringent regulatory standards pertaining to user safety are supporting growing trend of outsourcing medical device testing services. Increasing demand for good quality products is poised to further trigger the demand for testing services by medical device companies. These companies are constantly trying to comply with stringent regulatory norms put forth by authorities across the globe.
A significant consolidation in the CRO space has been observed in recent years. For instance, in October 2017, Sterigenics International LLC acquired Toxikon Europe N.V., the European division of Toxikon Corporation, to strengthen its preclinical service portfolio for pharmaceutical and medical device companies.
Browse full research report with TOC on "Medical Device Testing Services Market Size, Share & Trends Analysis Report By Product (Microbiology & Sterility Testing, Chemistry, Biocompatibility), By Phase (Preclinical, Clinical), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/medical-device-testing-services-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global medical device testing services market report on the basis of service, phase, and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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