Medical Device Analytical Testing Outsourcing Market to Surpass $10,905 Million Revenue by 2030, Says P&S Intelligence
NEW YORK, Oct. 17, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the revenue of the medical device analytical testing outsourcing market was about $4,712 million in 2021, which will reach almost $10,905 million by 2030, at a growth rate of around 10%.
Cardiac Device Validation in Highest Demand
Cardiac medical device testing outsourcing is the most demanded, accounting for a value of about $1,312 million in 2021. The usage of cardiac devices is due to the rising incidence of CVDs, which already kill almost 18 million people each twelvemonth.
Moreover, the demand for general and plastic surgery device validation outsourcing will grow rapidly. The presence of professional outsourcing administrations meeting the supervisory criteria, along with the snowballing demand for aesthetic procedures, will help the industry grow.
In the future, the bioburden testing category will grow at a significant rate. Bioburden testing involves the quantification of the population of microbes on medical equipment. As per the international standards, the aim is to reduce bacterial contamination before sterilization.
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Analytical Testing Widely Conducted for Reprocessed Devices
The reprocessed device category accounts for the higher revenue generation within the device type segment, and it will grow at the higher rate, of about 10%, in the future. Reprocessing is done for cutting expenditures, but it often risks the safety of patients.
Hospitals Are Largest Users of Analyzed & Tested Medical Devices
Hospitals are the industry leaders with an over 84% revenue share. This is because of the snowballing number of patients in hospitals and the increasing financial allocation by hospital administrations for these services.
Another factor responsible for the wide requirement for analytical testing for medical equipment in hospitals is their increasing need for advanced devices. These facilities have pioneering medical devices, which are requiring to be efficiently analyzed for performance.
- APAC was the global dominator, with an over 39% revenue share, in the past, because of the measures of the local governments for improving their healthcare infrastructure. Furthermore, the economic expansion in India and China will help the industry boom.
- Moreover, because of the huge population and low spending power the region, there is a high requirement for cheap treatments. Furthermore, MNCs are keen to invest in these emerging economies due to the availability of cost-effective labor.
- The U.S. is the market leader, and its revenue contribution will grow at a rate of about 10%. This is because it is among the most-important manufacturing centers for reliable and cutting-edge medical products.
Browse detailed report on Global Medical Device Analytical Testing Outsourcing Market Size, Trends and Demand Forecast Report, 2030
The growth of the industry is essentially because of the increasing number of small-scale makers of medical devices, snowballing demand for medical device usefulness and safety confirmation and validation, existence of stringent regulations on medical device safety and efficacy, and increasing preference of key medical device producers for subcontracting analytical testing activities.
Medical Device Analytical Testing Outsourcing Market Report Coverage
By Services
- Extractable & Leachable
- Material Characterization
- Physical Testing
- Bioburden Testing
- Sterility Testing
By Therapeutic area
- Cardiology
- Diagnostic Imagining
- Orthopedic, IVD
- Ophthalmic
- General & Plastic Surgery
- Drug Delivery
- Endoscopy
- Dental
- Diabetes Care
By Device Type
- Reprocessed Devices
By End Use
- Hospital
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
- Saudi Arabia
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About P&S Intelligence
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