Medical Device Testing Market worth $13.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

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.

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Medical Device Testing Market Report Scope:

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.

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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.

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