How is the Medical Device Testing Services Market Poised for Growth: Trends and Opportunities Through 2034
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How has the Medical Device Testing Services market grown over the years?
The market size for medical device testing services has experienced exponential growth in the past few years. Projections suggest it will increase from $9.25 billion in 2024 to $10.21 billion in 2025, representing a compound annual growth rate (CAGR) of 10.4%. The previous growth pattern can be credited to factors such as industry unification, the necessity for quality assurance, an emphasis on patient safety, the internationalization of the medical device industry, and the escalating intricacy of medical devices.
What Is the forecasted market size and growth rate for the medical devices reimbursement market?
Expectations are high for the medical device testing services market size to experience significant growth in the forthcoming years. The projected value by 2029 is $14.22 billion, with a compound annual growth rate (CAGR) of 8.6%. Factors contributing to this growth during the forecast period include the rapid expansion in the medical device industry, evolution of markets and regulations, emphasis on personalized medicine, heightened cybersecurity measures, and a shift towards value-based healthcare. Key trends to watch out for in the forecast period include sustainable testing methods, integration of regulatory consulting services, advancements in testing machinery and technologies, and the expansion of in vitro diagnostic (IVD) testing services.
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What are the major factors driving growth in the medical device testing services market?
The increasing incidence of chronic illnesses is anticipated to contribute significantly to the expansion of the medical device testing services market. Chronic diseases are prolonged health issues that usually last for a year or more, occurring primarily due to factors such as an aging population, unhealthy lifestyle habits, and environmental elements. Medical device testing services play a critical role in managing these diseases by facilitating remote patient monitoring (RPM) and immediate detection of health alterations. These services ensure that medical devices are safe, effective, dependable, and of high quality, which ultimately enhances patient results and life quality. For example, as per the National Library of Medicine, a medical library based in the United States, in January 2023, the estimate of people suffering from at least one chronic disease is expected to almost double—up by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. Consequently, the growing incidence of chronic diseases fuels the expansion of the medical device testing services market.
What key areas define the segmentation of the global medical device testing services Market?
The medical device testing services market covered in this report is segmented –
1) By Product: Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-Vitro Diagnostics Medical Device, Ophthalmic Medical Device, Orthopedic And Dental Medical Device, Vascular Medical Device, Other Products
2) By Service: Biocompatibility Tests, Chemistry Test, Microbiology And Sterility Test, Package Validation
3) By Phase: Preclinical, Clinical
Subsegments:
1) By Active Implant Medical Device: Pacemakers, Implantable Defibrillators, Neurostimulators
2) By Active Medical Device: Infusion Pumps, Diagnostic Equipment, Therapeutic Equipment
3) By Non-Active Medical Device: Surgical Instruments, Patient Monitoring Equipment, Bandages And Dressings
4) By In-Vitro Diagnostics Medical Device: Blood Test Kits, Urine Test Strips, Molecular Diagnostic Devices
5) By Ophthalmic Medical Device: Contact Lenses, Surgical Instruments For Eye Surgery, Diagnostic Equipment For Eye Care
6) By Orthopedic And Dental Medical Device: Joint Replacement Implants, Orthotic Devices, Dental Crowns And Bridges
7) By Vascular Medical Device: Stents, Catheters, Vascular Grafts
8) By Other Products: Miscellaneous Medical Devices, Custom Medical Devices, Combination Products
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What are the top market players propelling the growth of the medical device testing services industry?
Major companies operating in the medical device testing services market are Laboratory Corporation of America Holdings, Eurofins Scientific SE, SGS SA, Bureau Veritas SA, WuXiAppTec Group, Steris plc, Sartorius AG, Charles River Laboratories International Inc., Altran Corporation, TUV SUD AG, Element Minnetonka, Underwriters Laboratories LLC, Intertek Group Plc., QTS Analytical Limited, Pace Analytical Services LLC., Sterigenics International LLC, Nelson Laboratories LLC, Exova Group Limited, Mérieux NutriSciences Corporation, American Preclinical Services LLC, Toxikon Corporation, North American Science Associates Inc., Avomeen Analytical Services LLC, Element Materials Technology Group Limited, Sionic Advisors LLC, Medical Engineering Technologies Ltd.
What are the key trends shaping the future of the medical device testing services market?
Leading corporations in the field of medical device testing services are keen on embracing advanced technology, like novel testing services for medical equipment, in order to offer an exhaustive range of testing solutions. These services include varied kinds of tests performed by competent organizations to guarantee the efficiency, safety, and conformity of medical equipment according to local and international norms. For example, in October 2023, UL Solutions, a firm based in the US that provides medical testing, examination and authentication services, initiated novel medical device testing services in its Rochester Hills laboratory. These services comprise compliance training for makers of medical devices, usability testing, and third-party verification and validation. This not only boosts the growing medical device industry in the state but also aids manufacturers in enhancing the safety, security, usability, and interoperability of their devices. Furthermore, it also offers third-party verification and validation, cybersecurity services, audits, usability tests, and compliance training for manufacturers of medical devices. It also deals with potential risks such as quality, safety, and cybersecurity challenges while constantly fostering innovation and safeguarding users.
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What regions are dominating the medical device testing services market growth?
Asia-Pacific was the largest region in the medical device testing services market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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