The medical device testing services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Medical Device Testing Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The medical device testing services market size has grown rapidly in recent years. It will grow from $8.35 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to industry consolidation, quality assurance requirements, focus on patient safety, globalization of medical device, increasing complexity of medical devices.
The medical device testing services market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rapid growth in the medical device industry, emerging markets and regulatory changes, focus on personalized medicine, cybersecurity concerns, shift towards value-based healthcare. Major trends in the forecast period include sustainable testing practices, integration of regulatory consulting services, personalized medicine and testing, advancements in testing equipment and technologies, expansion of in vitro diagnostic (IVD) testing services.
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Scope Of Medical Device Testing Services Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Device Testing Services Market Overview
Market Drivers –
The rising prevalence of chronic diseases is expected to propel the growth of the medical device testing services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, typically lasting for a year or more. This disease arises due to an aging population, unhealthy lifestyle choices, and environmental factors. Medical device testing services are used in the management of chronic diseases to support remote patient monitoring (RPM) and real-time detection of health changes, and these services ensures the safety, efficacy, reliability, and quality of devices, ultimately improving patient outcomes and quality of life. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library, the estimated number of individuals affected by at least one chronic disease is projected to nearly double, increasing by 99.5% from 71.522 million in 2020 to 142.66 million by the year 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the medical device testing services market.
Market Trends –
Major companies operating in the medical device testing services market are concentrating on the adoption of technological advancements, such as new medical device testing services, to provide comprehensive testing solutions. These services refer to a range of tests conducted by specialized companies to ensure the effectiveness, safety, and compliance of medical devices with national and international regulations. For instance, in October 2023, UL Solutions, a US-based provider of medical testing, inspection, and certification services, launched new medical device testing services at its laboratory in Rochester Hills. These services include medical device makers’ compliance training, usability testing, and third-party verification and validation. It contributes to the state’s developing medical device sector and helps manufacturers improve the safety, security, usability, and interoperability of their devices. Additionally, it also provides third-party verification and validation, cybersecurity services, auditing, usability testing, and compliance training to medical device manufacturers, as well as addressing potential risks such as quality, safety, and cybersecurity issues, all while maintaining the pace of innovation and protecting users.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
Asia-Pacific was the largest region in the medical device testing services market in 2023. 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.
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.
Table of Contents
- Executive Summary
- Medical Device Testing Services Market Characteristics
- Medical Device Testing Services Market Trends And Strategies
- Medical Device Testing Services Market – Macro Economic Scenario
- Medical Device Testing Services Market Size And Growth
…..
- Global Medical Device Testing Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Medical Device Testing Services Market
- Medical Device Testing Services Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Medical Device Testing Services Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Medical Device Testing Services Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Medical Device Testing Services Market, Segmentation By Phase, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………….
Table 74: Laboratory Corporation of America Holdings Financial Performance
Table 75: Eurofins Scientific SE Financial Performance
Table 76: SGS SA Financial Performance
Table 77: Bureau Veritas SA Financial Performance
Table 78: WuXiAppTec Group Financial Performance
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