Medical Device Testing Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Technology (Active Implant, Active, Non-active, IVD, Ophthalmic, Orthopedic & Dental, Vascular), Class (I, II, III) – Global Forecast to 2028

Medical Device Testing Market by Service (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Technology (Active Implant, Active, Non-active, IVD, Ophthalmic, Orthopedic & Dental, Vascular), Class (I, II, III) – Global Forecast to 2028

The market for medical device testing globally is expected to be valued at USD 10.6 billion in 2023 and is anticipated to reach at value of USD 13.5 billion by 2028. Furthermore, the market is expected to grow at a CAGR of 4.9% during 2023 to 2028. Global healthcare industry expansion represents a substantial potential for numerous stakeholders in the medical device testing market. As healthcare access increases globally, particularly in emerging nations, there is an increase in demand for innovative medical equipment. An increasing population, increased disposable incomes, and a greater awareness of healthcare and wellbeing are driving this need. As a result, robust testing services are required to assure the safety, efficacy, and compliance of these devices with stringent regulatory criteria. Testing facilities and services play an important role in assisting the global expansion of the healthcare business by giving manufacturers, healthcare providers, and patients with the essential assurance, thereby contributing to the overall growth and credibility of the medical device sector.

“Outsourcing segment to account for the largest CAGR for medical device testing market”

Outsourcing in the medical device testing market refers to delegating testing responsibilities to specialized service providers on behalf of medical device manufacturers. This approach proves beneficial, particularly for smaller companies or those lacking the necessary resources or expertise for thorough testing. It provides adaptability, expandability, and wider access to diverse testing capacities, expediting product development, ensuring compliance with regulations, and offering cost-efficiency to manufacturers. The growing inclination towards outsourcing medical device testing is a significant driver for market growth.

“Certification services to account for highest CAGR of medical device testing market.”

The certification services is holds for the highest CAGR within the medical device testing market. The certification services is holds for the highest CAGR within the medical device testing market. Certification services are a fundamental aspect of the medical device testing market, ensuring that medical devices conform to industry-specific standards and regulations. These services involve a comprehensive evaluation of design, manufacturing, labeling, and intended use to determine compliance with established criteria. Obtaining certification is vital for medical device manufacturers as it demonstrates their commitment to quality and safety, helping gain market access and customer trust. Certification offers assurance to healthcare professionals and end-users that the medical devices meet rigorous quality and safety standards.

“North America to have the highest market share for medical device testing market.”

North America ranks as the second-largest market share holder in the medical device testing market, encompassing the US, Canada, and Mexico. The region stands out for its advanced healthcare infrastructure, strict regulatory frameworks, and a committed focus on ensuring the safety and effectiveness of medical devices. The US, in particular, commands a dominant market position owing to its strong research and development efforts, a considerable presence of medical device manufacturers, and substantial investments in the healthcare sector. The market growth is propelled by factors like regulatory compliance, continuous technological advancements, and a growing demand for innovative medical devices. Additionally, prominent trends such as personalized medicine and the integration of digital health technologies are significantly influencing the market landscape.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 38%, Tier 2 – 28%, and Tier 3 – 34%

By Designation: C-level Executives – 40%, Directors – 30%, and Others – 30%

By Region: North America – 35%, Europe – 20%, Asia Pacific – 35%, RoW – 10%

The key players operating in the medical device testing market are Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TÜV SÜD (Germany).

Research Coverage:

The research reports the Medical Device Testing Market, By Service Type (Testing Services, Inspection Services, Certification Services and Others), Sourcing Type (In-house and Outsourced), By Device Class (Class I, Class II, and Class III), By Technology (Active Implant Medical Devices, Active Medical Devices, Non-active Medical Devices, IVD Medical Devices, Ophthalmic Medical Devices, Orthopedic Medical Devices, Vascular Medical Devices and Others) and Region (North America, Europe, Asia Pacific, and RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the medical device testing market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the medical device testing market. Competitive analysis of upcoming startups in the medical device testing market ecosystem is covered in this report.

Key Benefits of Buying the Report

Analysis of key drivers (Global expansion of healthcare industry, increasing need for stringent standards, increasing need for validation and verification of medical devices, rising shift towards outsourcing of medical device testing, emergence of COVID 19 pandemic), restraints (lenthy and expensive licensing procedures, quality conscenrs and product recalls), opportunities (Connectivity of mobile devices, harmonization of standards, technological advancements, IoT and AI technologies), and challenges (Intricate nature of supply chains, lead time challenges) influencing the growth of the medical device testing market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product/service launches in the medical device testing market

Market Development: Comprehensive information about lucrative markets – the report analyses the medical device testing market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the medical device testing market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Eurofins Scientific (Luxembourg), Intertek Group plc (UK), SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TÜV SÜD (Germany) among others in the medical device testing market.