Global Medical Device Testing Services Market Analysis Report 2022: A $22.8 Billion Market by 2030 - Focus on Biocompatibility Tests, Chemistry Test, Package Validation - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Medical Device Testing Services Market Size, Share & Trends Analysis Report by Service (Biocompatibility Tests, Chemistry Test, Package Validation), by Phase (Preclinical, Clinical), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global medical device testing services market is expected to reach USD 22.8 billion by 2030, registering a CAGR of 11.3%.

Increasing complexity in product design and stringent government regulations are driving demand for the medical device testing services. The COVID-19 pandemic has created an unprecedented demand for medical device testing services in 2020, and the trend was expected to continue in 2021. The majority of medical equipment being tested is Personal Protective Equipment (PPE).

A significant rise in preclinical spending is a recent trend among pharmaceutical and medical device companies, which is expected to significantly contribute to market growth. As per the survey carried out by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, around USD 149.8 billion is spent on preclinical trials, every year.

With modern medical devices offering a host of complex functions, the need for the appropriate tests to check the compliance of the device with regulatory requirements is becoming vital. In order to meet the requirement of enhanced accuracy, ease of use, and durability, medical devices need to undergo extensive tests. This is expected to deliver a competitive advantage to the manufacturers.

The COVID-19 pandemic has created an unprecedented demand for medical device testing services in 2020. This is largely due to the increasing demand for COVID-19-related products such as masks, PPE, & respiratory equipment. Besides, countries such as Mexico, Spain, and France have published pertinent specifications and standards, namely the UNE 0064-1, UNE 0064-2, AFNOR-SPEC-S76 & UNE 0065, which must be met until a mask can be sold.

Medical Device Testing Services Market Report Highlights

• Microbiology & sterility testing was the leading segment in 2021 with a market share of 34.2% & is likely to remain dominant during the forecast period. Producing safe & effective products is a core goal of medical device manufacturers, and sterility assurance is a major component for achieving it.
• The preclinical phase dominated the market in 2021 and accounted for 65.8% of the market share as this stage is mostly focused on assessing the safety & biocompatibility of the medical devices.
• Raw materials, packaging & design all have an impact on a device's safety and compatibility, and preclinical testing of all these factors is an important step in determining a device's market potential.
• Asia Pacific held the maximum share of the global market and accounted for 42.2% of the revenue share in 2021. This is due to the rising demand for the medical devices in developing nations such as India & China.

Market Dynamics

Market Driver Analysis

• Complexity in product design
• Intensifying competition
• Increasing number of small medical devices lacking in-house testing capabilities
• Strict approval norms

Market Restraint Analysis

• Legal & regulatory issues
• Delays in contractual obligations

Industry Challenges

• Managing Relationships

Medical Device Testing Services: Market Analysis Tools

• Industry Analysis-Porter's Five Forces Analysis
• PESTEL Analysis

Major Deals and Strategic Alliances Analysis

Competitive Analysis

• Sgs Sa
• Eurofins Scientific
• Pace Analytics Services LLC
• Intertek plc
• Wuxi Apptec
• North America Science Associates, Inc.
• Tuv Sud AG
• American Preclinical Services
• Sterigenics International LLC
• Charles River Laboratories International, Inc.
• Medical Device Testing Services
• Toxikon, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/7540b6