The global Medical Device Testing Services Market size is expected to reach USD 18.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2021 to 2028. Increasing complexity in product design and stringent government regulations are driving the market.
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 a survey carried out by the International Federation of Pharmaceutical Manufacturers and Associations in 2017, around USD 149.8 billion is spent on preclinical trials every year.
With modern medical equipment offering a host of complex functions, the need for 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 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-10 related products such as masks, PPE, and 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 and UNE 0065 which must be met until a mask can be sold.
Related Press Release@ Medical Device Testing Services Market Report
Medical Device Testing Services Market Report Highlights
- The microbiology and sterility testing segment dominated the market in 2020 and accounted for the largest revenue share of 34.1%. The segment is likely to remain dominant over the forecast period
- Producing safe and effective products is a core goal of medical equipment manufacturers and sterility assurance is a major component for achieving it
- The preclinical phase segment dominated the market in 2020 and accounted for 65.7% of the revenue share as this stage is mostly focused on assessing the safety and biocompatibility of medical devices
- Raw materials, packaging, and design all have an impact on a device’s safety and compatibility, and preclinical testing of all of these factors is an important step in determining a device’s market potential
- Asia Pacific dominated the market and accounted for 41.8% of the revenue share in 2020. This is due to the rising demand for medical devices in developing nations such as India and China