Global $11.8 Billion Medical Device Testing Market to 2025 with SGS, Eurofins Scientific, Bureau Veritas, Intertek, TUV SUD, and DEKRA Dominating

News provided by

Apr 13, 2021, 10:00 ET

DUBLIN, April 13, 2021 /PRNewswire/ -- The "Medical Device Testing Market with COVID-19 Impact, By Services (Testing, Inspection, Certification), Sourcing, Technology (Active Implant, IVD, Orthopedic & Dental, Opthalmic, Vascular), Class, Testing, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Medical Device Testing Market Was Valued at USD 9.3 Billion in 2020 and is Projected to Reach USD 11.8 Billion by 2025; Growing at a CAGR of 4.8% from 2020 to 2025.

The market for medical device testing is primarily driven by the continuously rising number of COVID-19 cases leading to the increasing number of ICU beds, which leads to the growing demand for COVID-19 priority medical devices.

The market is also driven by factors such as the increased requirement for PPE kits and N95 masks globally and rising demand for ventilators for the effective management of critical COVID-19 patients.

The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as market demand for rapid-test products and a sharp rise in the target patient population in a few countries.

However, delays in non-urgent treatment and surgical procedures and the impact on supply chain and logistics due to lockdown are likely to restrain the growth of this market

The harmonization of standards, growing consumption of medical devices in emerging countries, increasing need of validation and verification for medical devices, the imposition of rigorous government regulations, the growing trend of outsourcing medical device testing services and standards across medical devices will drive the growth of medical device testing market.

The medical device testing market is growing due to the increasing need of verification and validation for medical devices. The in-vitro diagnostic (IVD) medical device segment held the largest share of the medical device testing market in 2019, owing to the increasing demand for rapid testing kits and other diagnostics devices across regions.

The active implant medical device segment is projected to witness the highest CAGR during the forecast period, owing to the implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body.

Testing services are likely to hold the largest share of the medical device testing market, in terms of value, in 2025 and a similar trend is expected to continue until 2025

The medical device testing market for certification services is projected to grow at the highest CAGR during the forecast period. Certification services are required to check whether the medical devices and services have complied with the required standards and regulations.

The market for class II medical devices hold the largest share while Class III will grow at a higher CAGR during the forecast period

There has been a high surge in demand for class III devices since they include life-critical medical devices that are needed in treating COVID-19 patients also these devices have to go through critical testing, inspection, and certification processes.

Asia Pacific: The fastest-growing region in the medical device testing market.

The Asia Pacific region is estimated to dominate the medical device testing market and is projected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the increase in regulatory focus on quality control for manufacturing operations and additional safety, testing, and reporting measures, which require advanced test equipment and instrumentation on-site in manufacturing facilities and laboratories.

The medical device testing market is dominated by a few globally established players such as SGS (Switzerland), Eurofins Scientific (UK), Bureau Veritas (UK), Intertek (UK), TUV SUD (UK), and DEKRA (UK).

Market Dynamics

Premium Insights

Nneed for Verification and Validation Processes in Medical Devices is Expected to Drive Market Growth during Forecast Period
Ivd Medical Device to Lead Market during Forecast Period
Market for Class III Medical Devices is Expected to Grow at Highest CAGR during Forecast Period
Outsourced Type is Likely to Witness Higher CAGR during Forecast Period
North America is Expected to Hold Largest Share in 2020

Drivers

Rising need for more Stringent Regulatory Standards in New Medical Devices
Increasing need for Validation and Verification of Medical Devices
Imposition of Rigorous Government Regulations
Growing Trend of Outsourcing Medical Device Testing Services

Restraints

Barriers to Local Development of Medical Devices

Opportunities

Integration of Mobile and Medical Devices
Consolidation of Fragmented Market
Rapid Advancements in Medical Technologies
Development in IoT and AI in Various Medical Devices

Challenges

Complex Nature of Global Supply Chains
Long Lead Time for Overseas Qualification Tests

Industry Trends

Core Industry Segments for Overall Medical Device Testing Ecosystem
TIC Standards and Regulatory Bodies
Companies Offering TIC Services
Technologies for End-User Applications

Companies Mentioned

ASTM
Avomeen Analytical Services
BDC Laboratories
BSI
Bureau Veritas
Charles River Laboratories
Dekra
Element Material Technology (Exova)
Envigo
Eurofins Scientific
Gateway Analytical
Intertek
Medical Device Testing Services
Medistri SA
North American Science Associates (Namsa)
NSF International
Pace Analytical Services
SGS
Source Bioscience
Surpass
Toxikon
Tuv Rheinland
Tuv Sud
UL
Wuxi Apptec

For more information about this report visit https://www.researchandmarkets.com/r/xf8t1g

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets