Medical Device Analytical Testing Outsourcing Market is estimated to achieve a valuation of US$ 10.96 Bn by 2032 at a CAGR of 7.18% from 2022 to 2032 - Future Market Insights, Inc.

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Aug 30, 2022, 09:30 ET

The U.S Medical Device Analytical Testing Outsourcing Market is projected to lead the market while procuring US$ 1.5 Billion while expanding at a CAGR of 7% during the forecast period. China is anticipated to grow at 5.5% CAGR

NEWARK, Del., Aug. 30, 2022 /PRNewswire/ -- As per newly released data by Future Market Insights (FMI), The global medical device analytical testing outsourcing market generated US$ 5.11 billion in 2021 and is predicted to grow at a credible CAGR of 7.18% to reach US$ 10.96 billion in 2032.

The key factors driving the market are product complexity, increased competition, an increase in the number of small-scale medical device manufacturers, and strict approval norms. The COVID-19 pandemic has highlighted the importance of developing innovative low-cost medical equipment. This crisis has caused a worldwide economic and health pandemic. As a result, several businesses have closed their factories and halted the majority of the manufacturing process.

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The growing global prevalence of chronic diseases is driving up demand for medical device analytical testing outsourcing. The government's increasingly stringent quality certificate rules are propelling the global medical device analytical testing outsourcing market forward. Class II devices require premarket approvals and 510 (k) clearance; however, obtaining such clearance is a time-consuming process; thus, such emerging scenarios have fuelled the growth of the global medical device analytical testing outsourcing market. Medical device manufacturers are hiring consultants to help them understand the documentation and regulations required for pre-market approvals.

The development of advanced devices such as surgical microscopes, surgical robots, neurosurgery devices, ophthalmic surgical devices, and many others has reduced the direct contact of humans in the surgical procedure, making quality certificates for medical devices mandatory. The growing demand for minimally invasive surgeries is driving the global medical device analytical testing outsourcing market forward. However, manufacturers are turning to medical device analytical testing outsourcing to ensure accuracy, precision, quality control, and periodic maintenance.

Key Takeaways

The global Medical Device Analytical Testing Outsourcing market is estimated at US$ 10.96 Billion during the forecast period.
The global Medical Device Analytical Testing Outsourcing market is estimated at US$ 5.11 Billion in 2021.
The U.S is projected to lead the market while procuring US$ 1.5 Billion while expanding at a CAGR of 7% during the forecast period.
China is anticipated to grow at 5.5% CAGR
The hospitals segment is predicted to lead the market with a CAGR of 6.15% during the assessment period.

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"Because of improved healthcare infrastructure and government initiatives, Asia Pacific has the largest share of the global medical device analytical testing outsourcing market. Furthermore, rapid economic development in countries such as China and India are expected to significantly boost regional market growth over the forecast period." Says an analyst at FMI.

Competitive Landscape

The global medical device analytical testing outsourcing market is highly fragmented. Mergers, acquisitions, and partnerships, among other strategies, were used by industry participants to maintain market share. The key market players are:

SGS
Toxikon, Inc
Eurofins Scientific
Pace Analytical Services LLC
Intertek Group plc
Wuxi AppTec
North American Science Associates, Inc.
Envigo
Charles River Laboratories International, Inc.
Medical Device Testing Services

Some of the recent developments in the global medical device analytical testing outsourcing market are:

In May 2022, Intertek renews its contract with the Philippines Bureau of Customs for its Bulk and Break Bulk Cargo Clearance Enhancement Programme.
In May 2022, Intertek announced the launch of 'Intertek Hydrogen' which assists the hydrogen industry in commercializing ground-breaking technology securely into the future.

Medical Device Analytical Testing Outsourcing Industry Report Segmentation:

By Service:

Extractable and Leachable
Material Characterization
Physical Testing
Bioburden Testing
Sterility Testing
Other Tests

By Device Type:

Reprocessed Devices
Others Medical

By End Use:

Hospitals
Others

By Therapeutic Areas:

Cardiology
Diagnostic Imaging
Orthopedic
IVD
Ophthalmic
General & Plastic Surgery
Drug Delivery
Endoscopy
Dental
Diabetes Care
Others

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa
UEA

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Investment Feasibility Matrix

3.6. PESTLE and Porter's Analysis

3.7. Regulatory Landscape

3.7.1. By Key Regions

3.7.2. By Key Countries

3.8. Regional Parent Market Outlook

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE Future Market Insights