The latest report from Future Market Insights (FMI) has unveiled remarkable achievements within the Global Medical Device Analytical Testing Outsourcing Industry in 2021, reaching an outstanding milestone of US$ 5.11 billion. The industry is now on an upward trajectory, anticipating a robust Compound Annual Growth Rate (CAGR) of 7.18%, with a projected value soaring to US$ 10.96 billion by 2032.
The surge in demand for outsourcing medical device analytical testing is driven by various pivotal factors. The intrinsic complexity of medical device products, heightened market competition, the rise in small-scale medical device production, and increasingly stringent regulatory clearance requirements collectively contribute to the industry’s exponential growth.
The Medical Device Analytical Testing Outsourcing Market, with its clear trajectory of expansion, presents a plethora of opportunities for industry stakeholders. It provides comprehensive analytical solutions, ensuring compliance with rigorous regulatory standards. This growth signifies a paradigm shift in the healthcare sector, promising enhanced efficiency, quality, and safety in the development and production of medical devices.
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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. 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.
Global Medical Device Analytical Testing Outsourcing Industry 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 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.
Global Medical Device Analytical Testing Outsourcing Industry Competitive Landscape
The Global Medical Device Analytical Testing Outsourcing Industry 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 Industry 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.
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Global 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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