The Medical Device Analytical Testing Outsourcing Market is on an impressive growth trajectory, fueled by a growing emphasis on quality and regulatory compliance. According to a recent market analysis by Future Market Insights (FMI), a leading market research firm, the market, valued at US$5.11 billion in 2021, is projected to showcase a robust Compound Annual Growth Rate (CAGR) of 7.18% over the next decade. This positive trajectory is expected to propel the market to reach an impressive US$10.96 billion by 2032.
Several critical variables contribute to the increase in demand for outsourcing medical device analytical testing. The inherent complexity of medical device products, increased market rivalry, the expansion of small-scale medical device manufacture, and increasingly severe regulatory clearance requirements all contribute to the industry’s rapid 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.
Request a Sample Copy of the Report Now Use Work Email To Get Quick Reply!
https://www.futuremarketinsights.com/reports/sample/rep-gb-14999
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 surgical procedures, making quality certificates for medical devices mandatory. The growing demand for minimally invasive surgeries is driving the global medical device analytical testing outsourcing Industry forward. However, manufacturers are turning to medical device analytical testing outsourcing to ensure accuracy, precision, quality control, and periodic maintenance.
Medical Device Analytical Testing Outsourcing Market 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 Industry 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 hospital segment is predicted to lead the market with a CAGR of 6.15% during the assessment period.
“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.
Medical Device Analytical Testing Outsourcing Market 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 Medical Device Analytical Testing Outsourcing Market are:
- In May 2022, Intertek renewed 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.
Level Up Your Market Understanding – Purchase Now!
https://www.futuremarketinsights.com/checkout/14999
Medical Device Analytical Testing Outsourcing Market 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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
