Medical Device Analytical Testing Outsourcing Market Product Business Analysis Report by 2030

Medical Device Analytical Testing Outsourcing Industry Overview

The global medical device analytical testing outsourcing market size was valued at USD 5.0 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% over the forecast period. The key factors driving the market are complexity in product design, increased competition, an increase in the number of small-scale manufacturers of medical devices, and strict approval norms. The COVID-19 pandemic has emphasized the significance of developing novel low-cost medical equipment. This crisis has resulted in a global economic and health pandemic. As a result, several enterprises have shut down their manufacturing facilities and halted the majority of the manufacturing process.

Medical device TIC services have always been on the rise since they serve a crucial role in protecting consumers worldwide from hazardous and low-quality medical device products. For example, the demand for masks has increased as a result of COVID-19, and several countries have released appropriate specifications, such as UNE 0064-1, UNE 0065, and UNE 0064-2. Pricing pressure exists in developed countries, such as the U.S., thus operators are seeking ways to reduce costs throughout the value chain. On the other hand, the real potential resides in developing economies. However, developing regions are likely to be price-sensitive.

Gather more insights about the market drivers, restraints, and growth of the Global Medical Device Analytical Testing Outsourcing market

As a result, market players are working hard to cut the overall cost of gadgets. Outsourcing analytical testing processes allows businesses to focus on product development and marketing initiatives. The COVID-19 pandemic has created a devastating impact on the healthcare industry. However, the market witnessed a considerably minimal negative impact in 2020 compared to other business domains. Moreover, the market even witnessed a significant surge in its growth rate in 2021, owing to the increasing focus on analytical testing of medical devices for COVID-19 infection.

The regulatory authorities also conduct routine post-market surveillance by charging the manufacturers a fee. The receipt of any complaints regarding the product’s flaws results in its removal from the market, demonstrating the stringency of these procedures. Personalized medicine, drug-device combinations, Artificial Intelligence (AI), wearables, and a greater emphasis on real-time patient monitoring have all resulted in a complicated medical device ecosystem. When it comes to chronic disease management, such as diabetes and Cardiovascular Diseases (CVDs), real-time patient monitoring, remote patient monitoring, and continuous patient monitoring are the primary areas of focus.

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Medical Device Analytical Testing Outsourcing Market Segmentation

Grand View Research has segmented the global medical device analytical testing outsourcing market based on services, device type, end-use, therapeutic areas, and region:

Medical Device Analytical Testing Outsourcing Services (Revenue, USD Million, 2018 - 2030)

• Extractable & Leachable
• Material Characterization
• Physical Testing
• Bioburden Testing
• Sterility Testing
• Other Tests

Medical Device Analytical Testing Outsourcing Device Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reprocessed Devices
• Others

Medical Device Analytical Testing Outsourcing End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospital
• Others

Medical Device Analytical Testing Outsourcing Therapeutic Areas Outlook (Revenue, USD Million, 2018 - 2030)

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

Medical Device Analytical Testing Outsourcing Regional Outlook (Revenue, USD Million, 2018 - 2030)

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

Key Companies profiled:

Some of the prominent players in the global medical device analytical testing outsourcing market include:

• 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

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