Abstract
Summary
Global Medical Device Testing Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Medical device testing is the process of evaluating and verifying the safety, efficacy, and performance of medical devices. This is a crucial step in the development and regulatory approval of medical devices before they can be introduced into the market and used in healthcare settings. The main goals of medical device testing are to ensure that the devices meet specific standards, operate as intended, and pose minimal risks to patients and users. The key factors driving the market growth are stringent regulatory requirements, expansion of the global healthcare industry, increasing emphasis on validation and verification of medical devices, and shift toward outsourcing of medical device testing services that are anticipated to support the market growth during the forecast period 2023-2030.
Additionally, the growing healthcare industry plays a significant role in supporting the growth of the medical device testing market. As the healthcare industry expands, there is a rising demand for various medical devices such as diagnostic equipment, implants, and monitoring devices. This increased demand for medical devices necessitates rigorous testing to ensure their safety, efficacy, and compliance with regulatory standards. According to Statista, in 2020, the global hospital market was valued at USD 3.40 trillion; in 2022 the number reached 3.93 trillion and it is anticipated to reach USD 4.40 trillion by 2025. As a result, the growing healthcare industry is anticipated to support the market growth. Moreover, technological advancements in medical device testing and growing healthcare expenditure are anticipated to create lucrative opportunities for the market over the projected period. However, the high cost of medical devices stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Medical Device Testing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the robust research & development activities, increasing adoption of advanced technologies, and rising demand for healthcare services. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the growing focus on increasing production of high-end medical devices, rising concerns regarding product safety and regulatory compliance, increasing demand for medical devices, and rising need for robust testing procedures.
Major market player included in this report are:
SGS (Société Générale De Surveillance SA)
Eurofins Scientific
Bureau Veritas
Element Materials Technology
Gateway Analytical
Medistri Sa
North American Science Associates, Llc (Namsa)
Wuxi Apptec
Laboratory Corp of America Holdings (LabCorp)
Charles River Laboratories
Recent Developments in the Market:
In January 2022, TÜV SÜD enhanced its medical device testing facility in New Brighton, Minnesota, with a state-of-the-art laboratory. This advanced facility offers an extensive array of chemical and biological testing services for medical devices, complementing TÜV SÜD's existing capabilities in active medical device testing.
Global Medical Device Testing Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Service Type, Sourcing Type, Device Class, Technology, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Service Type:
Testing Services
Inspection Services
Certification Services
Others
By Sourcing Type:
In-house
Outsourced
By Device Class:
Class I
Class II
Class III
By Technology:
Active Implant Medical Devices
Active Medical Devices
Non-active Medical Devices
IVD Medical Devices
Ophthalmic Medical Devices
Orthopedic Medical Devices
Vascular Medical Devices
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Table of Contents
1 Executive Summary
1.1 Market Snapshot
1.2 Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1 Medical Device Testing Market, by Region, 2020-2030 (USD Billion)
1.2.2 Medical Device Testing Market, by Service Type, 2020-2030 (USD Billion)
1.2.3 Medical Device Testing Market, by Sourcing Type, 2020-2030 (USD Billion)
1.2.4 Medical Device Testing Market, by Device Class, 2020-2030 (USD Billion)
1.2.5 Medical Device Testing Market, by Technology, 2020-2030 (USD Billion)
1.3 Key Trends
1.4 Estimation Methodology
1.5 Research Assumption
2 Global Medical Device Testing Market Definition and Scope
2.1 Objective of the Study
2.2 Market Definition & Scope
2.2.1 Industry Evolution
2.2.2 Scope of the Study
2.3 Years Considered for the Study
2.4 Currency Conversion Rates
3 Global Medical Device Testing Market Dynamics
3.1 Medical Device Testing Market Impact Analysis (2020-2030)
3.1.1 Market Drivers
- 3.1.1.1 Stringent regulatory requirements
- 3.1.1.2 Expansion of global healthcare industry
- 3.1.1.3 Increasing emphasis on validation and verification of medical devices
- 3.1.1.4 Shift toward outsourcing of medical device testing services
3.1.2 Market Challenges
- 3.1.2.1 High cost of medical devices
3.1.3 Market Opportunities
- 3.1.3.1 Technological advancements in medical device testing
- 3.1.3.2 Growing healthcare expenditure
4 Global Medical Device Testing Market Industry Analysis
4.1 Porter’s 5 Force Model
4.1.1 Bargaining Power of Suppliers
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of New Entrants
4.1.4 Threat of Substitutes
4.1.5 Competitive Rivalry
4.2 Porter’s 5 Force Impact Analysis
4.3 PEST Analysis
4.3.1 Political
4.3.2 Economical
4.3.3 Social
4.3.4 Technological
4.3.5 Environmental
4.3.6 Legal
4.4 Top investment opportunity
4.5 Top winning strategies
4.6 COVID-19 Impact Analysis
4.7 Disruptive Trends
4.8 Industry Expert Perspective
4.9 Analyst Recommendation & Conclusion
5 Global Medical Device Testing Market, by Service Type
5.1 Market Snapshot
5.2 Global Medical Device Testing Market by Service Type, Performance - Potential Analysis
5.3 Global Medical Device Testing Market Estimates & Forecasts by Service Type 2020-2030 (USD Billion)
5.4 Medical Device Testing Market, Sub Segment Analysis
5.4.1 Testing Services
5.4.2 Inspection Services
5.4.3 Certification Services
5.4.4 Others
6 Global Medical Device Testing Market, by Sourcing Type
6.1 Market Snapshot
6.2 Global Medical Device Testing Market by Sourcing Type, Performance - Potential Analysis
6.3 Global Medical Device Testing Market Estimates & Forecasts by Sourcing Type 2020-2030 (USD Billion)
6.4 Medical Device Testing Market, Sub Segment Analysis
6.4.1 In-house
6.4.2 Outsourced
7 Global Medical Device Testing Market, by Device Class
7.1 Market Snapshot
7.2 Global Medical Device Testing Market by Device Class, Performance - Potential Analysis
7.3 Global Medical Device Testing Market Estimates & Forecasts by Device Class 2020-2030 (USD Billion)
7.4 Medical Device Testing Market, Sub Segment Analysis
7.4.1 Class I
7.4.2 Class II
7.4.3 Class III
8 Global Medical Device Testing Market, by Technology
8.1 Market Snapshot
8.2 Global Medical Device Testing Market by Technology, Performance - Potential Analysis
8.3 Global Medical Device Testing Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
8.4 Medical Device Testing Market, Sub Segment Analysis
8.4.1 Active Implant Medical Devices
8.4.2 Active Medical Devices
8.4.3 Non-active Medical Devices
8.4.4 IVD Medical Devices
8.4.5 Ophthalmic Medical Devices
8.4.6 Orthopedic Medical Devices
8.4.7 Vascular Medical Devices
8.4.8 Others
9 Global Medical Device Testing Market, Regional Analysis
9.1 Top Leading Countries
9.2 Top Emerging Countries
9.3 Medical Device Testing Market, Regional Market Snapshot
9.4 North America Medical Device Testing Market
9.4.1 U.S. Medical Device Testing Market
- 9.4.1.1 Service Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.2 Sourcing Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.3 Device Class breakdown estimates & forecasts, 2020-2030
- 9.4.1.4 Technology breakdown estimates & forecasts, 2020-2030
9.4.2 Canada Medical Device Testing Market
9.5 Europe Medical Device Testing Market Snapshot
9.5.1 U.K. Medical Device Testing Market
9.5.2 Germany Medical Device Testing Market
9.5.3 France Medical Device Testing Market
9.5.4 Spain Medical Device Testing Market
9.5.5 Italy Medical Device Testing Market
9.5.6 Rest of Europe Medical Device Testing Market
9.6 Asia-Pacific Medical Device Testing Market Snapshot
9.6.1 China Medical Device Testing Market
9.6.2 India Medical Device Testing Market
9.6.3 Japan Medical Device Testing Market
9.6.4 Australia Medical Device Testing Market
9.6.5 South Korea Medical Device Testing Market
9.6.6 Rest of Asia Pacific Medical Device Testing Market
9.7 Latin America Medical Device Testing Market Snapshot
9.7.1 Brazil Medical Device Testing Market
9.7.2 Mexico Medical Device Testing Market
9.8 Middle East & Africa Medical Device Testing Market
9.8.1 Saudi Arabia Medical Device Testing Market
9.8.2 South Africa Medical Device Testing Market
9.8.3 Rest of Middle East & Africa Medical Device Testing Market
10 Competitive Intelligence
10.1 Key Company SWOT Analysis
10.1.1 Company 1
10.1.2 Company 2
10.1.3 Company 3
10.2 Top Market Strategies
10.3 Company Profiles
10.3.1 SGS (Société Générale De Surveillance SA)
- 10.3.1.1 Key Information
- 10.3.1.2 Overview
- 10.3.1.3 Financial (Subject to Data Availability)
- 10.3.1.4 Product Summary
- 10.3.1.5 Recent Developments
10.3.2 Eurofins Scientific
10.3.3 Bureau Veritas
10.3.4 Element Materials Technology
10.3.5 Gateway Analytical
10.3.6 Medistri Sa
10.3.7 North American Science Associates, Llc (Namsa)
10.3.8 Wuxi Apptec
10.3.9 Laboratory Corp of America Holdings (LabCorp)
10.3.10 Charles River Laboratories
11 Research Process
11.1 Research Process
11.1.1 Data Mining
11.1.2 Analysis
11.1.3 Market Estimation
11.1.4 Validation
11.1.5 Publishing
11.2 Research Attributes
11.3 Research Assumption