The Future of the Medical Device Testing Market Growth, And Research Report Breakdown

The global medical device testing market is expected to grow from USD 9.3 billion in 2020 to USD 11.8 billion by 2025, at a CAGR of 4.8% during the forecast period. The harmonization of standards, growing consumption of medical devices in emerging countries, increasing need of validation and verification for medical devices, the imposition of rigorous government regulations, the growing trend of outsourcing medical device testing services and standards across medical devices are a few of the driving factors for the medical device testing market. The COVID-19 outbreak in 2019 further accentuated the development of advanced low-cost medical devices. These devices need to comply with stringent regulations regarding medical devices, hence, manufacturers are investing heavily in testing their devices.

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Outsourcing, by sourcing type will grow at a higher CAGR during the forecast period

Many large firms are increasingly outsourcing medical device testing services as the increased regulations make it costly to conduct in-house tests, thereby helping firms reduce the overall cost of testing.

The demand for outsourcing TIC services to third-party vendors is increasing for technologies, such as active implant medical devices, owing to the capital-intensive nature of in-house TIC activities. However, the in-house sourcing type held the major share of the global medical device testing market in 2019.

The demand for class III medical device is high due to the associated risk factor involved in these devices

The class III medical device testing market is projected to grow at the highest CAGR from 2020 to 2025. There is an increasing need for classifying medical devices due to the presence of potential risks associated with medical devices and concerned patients. Class III medical devices are used to sustain or support human life. Class III devices are generally the high-risk devices and are therefore subject to the highest level of regulatory control. Class III devices must typically be approved by the FDA before they are marketed. Class III devices include replacement heart valves, implantable pacemakers, and pulse generators. However, Class II devices held the largest share of the global medical device testing market in 2019.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The medical device testing market in APAC is growing rapidly because of the rising per capita income among the middle class. Moreover, there is growing consumer awareness regarding the importance of certification. The medical device testing market in India is projected to growing at the highest CAGR during the forecast period. North America, however, holds the largest share in the global medical device testing market as Strict regulations have been established by the governments to maintain quality and safety standards in the industry, which drives the need for medical device testing services in North America.

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SGS (Switzerland), Eurofins Scientific (UK), Bureau Veritas (UK), Intertek (UK), TÜV SÜD (UK), and DEKRA (UK), Source Bioscience (UK), NSF International (US), BDC laboratories (US) and Surpass (US) are the key players in the global medical device testing market.