LONDON, Dec. 19, 2017 /PRNewswire/ -- Medical device testing market is projected to grow at a CAGR of 6.18% between 2017 and 2023
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The medical device testing market is estimated to be USD 8.56 billion in 2017 and is expected to reach USD 12.26 billion by 2023, growing at a CAGR of 6.18% between 2017 and 2023. Some of the market drivers are an increasing need of validation and verification (V&V) for medical device, and imposition of rigorous government regulations and standards across medical devices. The main restrain for the market growth is barrier to local development of medical device manufacturers Medical device testing market for certification services expected to grow at the highest CAGR during the forecast period
There has been an increasing demand for certification services, owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware about their credibility than before and certifications demonstrate the compliance of their medical device with specific standards and improve its marketability. Medical device testing market for in-house sourcing type accounted for the largest share in 2016
Manufacturers and organizations had to adhere to limited standards and regulations in the past; hence, it was possible for companies to build their in-house testing and inspection capabilities. In the recent years, the standards pertaining to human/user safety have increased and become mandatory for medical devices. However, this trend is shifting to the increase in outsourcing TIC services to specialized third-party service providers as they help reduce manufacturers' operational expenditure Medical device testing market for active implant medical device to grow at the highest CAGR during the forecast period
Implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body is increasing. These devices are prone to risks. Hence, they are subjected to rigorous regulatory controls, both pre- and post-marketing APAC is expected to be the fastest-growing market for medical device testing, inspection, and certification services during the forecast period
Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. The markets in APAC are growing rapidly, owing to the rising per capita income among the middle class. Breakdown of profile of primary participants:
• By Company: Tier 1 – 52 %, Tier 2 – 14%, and Tier 3 – 34% • By Designation: C-Level Executives – 49%, Directors = 28%, and Others = 23% • By Region: North America – 42%, Europe – 32%, APAC – 21%, and RoW – 5% The major players profiled in this report include:
• SGS (Switzerland) • Bureau Veritas (France) • Intertek (UK) • DEKRA (Germany) • TÜV SÜD (Germany) • Eurofins Scientific (Luxembourg) • TÜV Rheinland (Germany) • BSI (UK) • UL (US)
• ASTM (US) Research Coverage
The study segments the medical device testing market report into service type (testing services, inspection services, certification services, and others) and sourcing type (in-house and outsourced). The study also covers device class (class I, class II, class III), technologies (active implant, active, non-active, IVD, ophthalmic, orthopedic and dental, vascular, and others), and provides the geographic forecast of the market size for various segments with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the medical device testing market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions. 2. The report provides the detailed analysis of the medical device testing, inspection, and certification market with the help of competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem. 3. The report helps stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities. 4. This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem, standards and certification developments, expansion and service expansion, partnerships, and mergers and acquisitions in the medical device testing market.Download the full report: https://www.reportbuyer.com/product/5248744
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