Medical Devices Testing Services Market Report 2021-2027:High Demand and Presence of Top Players
The presence of stringent regulatory protocols to ensure the safety of the devices is most likely to fuel the demand for the testing services of the medical devices. Increasing demand for in-vitro tests to detect infectious diseases and monitor drug therapies and the overall health condition of the patients is a growing trend in the medical devices testing services Market.
The global Medical Devices Testing Services Market will be worth USD 14.25 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing demand for testing of medical devices. The increasing need to obtain enhanced accuracy and durability of the medical devices has resulted in the rising adoption of the testing services by pharmaceutical companies. Manufacturers of medical devices are outsourcing the testing services to third-party entities to reduce the increasing product recalls, which is expected to drive the growth of the medical devices testing services market.
Key Highlights From The Report
In January 2020, SGS acquired Thomas J. Stephens & Associates, Inc., a nationally recognized clinical research organization that is serving the cosmetic and personal care industry. The acquisition is expected to expand the consumer & retail service portfolio of SGS in the clinical testing sector for cosmetic and personal care products in the USA.
The preclinical segment held the largest market share of 57.6% in 2019. Increasing investments in the R&D of the preclinical testing of medical devices is expected to drive the growth of the segment.
Microbiology & Sterility Testing are forecasted to grow with the fastest CAGR of 10.0% over the forecast period. Rising investments by the biotechnology and pharmaceutical industries on the testing services and increasing research are expected to drive the growth of the segment.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period. Increasing government initiatives on improving the healthcare infrastructure and availability of skilled labor at lower costs are driving the Medical Devices Testing Services market in the region.
Key participants include SGS S.A., Toxikon, Inc., Intertek Group plc, Pace Analytical Services, Charles River Laboratories International, Inc., American Preclinical Services LLC, North American Science Associates, Inc., Sterigenics International LLC, Eurofins, and WuXi AppTec Group, among others.
About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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