According to the latest report published by Credence Research, Inc. “Medical Device Analytical Testing Services Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global medical device analytical testing services market was valued at US$ 2,869.3 Mn in 2016, and is expected to reach US$ 7,831.9 Mn by 2025, expanding at a CAGR of 11.7% from 2017 to 2025.
Market Insights
As the latest medical devices are becoming more complex in nature, the need for appropriate and prompt testing to check compliance with the regulatory requirements is becoming more prominent. Introduction of combination devices, personalized medicine, remote and continuous patient monitoring has further urged the need for precise testing of medical devices. To meet the requirement of enhanced accuracy, ease of use and durability, medical devices are needed to undergo extensive testing and examinations thus delivering competitive advantage to device manufacturers. Growing pressure to contain overall device development costs and avoid the risk of device recalls, manufacturers are increasingly outsourcing testing activities to third party entities.
Browse the full report Medical Device Analytical Testing Services Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 at http://www.credenceresearch.com/report/medical-device-analytical-testing-services-market
Products such as implantable medical device and drug-device combination solutions are being increasingly adopted worldwide to improve overall health and wellbeing. Manufacturers of such devices are required to focus on core competencies such as innovation and therefore outsource other activities to contract service providers. Among the various medical device testing services, material characterization services capture almost 20% of the global market in 2016 and is expected to retain its dominance through the forecast period. Other tests such as biological indicator testing, endotoxin testing, elemental metal testing, ethylene oxide testing, and validation for packaging materials, etc. are anticipated to undergo the fastest demand during the forecast period. Techniques such as gas and ion chromatography, HPLC, optical emission chromatography, etc. are frequently used for testing medical devices.
Geographically, North America, and particularly the U.S. is the largest market for medical device analytical testing services. Domicile of a huge section of medical device companies and corresponding service providers and being the pioneer in introducing the most complex and novel devices makes the region the market leader. In addition, commercialization and manufacturing of medical devices is the highest in the region, thereby necessitating the companies to outsource their testing activities to third party service providers in order to ensure optimum product safety and fewer recalls.
Additionally, Asia Pacific is anticipated to be the fastest progressing regional market for medical device analytical testing services. Asia Pacific is the hub for healthcare outsourcing and newer players are being perpetually added to the current list. Improvement in healthcare infrastructure, emergence of new medical device manufacturers, and growing government support for such initiatives. Existence of huge patient base looking for affordable treatment options further augments the opportunities in the region.
Expansion of service portfolio is the major focus area of the market players. In order to achieve this, the market players are intensifying their activities by acquiring new, and small players with unique service offering. The major players in the global medical device analytical testing services market include but are not limited to Avomeen Analytical Services, Charles River Laboratories International, Inc., EAG, Inc., Envigo, Eurofins Scientific, Intertek Group plc, IMR Test Labs, Medical Device Testing Services, North American Science Associates, Inc., NSF International, Pace Analytical Services LLC., SGS SA, Toxikon, Inc., Wuxi AppTec and others.
Browse the full report Medical Device Analytical Testing Services Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 at http://www.credenceresearch.com/report/medical-device-analytical-testing-services-market
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