The Medical Device Analytical Testing Outsourcing Market is estimated to reach a valuation of US$10.96 Billion by 2032 at a CAGR of 7.18% from 2022 to 2032

U.S. Medical Device Analytical Testing Outsourcing Market Expected to Lead the Market While Buying US$1.5 billion while expanding at a CAGR of 7% over the forecast period. China is expected to grow at a CAGR of 5.5%

NEWARK, Del., August 30, 2022 /PRNewswire/ — According to data recently released by Future Market Insights (IMF), The global Medical Device Analytical Testing Outsourcing Market generated US$5.11 billion in 2021 and is expected to grow at a credible CAGR of 7.18% to reach US$10.96 billion in 2032.

The key factors driving the market are product complexity, increased competition, increase in the number of small-scale medical device manufacturers, and stringent approval standards. The COVID-19 pandemic has highlighted the importance of developing innovative low-cost medical equipment. This crisis has caused a global economic and health pandemic. As a result, several companies closed their factories and halted the majority of the manufacturing process.

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The growing global prevalence of chronic diseases is increasing the demand for medical device analytical testing outsourcing. Increasingly stringent government rules on quality certificates are propelling the global medical device analytical testing outsourcing market forward. Class II devices require premarket approvals and 510(k) clearance; however, obtaining such permission is a time-consuming process; thus, these emerging scenarios have fueled the growth of the global Medical Device Analytical Testing Outsourcing Market. Medical device manufacturers hire consultants to help them understand the documentation and regulations required for premarket approvals.

The development of advanced devices such as surgical microscopes, surgical robots, neurosurgical devices, ophthalmic surgical devices and many others has reduced the direct contact of humans in the surgical procedure, making quality certificates mandatory for the devices medical. Growing demand for minimally invasive surgeries is driving the global medical device analytical testing outsourcing market. However, manufacturers are turning to outsourcing analytical testing of medical devices to ensure accuracy, precision, quality control, and periodic maintenance.

Key points to remember

  • The Global Medical Device Analytical Testing Outsourcing Market is estimated at US$10.96 billion during the forecast period.
  • The Global Medical Device Analytical Testing Outsourcing Market is estimated at US$5.11 billion in 2021.
  • The United States is expected to dominate the market while buying US$1.5 billion while expanding at a CAGR of 7% over the forecast period.
  • China is expected to grow at a CAGR of 5.5%
  • The hospital segment is expected to lead the market with a CAGR of 6.15% over the assessment period.

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Due to improved health infrastructure and government initiatives, Asia Pacific holds the largest share of the global medical device analytical testing outsourcing market. In addition, the rapid economic development of countries such as China and India are expected to significantly boost the growth of the regional market over the forecast period,” says an IMF analyst.

Competitive landscape

The global medical device analytical testing outsourcing market is highly fragmented. Mergers, acquisitions, and partnerships, among other strategies, have been used by industry players to retain market share. The main market players are:

  • SGS
  • Toxicon, Inc.
  • Eurofins Scientific
  • Pace Analytical Services LLC
  • Intertek Group plc
  • Wuxi AppTec
  • North American Science Associates, Inc.
  • Envigo
  • Charles River International Laboratories, Inc.
  • Medical Device Testing Services

Some of the recent developments in the global medical device analytical testing outsourcing market are:

  • In May 2022Intertek is renewing its contract with the Philippine Customs Service for its Bulk and Bulk Cargo Clearance Enhancement Program.
  • In May 2022Intertek announced the launch of “Intertek Hydrogen” which helps the hydrogen industry to safely commercialize breakthrough technology for the future.

Medical Device Analytical Testing Outsourcing Industry Report Segmentation:

By Service:

  • Extractable and leachable
  • Characterization of materials
  • Physical tests
  • Bioburden test
  • Sterility test
  • Other tests

By device type:

  • Reprocessed devices
  • other medical

By end use:

By therapeutic areas:

  • Cardiology
  • Diagnostic Imaging
  • Orthopedic
  • DIV
  • Ophthalmic
  • General and plastic surgery
  • Medication administration
  • Endoscopy
  • Dental
  • Diabetic treatments
  • Others

By region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • UEA

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

3.1.3. Opportunity

3.1.4. Tendencies

3.2. Scenario forecast

3.2.1. Demand in the optimistic scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in the conservative scenario

3.3. Opportunity Map Analysis

3.4. Product life cycle analysis

3.5. Investment Feasibility Matrix

3.6. PESTLE and Porter’s analysis

3.7. Regulatory landscape

3.7.1. By key regions

3.7.2. By key countries

3.8. Regional Parent Market Outlook

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SOURCE Future Market Outlook