Global Medical Device Testing Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope

Medical device testing refers to the process of evaluating and verifying the safety, effectiveness, and quality of medical devices. It is used to ensure that products are safe and effective for use in patient care and that they meet the standards and requirements set by regulatory agencies.

Sizing and Forecast

The medical device testing market size has grown strongly in recent years. It will grow from $9.21 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to stringent regulatory requirements, increasing complexity of medical devices, globalization of medical device industry, rise in chronic diseases, focus on patient safety..

The medical device testing market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in medical technology, increased outsourcing of testing services, rapid growth of personalized medicine, expanding regulatory landscape, focus on cybersecurity for medical devices.. Major trends in the forecast period include enhanced regulatory compliance testing, expansion of biocompatibility testing methods, application of simulation and modeling techniques, increased demand for sterility testing, introduction of testing services for connected devices..

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Segmentation & Regional Insights

The medical device testing market covered in this report is segmented –

1) By Testing Type: Physical Testing, Chemical or Biological Testing, Cybersecurity Testing, Microbiology And Sterility Testing, Other Testing Type
2) By Device Class: Class I, Class II, Class III
3) By Sourcing Type: In-House, Outsourced
4) By Service Type: Testing Services, Inspection Services, Certification Services
5) By End-User: Hospital, Research Center, Homecare Clinics, Other End-User

North America was the largest region in the medical device testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the medical testing device market report during the forecast period. The regions covered in the medical device testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

A rise in medical device recalls is driving the medical device testing market forward. A device recall is a process by which the manufacturer or distributor of the device takes corrective action to remove or correct the problem in the medical device. Medical device testing is used by medical device manufacturers in identifying the potential safety issues associate with devices and can help determine whether a medical recall is necessary to ensure patient safety and the effectiveness of devices and helps in improving the quality of the product to avoid medical recalls. For instance, in 2022, according to Sedgwick, a US-based IT services management company, there were 719 medical recalls in Q2 2022, up by 11% from Q1 2022. Therefore, the increasing number of medical device recalls is driving the medical device testing market.

Key Industry Players
Major companies operating in medical device testing market are developing innovative medical device testing services to drive the revenues in the market. This aims to support the growing medical device industry in Michigan and help manufacturers advance the safety, security, usability, and interoperability of their products. For instance, in October 2023, UL Solutions, a US-based safety science company launched new medical device testing services at its laboratory in Rochester Hills, Michigan, in the US. These services will help medical device manufacturers address potential risks, such as quality, safety, and cybersecurity issues, while maintaining the pace of innovation and protecting medical device users.

The medical device testing market report table of contents includes:

1. Executive Summary

2. Medical Device Testing Market Characteristics

3. Medical Device Testing Market Trends And Strategies

4. Medical Device Testing Market – Macro Economic Scenario

5. Global Medical Device Testing Market Size and Growth

….

31. Global Medical Device Testing Market Competitive Benchmarking

32. Global Medical Device Testing Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Medical Device Testing Market

34. Medical Device Testing Market Future Outlook and Potential Analysis

35. Appendix

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