San Francisco, 1 November
2018: According to a report published by Grand View Research,
Inc.; the medicaldevice testing service market is expected to reach a valuation
of around USD 13.4 billion by 2025.
Strict regulatory standards
related to user safety and high demand for good quality products can propel the
market over the forecast period (2014 to 2025). In addition, substantial rise
in preclinical expense for pharmaceutical as well as medical device is expected
to support the market growth.
Increasing complexity in
product design along with strict regulatory policies is one of the crucial
trends driving the market growth. Factors such as introduction of personalized
medicines, artificial intelligence, drug device combinations, wearables, and
real-time patient monitoring have led to complex medical device ecosystem. This
has increased the need for testing services to get approvals in the market.
In-house testing is not possible to many companies as it may take more time and
labor costs to complete these tests. Increasing demand for in-vitro test is
also expected to increase the demand for testing services due to growing
development of in-vitro methods to replace traditional in-vivo methods, which
need animal testing. These methods are generally improved for sensitization,
irritation, and cytotoxicity.
Worldwide medical device
testing services market can be segmented on the basis of service, phase, and
region. Based on service, the market can be biocompatibility tests, chemistry
test, microbiology and sterility testing, and packed validation.
Access
Research Report of Medical Device Testing Services Market@ www.grandviewresearch.com/industry-analysis/medical-device-testing-services-market
In 2016, the microbiology and
sterility segment conquered the market. The biocompatibility test segment is
expected to show significant growth during the forecast period. The cost of
biocompatibility test is expected to reduce due to development of innovative
in-vitro methods. The chemistry test segment is a projected to show rapid
growth over the forecast period due to several advantages associated with it.
As per phase, the market can
be classified into clinical and preclinical. In 2016, the preclinical segment
estimated for the major share and likely to show high growth during the
forecast period. This phase determines the safety, efficacy, and
biocompatibility of biomaterials, prosthesis, and medical devices. The clinical
segment is also projected to show significant growth over the study period.
This segment involves in sterilization testing and validation, cleaning
validation, shelf life and accelerated aging test, and package and shipping
testing.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East and Africa.
In 2016, Asia Pacific
dominated the market in terms of revenue due to high outsourcing rate in
emerging countries such as China and India. CROs are extensively making high
investments in emerging economies due to presence of operating low cost and
greater availability of skilled labors.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/medical-devices
In 2016, North America stood
on the second position. and is estimated
to show remarkable growth during the forecast period. This region is one of the
topmost manufacturing centers for complex, reliable, and high-quality medical
devices. The region has several established CROs, which offers comprehensive
testing services for medical device companies.
The market in the Europe is
mainly driven by countries including Germany, the U.K., France, Spain, and
Italy. Increasing need for cost cutting and rise in complexity in product
designing are considered as key drivers that would drive the market in this
region.
Prominent players operating in
the market include Toxikon, Inc.; Charles River Laboratories International,
Inc.; Toxikon, Inc.; Sterigenics International LLC; and Pace Analytical
Services LLC.The market is currently observing significant rise in number of
companies in recent years. The market is highly fragmented by few major
companies and numerous small and medium enterprises (SMEs). The growth of this
industry can be associated with increasing demand from small and mid-size
companies, due to absence of in-house facilities for testing. The participants
in the market are mainly focusing on portfolio expansion and to expand their
geographical reach to gain higher market share. The market has also observed
high consolidation in CRO space in recent years.
Access
Press Release of Medical Device Testing Services Market@ www.grandviewresearch.com/press-release/global-medical-device-testing-services-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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