Medical Device Testing Services Market To Reach $13.4 Billion By 2025: Grand View Research, Inc.
The
global medical device testing services market size is
expected to reach USD 13.4 billion by 2025, according to a new report by Grand
View Research, Inc., expanding at a CAGR of 11.5% during the forecast period.
Increasing spending in preclinical phase of medical devices coupled with
growing outsourcing rate is anticipated to help the market gain significant
traction.
Surging
demand for in-vitro test is also projected to fuel demand for testing services
as many CROs are developing novel in-vitro methods to replace traditional
in-vivo methods, which require animal testing. Improvements in procedures for
development and standardization of novel in vitro test methods, particularly
for sensitization, cytotoxicity, and irritation, are also working in favor of
the market.
There
has been a significant increase in preclinical spending for both pharmaceutical
and medical devices. This trend is estimated to contribute to the demand for
testing services by medical device companies.
Stringent
regulatory standards pertaining to user safety are supporting growing trend of
outsourcing medical device testing services. Increasing demand for good quality
products is poised to further trigger the demand for testing services by
medical device companies. These companies are constantly trying to comply with
stringent regulatory norms put forth by authorities across the globe.
A
significant consolidation in the CRO space has been observed in recent years.
For instance, in October 2017, Sterigenics International LLC acquired Toxikon
Europe N.V., the European division of Toxikon Corporation, to strengthen its
preclinical service portfolio for pharmaceutical and medical device companies.
Browse full
research report on Medical Device Testing Services Market :
www.grandviewresearch.com/industry-analysis/medical-device-testing-services-market
Further key
findings from the study suggest:
- The global biocompatibility testing market is
anticipated to reach USD 4.1 billion by 2025, at a CAGR of 11.3% from 2017
to 2025
- In terms of service, the chemistry test segment
is likely to show the fastest growth during the forecast period
- In terms of development phase, preclinical
testing held the largest market share in 2016. The segment will continue
to dominate the market throughout the forecast period, accounting for
about two third of the overall revenue by 2025.
- Asia Pacific is expected to dominate the
medical device testing service market during the forecast period. The
regional market will post a CAGR of over 12.0% during the same period.
Europe and North America held remarkable cumulative share in 2016 owing to
well established manufacturing infrastructure for high end and complex
medical devices
- The market is partially consolidated and
competitive in nature. Some of the key companies present in the market are
Toxikon, Inc.; SGS SA; Eurofins Scientific, LLC; Intertek Group plc; WuXi
AppTec, Pace Analytical Services, NORTH AMERICAN SCIENCE ASSOCIATES INC.;
Sterigenics International LLC; Charles River Laboratories International
Inc.; American Preclinical Services; and Medical Device Testing Services.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the global medical device testing
services market report on the basis of service, phase, and region:
Medical
Device Testing Services Service Outlook (Revenue, USD Million, 2014 - 2025)
- Biocompatibility
Tests
- Chemistry
Test
- Microbiology
& Sterility Testing
- Bioburden
Determination
- Pyrogen
& Endotoxin testing
- Sterility
Test & Validation
- Antimicrobial
Activity Testing
- Package
Validation
Medical
Device Testing Services Phase Outlook (Revenue, USD Million, 2014 - 2025)
- Preclinical
- Clinical
Medical
Device Testing Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- France
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
Access
Press Release By Grand View Research: 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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