The increasing need to obtain enhanced accuracy and durability of the medical devices has resulted in the rising adoption of the testing services by pharmaceutical companies. Manufacturers of medical devices are outsourcing the testing services to third-party entities to reduce the increasing product recalls, which is expected to drive the growth of the medical devices testing services market. The global Medical Devices Testing Services Market will be worth USD 14.25 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing demand for testing of medical devices. The report provides Medical Devices Testing Services market forecast, supported by detailed insights historical data and revenues, past and current market trends, industry trends, consumer trends, market size, market share, market growth, along with ranging impacts of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in market size over the forecast period, 2020–2028. The report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials.
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Global Medical Devices Testing Services market forecast has been provided following thorough study, focus, comparison, and analysis of a varying range of factors and past market forecast and present outcomes. Medical Devices Testing Services Market forecast is made possible through, but has not been limited to, a study and analysis of a variety of factors and trends, and these are verified through interviews with industry experts and companies operating in the market. The presence of stringent regulatory protocols to ensure the safety of the devices is most likely to fuel the demand for the testing services of the medical devices. Increasing demand for in-vitro tests to detect infectious diseases and monitor drug therapies and the overall health condition of the patients is a growing trend in the medical devices testing services Market. Rising focus by major companies on product/service expansion into new and untapped domestic markets, increasing investments in strategic agreements, favourable government policies and regulations, and growing competition in the market are some major trends observed in the Medical Devices Testing Services market. Development of more advanced offerings is driving rising demand and deployment in respective sectors/industries, and this is expected to drive Medical Devices Testing Services market revenue growth to a significant extent over the forecast period.
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Incorporated with Info-graphics, charts, 70 tables and 85 figures, this 250-page research report “Medical Devices Testing Services Market Size, Type, Application, End-Use Industry, Regional Outlook, Competitive Strategies and Forecasts, 2020 – 2027” is based on a complete research of the entire Global market and covering all its sub-segments through comprehensively thorough classifications. Insightful analysis and assessment are created from superior primary and secondary information sources with data and information derived from industry specialists across the value chain.
Key Highlights From The Report
- In January 2020, SGS acquired Thomas J. Stephens & Associates, Inc., a nationally recognized clinical research organization that is serving the cosmetic and personal care industry. The acquisition is expected to expand the consumer & retail service portfolio of SGS in the clinical testing sector for cosmetic and personal care products in the USA.
- The preclinical segment held the largest market share of 57.6% in 2019. Increasing investments in the R&D of the preclinical testing of medical devices is expected to drive the growth of the segment.
- Microbiology & Sterility Testing are forecasted to grow with the fastest CAGR of 10.0% over the forecast period. Rising investments by the biotechnology and pharmaceutical industries on the testing services and increasing research are expected to drive the growth of the segment.
- The Asia Pacific region is expected to be the fastest-growing region over the forecast period. Increasing government initiatives on improving the healthcare infrastructure and availability of skilled labor at lower costs are driving the Medical Devices Testing Services market in the region.
- Key participants include SGS S.A., Toxikon, Inc., Intertek Group plc, Pace Analytical Services, Charles River Laboratories International, Inc., American Preclinical Services LLC, North American Science Associates, Inc., Sterigenics International LLC, Eurofins, and WuXi AppTec Group, among others.
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Region wise performance of the Medical Devices Testing Services industry
North America Medical Devices Testing Services market forecast is expected to remain significantly positive in terms of revenue share between 2020 and 2028. In addition, North America Medical Devices Testing Services market revenue share is expected to remain comparatively larger than that of other regional markets from 2020 to 2028.
Asia Pacific registered fastest revenue CAGR in 2020, and the Medical Devices Testing Services market forecast is that this trend is expected to continue going ahead. Market forecast states that revenue share contribution from China, India, and South Korea is expected to remain robust till 2028.
Europe Medical Devices Testing Services market forecast is positive currently, with revenue growth expected to remain steady between 2020 and 2028. Robust focus on research and development initiatives by major firms and changing trends and demographics in countries in the region are some factors expected to continue to support Medical Devices Testing Services market growth.
Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Southeast Asia
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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The research provides answers to the following key questions:
- What will be the growth rate and the market size of the Medical Devices Testing Services industry for the forecast period 2020-2027?
- What are the major driving forces expected to impact the development of the Medical Devices Testing Services market across different regions?
- Who are the major driving forces expected to decide the fate of the Medical Devices Testing Services industry worldwide?
- Who are the prominent market players making a mark in the Medical Devices Testing Services market with their winning strategies?
- Which Medical Devices Testing Services industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
- What are the key barriers and threats believed to hinder the development of the industry?
- What are the future opportunities in the Medical Devices Testing Services market?
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