Medical Device Testing Services Market Size, Share and Trends
New York, June 18, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Medical Device Testing Services Market Size, Share and Trend Analysis Report by Service, by Phase,” by region and by segment, 2021 – 2028 “- https://www.reportlinker.com/p06096550/?utm_source=GNW
Medical Device Testing Services Market Growth and Trends
The global medical device testing services market size is expected to reach $ 18.6 billion by 2028. The market is expected to grow at a CAGR of 11.6% from 2021 to 2028. The increasing complexity of product design and strict government regulations are stimulating the market.
A significant increase in preclinical spending is a recent trend among pharmaceutical and medical device companies, which is expected to contribute significantly to the growth of the market. According to a survey conducted by the International Federation of Pharmaceutical Manufacturers and Associations in 2017, approximately $ 149.8 billion is spent annually on preclinical trials.
With modern medical equipment offering a multitude of complex functions, the need for appropriate tests to verify device compliance with regulatory requirements becomes vital. In order to meet the demands for increased accuracy, ease of use and durability, medical devices must undergo extensive testing.
This should provide a competitive advantage for manufacturers.
The COVID-19 pandemic has created an unprecedented demand for medical device testing services in 2020. This is largely due to the growing demand for COVID-10 related products such as masks, PPE and respiratory equipment.
In addition, countries like Mexico, Spain and France have published relevant specifications and standards, namely UNE 0064-1, UNE 0064-2, AFNOR-SPEC-S76 and UNE 0065 which must be followed until ‘so that a mask can be sold.
Highlights of the Medical Device Testing Services Market Report
â¢ The microbiology and sterility testing segment dominated the market in 2020 and accounted for the largest revenue share of 34.1%. The segment is expected to remain dominant over the forecast period
â¢ The production of safe and effective products is a central objective of medical equipment manufacturers and ensuring sterility is a major element in achieving this.
â¢ The preclinical phase segment dominated the market in 2020 and accounted for 65.7% of the revenue share as this phase is mainly focused on the evaluation of the safety and biocompatibility of medical devices.
â¢ Raw materials, packaging and design all have an impact on the safety and compatibility of a device, and preclinical testing of all of these factors is an important step in determining the commercial potential of a device.
â¢ Asia-Pacific dominated the market and accounted for 41.8% of the revenue share in 2020. This is due to the growing demand for medical devices in developing countries such as India and China
Read the full report: https://www.reportlinker.com/p06096550/?utm_source=GNW
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.