Medical Device Testing Services Market Worth $16.3 Billion By 2030
Medical Device Testing Services Market Growth & Trends
The global medical device testing services market size is expected to reach USD 16.3 billion by 2030, registering a CAGR of 9.0% during the forecast period, according to a new report by Grand View Research, Inc. Complexity in product design, intensifying competition, increase in the number of small-sized medical device manufacturers, and strict approval norms are the key factors expected to drive the market.
Medical devices are crucial to the healthcare sector because they aid in disease prevention, diagnosis, and treatment. Due to the increasing complexity of the software embedded in medical devices, testing for those devices has become essential. Numerous variables, including undiscovered flaws, regulatory delays, and threat actors, among others, can have an impact on the quality of such embedded software.
Several techniques are used during medical device testing to make sure the device is secure, provides accurate readings, and performs at its peak while being used. One of the most important steps in turning a creative product design into a successful, viable product is this one. Before even being made available for actual use in the healthcare sector, these devices must meet certain regulatory requirements.
However, the COVID-19 pandemic created an unprecedented demand for medical device testing services in 2020, and the trend is expected to continue in 2021. The key products that are seeing an increase in demand for medical testing include ventilators, COVID-19 vaccines, and the systems that distribute them. Above all, regulatory agencies have continued to observe breathing gas pathway devices. The implementation of ISO 18562 standards or the increased scrutiny brought on by COVID-19 may be accountable for this. Additionally, the number of PPE barrier tests has increased by over 600%, placing pressure on labs to be open twenty-four hours a day.
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Medical Device Testing Services Market Report
Medical Device Testing Services Market Report Highlights
- The Microbiology & sterility testing segment dominated the market with a revenue share of 34.2% in 2021. It is one of the main tests included in medical device testing. These examinations aid in identifying the occurrence of microorganisms in the device
- Based on microbiology & sterility test type, sterility test and validation dominated the market with a revenue share of 45.6% in 2021
- The clinical segment led the market with a revenue share of over 68.8% during the estimation year
- Asia Pacific led the global market in 2021 and is projected to witness the fastest CAGR of 9.3% during the forecast years due to the low cost of outsourcing medical device testing services