According to the latest report published by Credence Research, Inc. “Medical Device Analytical Testing Services Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global medical device analytical testing services market was valued at US$ 2,869.3 Mn in 2016, and is expected to reach US$ 7,831.9 Mn by 2025, expanding at a CAGR of 11.7% from 2017 to 2025.
As the latest medical devices are becoming more complex in nature, the need for appropriate and prompt testing to check compliance with the regulatory requirements is becoming more prominent. Introduction of combination devices, personalized medicine, remote and continuous patient monitoring has further urged the need for precise testing of medical devices. To meet the requirement of enhanced accuracy, ease of use and durability, medical devices are needed to undergo extensive testing and examinations thus delivering competitive advantage to device manufacturers. Growing pressure to contain overall device development costs and avoid the risk of device recalls, manufacturers are increasingly outsourcing testing activities to third party entities.
Browse the full report Medical Device Analytical Testing Services Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 at http://www.credenceresearch.com/report/medical-device-analytical-testing-services-market
Products such as implantable medical device and drug-device combination solutions are being increasingly adopted worldwide to improve overall health and wellbeing. Manufacturers of such devices are required to focus on core competencies such as innovation and therefore outsource other activities to contract service providers. Among the various medical device testing services, material characterization services capture almost 20% of the global market in 2016 and is expected to retain its dominance through the forecast period. Other tests such as biological indicator testing, endotoxin testing, elemental metal testing, ethylene oxide testing, and validation for packaging materials, etc. are anticipated to undergo the fastest demand during the forecast period. Techniques such as gas and ion chromatography, HPLC, optical emission chromatography, etc. are frequently used for testing medical devices.
Geographically, North America, and particularly the U.S. is the largest market for medical device analytical testing services. Domicile of a huge section of medical device companies and corresponding service providers and being the pioneer in introducing the most complex and novel devices makes the region the market leader. In addition, commercialization and manufacturing of medical devices is the highest in the region, thereby necessitating the companies to outsource their testing activities to third party service providers in order to ensure optimum product safety and fewer recalls.
Additionally, Asia Pacific is anticipated to be the fastest progressing regional market for medical device analytical testing services. Asia Pacific is the hub for healthcare outsourcing and newer players are being perpetually added to the current list. Improvement in healthcare infrastructure, emergence of new medical device manufacturers, and growing government support for such initiatives. Existence of huge patient base looking for affordable treatment options further augments the opportunities in the region.
Expansion of service portfolio is the major focus area of the market players. In order to achieve this, the market players are intensifying their activities by acquiring new, and small players with unique service offering. The major players in the global medical device analytical testing services market include but are not limited to Avomeen Analytical Services, Charles River Laboratories International, Inc., EAG, Inc., Envigo, Eurofins Scientific, Intertek Group plc, IMR Test Labs, Medical Device Testing Services, North American Science Associates, Inc., NSF International, Pace Analytical Services LLC., SGS SA, Toxikon, Inc., Wuxi AppTec and others.
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
Who we are
Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.
Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa.
Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.
What we do
We serve customers at each level of their organization, in whatever limit we can be most helpful, whether as a trusted counsel to top management or as a hands-on mentor for forefront representatives. For each engagement, we collect a group with the most suitable experience and ability.
No matter the challenge, we concentrate on delivering functional and persevering results and preparing our customers to develop and lead. We join forces with customers to place suggestions into practice. Our research specialist works straightforwardly with customers over long stretches to create workforce aptitudes, drive operational change, and apply new working strategies.
Name: Chris Smith
Designation: Global Sales Manager