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Medical Device Testing Services Market worth $13.4 Billion by 2025
December 14, 2018 | Grand View Research, Inc.Estimated reading time: 1 minute
The global medical device testing services market size is expected to reach $13.4 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 11.5% during the forecast period. Increasing spending in preclinical phase of medical devices coupled with growing trend of outsourcing the services is expected to drive the market growth.
Increasing demand for in-vitro tests is also expected to drive the market as many CROs are developing novel in-vitro methods to replace the traditional methods that require animal testing. Significant advancement in the development and standardization of such novel test methods, particularly for sensitization, cytotoxicity, and irritation, is also likely to boost the market development. There has been a significant rise in preclinical spending for both pharmaceutical and medical devices.
This trend is expected to contribute to the market growth over the next few years. Stringent regulatory standards pertaining to user safety have also fueled the trend of outsourcing medical device testing services. Increasing demand for quality products is expected to further propel the demand by medical device companies, boosting the market growth. There has been a significant consolidation in the CRO space in recent years.
For instance, in October 2017, Sterigenics International LLC acquired Toxikon Europe N.V., the European division of Toxikon Corp., to strengthen its preclinical service portfolio for pharmaceutical and medical device companies.
Further key findings from the study suggest:
- The biocompatibility testing segment is anticipated to expand at a CAGR of 11.3% from 2018 to 2025
- In terms of service, chemistry test segment is expected to witness the fastest growth by 2025
- In terms of development phase, preclinical testing held the largest market share as of 2017 and is expected to continue its dominance
- Asia Pacific is expected to be the dominant regional medical device testing services market over the forecast period
- Europe and North America held lucrative shares in 2017 owing to presence of well-established manufacturing infrastructure for high-end and complex medical devices
- Key companies are Toxikon, Inc.; SGS SA; Eurofins Scientific; LLC; Intertek Group PLC; WuXi AppTec Group; Pace Analytical Services, LLC; North American Science Associates, Inc.; Sterigenics International LLC; Charles River Laboratories International, Inc.; American Preclinical Services LLC; and Medical Device Testing Services
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