Surge in demand for analytical testing services for medical devices such as physical testing, biocompatibility testing and sterility testing, from the medical devices & supplies sector is driving the growth of the global medical device analytical testing outsourcing market.
PORTLAND, Ore., January 25, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Medical Device Analytical Testing Outsourcing Market by service (physical testing, bioburden testing, sterility testing, and others), end user (medical device manufacturers and pharmaceutical companies), and region (North America, Europe, Asia-Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global medical devices analytical testing outsourcing industry has generated $4,744.8 million in 2021, and is estimated to reach $7,956.9 million from 2031, witness a CAGR of 5.3% from 2022 to 2031. The report provides a detailed analysis of changing market trends, emerging segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restrictions and opportunities:
Increasing prevalence of cardiovascular diseases, increasing technological advancements, and increasing geriatric population as the elderly population is at a higher risk of developing chronic diseases are driving the growth of the global medical device analytical testing outsourcing market. On the other hand, low manufacturing capacity in emerging countries and delayed approval of medical devices restrain growth to some extent. However, increasing promotional activities by manufacturers and increasing awareness of the importance of analytical testing for medical devices among individuals is expected to create lucrative opportunities in the industry.
Pandemic has led to significant disruptions and challenges in the market, resulting in delays and difficulties for manufacturers and testing laboratories. In addition, many companies faced financial difficulties and had to reduce their budgets, which led to a reduction in demand for analytical testing services.
However, as the global situation recovered, the market is now back on track.
The sterility test segment to rule out rust:
With the service, the other segment held the main share in 2021, collecting about half of the global medical device analytical testing outsourcing market revenue. Increasing demand for biocompatibility testing and material characterization for medical devices, acquisitions and expansion of key market players contribute to increasing sales of this segment, thereby driving segment growth.
The Medical Devices Manufacturers segment to maintain its dominance during the forecast period:
By end-user, the medical device manufacturers segment contributed the highest share in 2021, accounting for approximately three-fourths of the global medical device analytical testing outsourcing market revenue. The same segment would also represent the fastest CAGR of 5.7% during the forecast period. This is attributed to the increase in the number of medical device companies and the increase in technological advancements in medical devices.
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North America collected the main part in 2021:
By region, North America garnered the highest share in 2021, held nearly half of the global medical device analytical testing outsourcing market revenue in 2021, and is projected to retain its dominance through 2031. Health infrastructure, and awareness about the innovations in the health sector. On the other hand, Asia-Pacificwould show the fastest CAGR of 7.1% from 2022 to 2031, due to the investments of public and private market players in this area.
Leading market players:
Charles River Laboratories International, Inc.
Element material technology
Intetek Group plc
North American Science Associates, LLC
The history of The Smithers Group Inc.
The report analyzes these key players in the global medical device analytical testing outsourcing market. These players have adopted various strategies such as expansion, acquisitions, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments and product portfolios of each market player.
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