Increasing demand for medical device analytical testing services such as physical testing, biocompatibility testing, and sterility testing from the medical devices and accessories sector is driving the growth of the global medical device analytical testing outsourcing market.
PORTLAND, Ore., January 25, 2023 /PRNewswire/ — The Allied Market Research Group released 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, in Europe, in the Asia Pacific regionand LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031. According to the report, the global medical device analytical testing outsourcing industry generated 4744.8 million US dollars in 2021 and is estimated to reach 7956.9 million US dollars to 2031 CAGR of 5.3% from 2022 to 2031. The report offers detailed analysis of evolving market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Limitations and Options:
Increase in the prevalence of cardiovascular diseases, increase in technological advancements, and increase in the aging population as the elderly population is more at 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 developing countries and delayed approval of medical devices are limiting growth to some extent. However, rise in promotional activities by manufacturers and people’s awareness of the importance of analytical testing for medical devices are expected to create lucrative opportunities in this industry.
The pandemic has caused significant disruptions and problems in the market, resulting in delays and difficulties for manufacturers and testing laboratories. In addition, many companies have faced financial difficulties and had to reduce their budgets, resulting in a decrease in the demand for analytical testing services.
However, with the global situation recovering, the market is now back on track.
Sterility testing segment to manage the home:
In terms of services, in 2021, the majority belonged to the others segment, accounting for approximately half of the global medical device analytical test outsourcing market revenue. Increasing demand for biocompatibility testing and material characterization of medical devices, acquisitions and expansion of key market players are driving the increase in sales of this segment, thereby fueling the growth of the segment.
Medical device manufacturers segment to maintain its dominance during the forecast period:
By end-user, the medical device manufacturers segment accounted for the largest share in 2021, accounting for approximately three-quarters of the global medical device analytical testing outsourcing market revenue. The same segment would also reflect the fastest CAGR of 5.7% during the forecast period. This is due to the increase in the number of medical device companies and the increase in technological advances in medical devices.
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North America In 2021, the majority was won by:
By region, North America gained the largest share in 2021, holding nearly half of the global medical device analytical testing outsourcing market revenue in 2021 and is projected to maintain its dominant position until 2031. This was due to the presence of key players, increased government initiatives, well-developed healthcare infrastructure and increased awareness of innovations in the healthcare sector. On the other hand, in the Asia Pacific regionwould show the fastest CAGR of 7.1% from 2022 to 2031, driven by investments in the sector by public and private market players.
Leading Market Players:
Charles River Laboratories International, Inc.,
Elemental material technology
Intelek Group plc
North American Science Associates, LLC
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, acquisition and others to increase their market penetration and strengthen their positions in the industry. The report is useful in determining the business performance, operating segments, development and product portfolios of each market player.
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