Medical Device Testing Services Market Competitive Landscape 2024-2033 – Major Players and Strategies

Overview and Scope Medical device testing services refer to the processes and procedures conducted to evaluate the safety, efficacy, reliability, and quality of medical devices. These services are crucial in ensuring that medical devices meet regulatory standards and requirements before they can be marketed and used for clinical purposes. Sizing and Forecast The medical device testing services market size has grown rapidly in recent years. It will grow from $8.35 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to industry consolidation, quality assurance requirements, focus on patient safety, globalization of medical device, increasing complexity of medical devices. The medical device testing services market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rapid growth in the medical device industry, emerging markets and regulatory changes, focus on personalized medicine, cybersecurity concerns, shift towards value-based healthcare. Major trends in the forecast period include sustainable testing practices, integration of regulatory consulting services, personalized medicine and testing, advancements in testing equipment and technologies, expansion of in vitro diagnostic (IVD) testing services. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/medical-device-testing-services-global-market-report Segmentation & Regional Insights The medical device testing services market covered in this report is segmented – 1) By Product: Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-Vitro Diagnostics Medical Device, Ophthalmic Medical Device, Orthopedic And Dental Medical Device, Vascular Medical Device, Other Products 2) By Service: Biocompatibility Tests, Chemistry Test, Microbiology And Sterility Test, Package Validation 3) By Phase: Preclinical, Clinical Asia-Pacific was the largest region in the medical device testing services market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=14136&type=smp Major Driver Impacting Market Growth The rising prevalence of chronic diseases is expected to propel the growth of the medical device testing services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, typically lasting for a year or more. This disease arises due to an aging population, unhealthy lifestyle choices, and environmental factors. Medical device testing services are used in the management of chronic diseases to support remote patient monitoring (RPM) and real-time detection of health changes, and these services ensures the safety, efficacy, reliability, and quality of devices, ultimately improving patient outcomes and quality of life. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library, the estimated number of individuals affected by at least one chronic disease is projected to nearly double, increasing by 99.5% from 71.522 million in 2020 to 142.66 million by the year 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the medical device testing services market. Key Industry Players Major companies operating in the medical device testing services market are Laboratory Corporation of America Holdings, Eurofins Scientific SE, SGS SA, Bureau Veritas SA, WuXiAppTec Group, Steris plc, Sartorius AG, Charles River Laboratories International Inc., Altran Corporation, TUV SUD AG, Element Minnetonka, Underwriters Laboratories LLC, Intertek Group Plc., QTS Analytical Limited, Pace Analytical Services LLC., Sterigenics International LLC, Nelson Laboratories LLC, Exova Group Limited, Mérieux NutriSciences Corporation, American Preclinical Services LLC, Toxikon Corporation, North American Science Associates Inc., Avomeen Analytical Services LLC, Element Materials Technology Group Limited, Sionic Advisors LLC, Medical Engineering Technologies Ltd. The medical device testing services market report table of contents includes: 1. Executive Summary 2. Medical Device Testing Services Market Characteristics 3. Medical Device Testing Services Market Trends And Strategies 4. Medical Device Testing Services Market - Macro Economic Scenario 5. Global Medical Device Testing Services Market Size and Growth . . . 32. Global Medical Devi