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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 drives the growth of the global medical device analytical testing outsourcing market.
PORTLAND, Ore., Jan. 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 Manufacturer and Pharmaceutical Companies), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031' According to the report, the global medical device analytical testing outsourcing industry generated $4,744.8 million in 2021, and is estimated to reach $7,956.9 million by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities:
Rise in the prevalence of cardiovascular diseases, rise in technological advancements, and rise in geriatric population as the older population are at a higher risk of developing chronic diseases which drive 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 the growth to some extent. However, surge in promotional activities by manufacturers and rise in awareness about the importance of analytical testing for medical devices among individuals are expected to create lucrative opportunities in the industry.
Covid-19 scenario:
Pandemic has led to significant disruptions and challenges in the market, resulting in delays and difficulties for manufacturers and testing labs. In addition, many companies have faced financial difficulties and had to reduce their budgets, which has led to a reduction in demand for analytical testing services. However, as the global situation has recovered, the market has now got back on track.
The sterility testing segment to rule the roost:
By service, the others segment held the major share in 2021, garnering around half of the global medical device analytical testing outsourcing market revenue. Rise in demand for biocompatibility testing and material characterization for medical devices, acquisitions and expansion by key market players contribute toward increase in sales of this segment, thus driving the segment growth.
The medical device manufacturer segment to maintain its dominance during the forecast period:
By end user, the medical device manufacturer segment contributed to the highest share in 2021, accounting for around three-fourth of the global medical device analytical testing outsourcing market revenue. The same segment would also portray the fastest CAGR of 5.7% during the forecast period. This is attributed to rise in the number of medical devices companies and rise in technological advancements in medical devices.
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North America garnered the major share in 2021:
By region, North America garnered the highest share in 2021, holding nearly half of the global medical device analytical testing outsourcing market revenue in 2021, and is projected to retain its dominance by 2031. This was attributed to presence of key players, rise in government initiatives, well-developed healthcare infrastructure, and rising awareness about the innovations in healthcare sector. On the other hand, Asia-Pacific, would showcase the fastest CAGR of 7.1% from 2022 to 2031, owing
to the investments by the public and private market players in this field.
Leading Market Players:
Charles River Laboratories International, Inc., Element Materials Technology Eurofins Scientific Intetek Group plc Pace Analytical Medistri SA North American Science Associates, LLC SGS SA The Smithers Group Inc. WuXi AppTec
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 every market player.
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