Medical Device Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
The medical device testing market is expected to have steady growth during the forecast period 2020-2030. The increased demand for medical devices is on account of growing focus on health and wellness in developing countries. For many years, many developing countries have been focusing on increasing healthcare budget, and this has led to greater opportunities for medical device manufacturers as well as testing companies.
It is a mandatory for medical devices to gain mandatory approvals before they are launched commercially in the market. The USA follows FDA guidelines, India follows CDSCO and Europe considers CE approval. Testing and regulatory approval is a complex procedure and requires use of accurate testing equipment and skilled personnel. As governments around the globe put medical device approval under higher scrutiny, medical device testing companies are witnessing sustained momentum.
Medical devices are classified into 6 types:
Growing Scrutiny of Medical Device Testing
Technological development is acting as a guiding light for the market. Testing of medical devices is performed under various guidelines to ensure the device is performing remarkably. Its effectiveness, efficiency, etc. is checked as the end-user demands exceptional working of the product.
Companies are coming forward to invest in automation as automated medical testing is less time consuming. Also, vulnerability to human errors is also lower in automated testing.
Beneficial in Medical Device Compliance
Continuous medical device testing can help manufacturers in ensuring a seamless audit process. Detecting some errors at an early stage can help medical device manufacturers in understanding and rectifying glitches at an early stage. This can help manufacturers in saving investments in the long run.
Data Security Issue for Telemedicine
Increase in the handling of remote patient monitoring medical devices is an effortless target for hackers to hack the personal data and patient’s health data. Remote patient monitoring medical devices are connected with the internet to share data with their doctors. The data is private and confidential which can be leaked by these hackers. Details of patients such as medical questionnaires, driving licenses, passport copies can be leaked. These concerns continue to be a deterrent for medical device, as well as medical device testing industry.
Obstacles in Medical Device Development
Although the rules and standards are meant for verification of medical devices, these rules and regulations declared by the authorities can act as a barrier for local innovations. It can hamper the innovations by exposing them to complex licensing procedures. Also, in many countries, regulations regarding medical device compliance are lax, due to which focus on testing is low.
Development of Automation and IoT based systems
The automated medical devices can act as a boon for old patients and those who live in remote areas where the help cannot be reached easily. More developments and awareness regarding automation is needed in developing countries to make use of the technology.
Requirement of hiring lesser workers in the market place due to covid-19 is acting as a breakthrough for remote medical devices. The need for manufacturing of medical devices is also at an all-time high. Thus, the pharmaceutical market is leveraging the market growth, and the development of automation and smart system is expected to grow during the forecast period.
Medical Device market- Competitive Landscape
The key players in the medical device market include,
In June 2020, Intertek announced the inclusion of pre-certification testing of N95 respirators by expanding its personal protective equipment services according to the guidelines set by the National Institute of Occupational safety and health.
In October 2019, TUV SUD signed a memorandum of Understanding with the NUS Centre at the National University of Singapore for Addictive Manufacturing and to promote the research activities in 3D printed biomedical implants for clinical trials.
In May 2019, Intertek in Melbourne announced the expansion of its Pharmaceutical services laboratory to 20,000 sq. ft. doubling the size of previous laboratory.
In February 2019, Bureau Veritas and Microsoft, two giants in service providing announced the conclusion of a global technical and collaboration for laboratory services based on Artificial Intelligence.
Medical devices market- Regional Outlook
North America continues to be the largest market for medical devices. Due to the outstanding testing market and high number of companies that serve the medical device industry, the US market share is the highest. The efforts made by the companies regarding cost-cutting is a breakthrough in market growth.
Asia-Pacific is also a growing market. Growing adoption of new technologies and the research and development sector increase the market rate. Medical devices market in India has the potential to reach $50 bn by 2025. Around 65% of the manufacturers are domestic players catering with limited exports. There are almost 800 domestic manufacturers in India with an average investment of $2.3-2.7 million with an average turnover of almost $7 million.
Medical device market – Segmentation
What is the medical device testing market size?
The global medical device testing market is worth US$ 10 billion, and it is set to grow at a CAGR of nearly 6% through 2020
How has medical device testing market grown pre-COVID?
The medical device testing market has grown at a rate of nearly 5% between 2015-2020
Which is the largest market for medical device testing?
The adoption of medical device testing is directly related to the stringency in regulations and approval. Therefore, US, EU3, UK, Japan, and South Korea have traditionally been strong hubs of medical testing companies. However, as China, Brazil, South Africa, India, and South East Asia become hubs of medical tourism, adoption is growing briskly.
What has been the impact of COVID-19 on medical device testing?
COVID-19 has led to more focus on hygiene and safety standards. Although, currently, the focus is on vaccine distribution and inoculation, in the long-term the impact will be in favor of medical device manufacturers.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
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Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
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Which aspects will serve as game-changers for the market?
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Which factors will hinder the growth of the market?
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