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.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report