Research Nester published a report titled “Medical Device Testing Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global medical device testing market in terms of market segmentation by services, technology, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global medical device testing market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of services, into testing, inspection, certification, and others. Out of these segments, the testing segment is estimated to gain the notable share in the market during the forecast period, owing to the stringent government regulations for the approval of medical devices. On the basis of application, the IVD segment is anticipated to hold a notable share over the forecast period, on account of need for these devices for detection of HIV hepatitis, infectious disease, blood glucose monitors, and others.
The global medical device testing market is anticipated to witness growth on the back of increasing global geriatric population, coupled with rising prevalence of lifestyle diseases. According to the World Bank, 9.318% of the total global population aged above 65 years, in 2020. Moreover, the increasing research activities for healthcare, and investment in testing of medical equipment are anticipated to promote the market growth.
On the basis of geographical analysis, the global medical device testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large geriatric population in the region. Further, improving healthcare facilities in the region is projected to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Geriatric Population to Boost the Market Growth
Due to degeneration of body in the old age, people above 60 years of age require more medical aid to lead a physically healthy life. Medical devices, such as, implants, are commonly consumed by the geriatric population. This is why, the increasing geriatric population across the world, is estimated to increase the demand for medical device testing.
However, strict regulations on the standard of medical devices is expected to operate as key restraint to the growth of global medical device testing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global medical device testing market which includes company profiling of SGS S.A., TUV Rheinland Group, Eurofins Scientific, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., GE Healthcare, Intertek Group PLC, and Thermo Fisher Scientific, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical device testing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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