Medical Device Testing Market Insights | Key players: SGS, Bureau Veritas, Intertek, DEKRA
Medical Device Testing Market by Services (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Class (Class I, Class II, Class III), Technology (Active Implant, IVD, Orthopedic & Dental, Ophthalmic, Vascular)
Medical device testing market for testing services held the largest market share in 2016
Increasing regulatory focus on quality control for manufacturing operations, on additional safety, testing, and reporting measures requires advanced test equipment and instrumentation on-site in manufacturing facilities and laboratories. The accuracy of test results depend largely on the accuracy of test and measurement instruments, used for a particular test process. There is an increasing demand for TIC services in medical devices, owing to the growing demand for good quality and standard products across the industry.
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Medical device testing market for outsourced services is expected to grow at the highest CAGR during the forecast period
Many large firms are increasingly outsourcing medical device testing, inspection, and certification services, as stringent regulations drive the cost to conduct test in-house. As a result, outsourcing TIC services helps manufacturers reduce the overall cost of testing. Demand for outsourcing TIC services to third-party vendors is increasing for applications, such as consumer goods and manufacturing owing to the capital-intensive nature of in-house TIC activities.
Medical device testing market for IVD medical devices held the largest share in 2016
The marketplace witnesses rapid growth, driven by technological advancements, better diagnostic tools, improved treatment monitoring, and increased availability of over-the-counter tests. IVD adds significant value to the treatment process and medical diagnosis, which simultaneously increases the well-being of the public health.
North America accounted for the largest share of the medical device testing market in 2016
In North America, the US is the leading country in medical devices in terms of awareness among the users about the safety and security of medical devices. The federal government established medical devices regulating agencies, such as FDA.
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