SAN FRANCISCO, April 10, 2018 /PRNewswire/ --
The global medical device testing services market size is expected to reach USD 13.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.5% during the forecast period. Increasing spending in preclinical phase of medical devices coupled with growing outsourcing rate is anticipated to help the market gain significant traction.
Surging demand for in-vitro test is also projected to fuel demand for testing services as many CROs are developing novel in-vitro methods to replace traditional in-vivo methods, which require animal testing. Improvements in procedures for development and standardization of novel in vitro test methods, particularly for sensitization, cytotoxicity, and irritation, are also working in favor of the market.
There has been a significant increase in preclinical spending for both pharmaceutical and medical devices. This trend is estimated to contribute to the demand for testing services by medical device companies.
Stringent regulatory standards pertaining to user safety are supporting growing trend of outsourcing medical device testing services. Increasing demand for good quality products is poised to further trigger the demand for testing services by medical device companies. These companies are constantly trying to comply with stringent regulatory norms put forth by authorities across the globe.
A significant consolidation in the CRO space has been observed in recent years. For instance, in October 2017, Sterigenics International LLC acquired Toxikon Europe N.V., the European division of Toxikon Corporation, to strengthen its preclinical service portfolio for pharmaceutical and medical device companies.
Browse full research report with TOC on "Medical Device Testing Services Market Size, Share & Trends Analysis Report By Product (Microbiology & Sterility Testing, Chemistry, Biocompatibility), By Phase (Preclinical, Clinical), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/medical-device-testing-services-market
Further Key Findings From the Report Suggest:
- The global biocompatibility testing market is anticipated to reach USD 4.1 billion by 2025, at a CAGR of 11.3% from 2017 to 2025
- In terms of service, the chemistry test segment is likely to show the fastest growth during the forecast period
- In terms of development phase, preclinical testing held the largest market share in 2016. The segment will continue to dominate the market throughout the forecast period, accounting for about two third of the overall revenue by 2025.
- Asia Pacific is expected to dominate the medical device testing service market during the forecast period. The regional market will post a CAGR of over 12.0% during the same period. Europe and North America held remarkable cumulative share in 2016 owing to well established manufacturing infrastructure for high end and complex medical devices
- The market is partially consolidated and competitive in nature. Some of the key companies present in the market are Toxikon, Inc.; SGS SA; Eurofins Scientific, LLC; Intertek Group plc; WuXi AppTec, Pace Analytical Services, NORTH AMERICAN SCIENCE ASSOCIATES INC.; Sterigenics International LLC; Charles River Laboratories International Inc.; American Preclinical Services; and Medical Device Testing Services.
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Grand View Research has segmented the global medical device testing services market report on the basis of service, phase, and region:
- Medical Device Testing Services Service Outlook (Revenue, USD Million, 2014 - 2025)
- Biocompatibility Tests
- Chemistry Test
- Microbiology & Sterility Testing
- Bioburden Determination
- Pyrogen & Endotoxin testing
- Sterility Test & Validation
- Antimicrobial Activity Testing
- Package Validation
- Medical Device Testing Services Phase Outlook (Revenue, USD Million, 2014 - 2025)
- Medical Device Testing Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
- North America
Read Our Blog By Grand View Research: https://www.grandviewresearch.com/blogs/healthcare
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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