An increase in demand for medical device analytical testing services, such as physical testing, biocompatibility testing, and sterility testing, from the medical devices and supplies sector is driving the growth of the global medical device analytical testing outsourcing market.
PORTLAND, Ore., 25 January 2023 /PRNewswire/ — Allied Market Research released a report titled, “Medical device analytical test outsourcing market by service (physical testing, bioburden testing, sterility testing and others), end user (medical device manufacturer and pharmaceutical companies) and region (North America, Europe, Asia-Pacific regionand LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global analytical testing of medical equipment outsourcing industry generated $4,744.8 million in 2021, and is estimated to reach 7,956.9 million dollars in 2031, with a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, limitations and options:
Increase in the incidence of cardiovascular diseases, increase in technological advancements and increase in geriatric population as the elderly population has a higher risk of developing chronic diseases driving the growth of the global medical equipment outsourcing market for analytical testing. On the other hand, low production capacity in emerging countries and delayed approval of medical devices limit growth to some extent. However, an increase in the promotional activities of manufacturers and an increase in awareness about the importance of analytical testing for medical devices among individuals is expected to create lucrative opportunities in the industry.
The pandemic has led to significant disruptions and challenges in the market, resulting in delays and difficulties for manufacturers and testing laboratories. In addition, many companies have experienced financial difficulties and had to reduce their budgets, which has led to a reduction in the demand for analytical testing services.
But as the global situation has recovered, the market is now back on track.
The sterility testing segment to rule:
After service, the other segment held the main share in 2021, achieving about half of the global medical device analytical testing outsourcing market revenue. Increase in demand for biocompatibility testing and material characterization of medical devices, acquisitions and expansion by key market players contribute to increase in sales of this segment thus driving the segment growth.
The medical device manufacturers segment to maintain its dominance during the forecast period:
By end-user, the medical device manufacturer segment contributed the highest share in 2021, accounting for about three-quarters of the global medical device analytical testing outsourcing revenue. The same segment would also show the fastest CAGR of 5.7% during the forecast period. This is attributed to the increase in the number of companies in the field of medical devices and the increase in technological advancements in the field of medical devices.
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North America achieved the majority in 2021:
By region, North America achieved the highest share in 2021 with nearly half of the global medical device analytical testing outsourcing market revenue in 2021 and is expected to maintain its dominance in 2031. This was attributed to the presence of key players, increase in government initiatives, well-developed healthcare infrastructure and increasing awareness of innovations in the healthcare sector. On the other hand, Asia-Pacific regionwould exhibit the fastest CAGR of 7.1% from 2022 to 2031, due to the investments of the public and private market players in this area.
Leading market players:
Charles River Laboratories International, Inc.,
Element Material Technology
Intetek Group plc
North American Science Associates, LLC
Smithers Group Inc.
The report analyzes these key players in the global medical device analytical testing outsourcing market. These players have adopted various strategies such as expansion, acquisition and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments and product portfolios of each market player.
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