Market Definition
Outsourcing analytical testing for medical devices aids in monitoring and maintaining the performance, accuracy, and precision of the equipment. As part of the quality control process, a medical device manufacturer outsources medical device testing. This testing comprises a thorough examination, inspection, and evaluation of the item to ensure that it functions effectively and is appropriate for practical use. Physical testing, bioburden testing, extractable & leachable testing, and other types of analytical testing for medical devices are utilized for cardiovascular devices, orthopedic devices, and many other types of equipment.
Market Outlook
The global Medical Device Analytical Testing Outsourcing Market was valued at US$ 5.6 billion in 2022 and it is anticipated to grow up to US$ 12.8 billion by 2032, at a CAGR of 7.9% during the forecast period.
The increased use of acquisition methods by various important companies across the world to develop their businesses is expected to favorably impact market growth. Pace Analytical Services, a branch of Pace Science and Technology Company, for example, approved the acquisition of Specified Testing Laboratories, LLC in March 2022. Pace clients in New York and nearby states now have more options for analytical and environmental testing services as a result of this transaction.
Additionally, the need for medical device analytical testing outsourcing is not only seen in developed nations, but also in developing countries such as China, Brazil, and India, which fuels the market’s growth. The accessibility of professional outsourcing organizations that satisfy regulatory standards, as well as the rise in demand for cosmetic operations, which necessitate the use of medical devices, are the drivers driving market expansion.. These drivers are likely to propel market expansion.
However, outsourcing lowers the costs of such procedures, which is expected to boost market growth. The Medical Device Analytical Testing Outsourcing Market has its downsides. The main disadvantage of medical device analytical testing outsourcing is that it takes place in third-world nations, which may still be price-sensitive for medical device analytical testing, resulting in a major hindrance to the medical device analytical testing outsourcing sector.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Medical Device Analytical Testing Outsourcing Market based on type of medical device, service providers, end users, and region.
Global Medical Device Analytical Testing Outsourcing Market by Type of Medical Device
By type of medical device, the market is divided into class I devices, class II devices, class III devices. The class 1 devices is expected to dominate the market during the forecast period.
Global Medical Device Analytical Testing Outsourcing Market by Service Providers
By service providers, the market is classified into contract research organizations (CROs), testing laboratories, academic and research institutions. The CRO segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period
Global Medical Device Analytical Testing Outsourcing Market by End-User
Based on end-user, the Medical Device Analytical Testing Outsourcing Market is segmented into medical device manufacturers, biotechnology companies, pharmaceutical companies, government regulatory agencies, and others (e.g., hospitals and clinics). In 2022, the biotech companies segment dominated the market in terms of revenue and is expected to remain the same during the upcoming years.
Geographical Analysis of Global Medical Device Analytical Testing Outsourcing Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific has the biggest market share in terms of Medical Device Analytical Testing Outsourcing Market value followed by North America. The presence of many key competitors in the area, including Pace Analytical, North American Science Associates, LLC, Charles River Laboratories International, Inc., and The Smithers Group Inc., as well as advancements in technology for medical device analytical testing, support the market’s growth. Furthermore, well-established healthcare infrastructure, high purchasing power for medical devices, and an increase in the development of modern technology devices such as surgical microscopes, surgical robots, neurological devices, and ophthalmic surgical devices are required for analytical testing, which is expected to drive market growth. Furthermore, the main competitors in this region’s acquisitions and integration drive market expansion. Pace Life Sciences, LLC, a full-service contract development and manufacturing organization (CDMO) and branch of Pace Science and Technology Company announced the acquisition of Meridian BioGroup (Meridian) in August 2022. This purchase will assist them in developing and maintaining regulatory-compliant biopharmaceutical operations and quality management systems.
Major Players
The key players studied in the global Medical Device Analytical Testing Outsourcing Market are Eurofins Scientific (Luxembourg), Nelson Laboratories (United States), Toxikon Corporation (United States), SGS SA (Switzerland), WuXi AppTec (China), Charles River Laboratories (United States), Intertek Group (United Kingdom), Pace Analytical Services (United States), Avomeen Analytical Services (United States), and North American Science Associates, Inc. (NAMSA) (United States).
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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