Medical Device Analytical Testing Outsourcing Market Size Projected to reach US$ 16.7 Bn by 2032, Says TMR

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Dec 13, 2022, 09:09 ET

Medical device outsourcing market is expected to expand as global trade in ICT goods and services is witnessing immense growth
Inclination for outsourced advanced manufacturing solutions in the highly competitive medical device sector, creates revenue generation opportunities in the global medical device analytical testing outsourcing market

WILMINGTON, Del., Dec. 13, 2022 /PRNewswire/ -- According to the industry analysis of medical device analytical testing outsourcing conducted by Transparency Market Research, the said market is estimated to expand at a CAGR of 11.2% during the forecast period of 2022- 2032.

Regular maintenance and quality checks are required by leading companies to maintain precision and accuracy. Furthermore, to ensure the quality and performance of the equipment, outsourcing quality testing is a viable option. Thus, the medical device analytical testing outsourcing market is projected to witness new growth avenues.

Medical electronics outsourcing accounts for approximately 4% of the global electronics outsourcing sector. The expansion of global ICT goods and services trade has led to the voluminous growth of the medical device analytical testing outsourcing market.

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Medical Device Analytical Testing Outsourcing Market: Growth Drivers

The absence of an appropriate setup to conduct each test thoroughly is one of many factors for outsourcing. Utilizing outsourced advanced manufacturing solutions has become a widely accepted business strategy in the medical device industry. This will create unprecedented growth opportunities for the medical device analytical testing outsourcing market.
Equipment needs to go through accelerated testing to meet the requirements to receive marketing approvals and a competitive advantage. Understanding The Analytical Evaluation Threshold (AET) is essential because according to the mandates of the analytical report AET has to be followed. Reworking, can be avoided when work is outsourced to third parties, as the medical instrument manufacturers' lack the understanding of these tests. These advantages associated with the medical device analytical testing outsourcing will propel the market growth.

Key Findings of Medical Device Analytical Testing Outsourcing Market

Implantable medical devices, also known as IMDs, are gaining popularity as a reliable method of assisting patients in achieving better health outcomes. The dependability, complexity, power consumption, and cost of an IMD are taken into consideration while structuring its design. The relentless research and development activities to develop innovative and efficient products has opened new doors of opportunities for the medical device analytical testing outsourcing market.
The medical device analytical testing outsourcing market share is anticipated to be dominated by the cardiology segment. It is prognosticated to grow at a CAGR of over 12.8% between 2022 and 2032. The rising prevalence of cardio vascular diseases has led to escalating demand for coronary stent, valve, angioplasty balloon catheters, endovascular graft, and others that vastly improve the quality of life for millions of people. Concurrently, the developments such as innovative image-guided treatment system for the cure of structural heart disease have up scaled the medical device analytical testing outsourcing market dynamics
The service offering the highest revenue and a CAGR of roughly 12.5% was medical device analytical testing outsourcing material characterization. Since X-ray Diffraction (XRD) provides information on the structure, as well as other structural parameters which helps in identifying the defects accurately. Future industry demand of medical device analytical testing outsourcing is extrapolated to grow owing to the pressing demand for such services across the globe.

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Medical Device Analytical Testing Outsourcing Market: Regional Analysis

Asia Pacific dominated the medical device analytical testing outsourcing market. Companies in Asia-Pacific are engaging in acquisitions, and are thus equipped to provide clinical services to their biotechnology clients, which may augment the market growth.
North America is also expected to be a large market for outsourcing medical device analytical testing due to rise in number of manufacturing centers for extremely reliable and high-end medical devices.

Medical Device Analytical Testing Outsourcing Market: Key Players

The key players operating in the global market are:

The Smithers Group, Inc.,
Kappes, Cassiday & Associates (KCA) COMPANY
Royal Philips
Thermo Fisher Scientific
North American Science Associates Inc.
WuXi AppTec.
Eurofins Scientific
Pace Analytical Services, LLC

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Market Segments Covered in Medical Device Analytical Testing Outsourcing Market Analysis

By Device Type

Reprocessed Devices
Hospital
SNP Analysis
Mutational Analysis
Microarray Analysis
RNA Interference
Others
Other Device Types

By Service

Extractable and Leachable
Material Characterization
Physical Testing
Bioburden Testing
Sterility Testing
Other Services

By Therapeutic Areas

Cardiology
Diagnostic Imaging
Orthopedic
IVD
Ophthalmic
General & Plastic Surgery
Drug Delivery
Endoscopy
Dental
Diabetes Care
Other Therapeutic Areas

By End-use

Hospital
Other End-uses

By Region

North America
Latin America
Europe
APAC
MEA

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