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HEALTHCARE & PHARMACEUTICAL

Medical Device Testing Market Segmentation by Services (Testing, Inspection, Certification, and Others); by Technology (Active Implant Medical Device, Active Device, Non-Active Device, In Vitro Diagnostic, and Others); by Application {Active Implant, In-vitro Diagnosis (IVD), Orthopedic & Dental, Ophthalmic, Vascular, and Others}; and by End-User (Hospital, Research Center, Homecare Clinics, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • December, 2021: Eurofins Scientific and Transgenic Inc. to acquire Genetic Lab Co., Ltd. To establish the network of clinical diagnostics laboratories in Asia.

  • June, 2020: Intertek to expand its business to personal protective equipment services, including respirator precertification testing after COCID-19.

Global Medical Device Testing Market Highlights over 2022 – 2031

The global medical device testing market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing need for medical devices for treatment, accompanied by the growing global patient pool. The increasing incidences of non-communicable and lifestyle diseases are anticipated to primarily drive the market growth. According to the data by the World Health Organization (WHO), 422 million people suffer from diabetes, and 1.5 million deaths occur due to diabetes each year. Moreover, 17.9 million deaths are caused due to cardiovascular diseases.

Medical Device Testing Market

Additionally, the increasing research activities, and investment in testing of medical equipment are anticipated to promote the market growth. Furthermore, medical devices are majorly used by the older population to aid physical activities. The growing geriatric population globally, is estimated to boost the market growth. According to the World Bank, 9.318% of the total global population aged above 65 years, in 2020, up from 8.223% in 2015, and this share is expected to further increase in the upcoming years.

Population above 65 Years of Age (% of Total Population), 2014-2020

The market is segmented by application into active implant, IVD, orthopedic & dental, ophthalmic, vascular, and others, out of which, the IVD segment is anticipated to hold a notable share in the global medical device testing market over the forecast period on account of increasing need for in-vitro diagnosis devices for detection of HIV hepatitis, infectious disease, and blood glucose monitors, among others. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Medical Device Testing Market Regional Synopsis

On the basis of geographical analysis, the global medical device testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large geriatric population in countries, such as, India and China. According to the data by the World Bank, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China. Moreover, improving healthcare facilities, along with the rising health awareness amongst the people, are projected to boost the market growth. 

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high investment in testing activities, along with increasing investment in R&D activities in the region.

Medical Device Testing Market Share

The global medical device testing market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global medical device testing market includes the following segments:

By Services

  • Testing
  • Inspection
  • Certification 
  • Others

By Technology

  • Active Implant Medical Device
  • Active Device
  • Non-Active Device
  • In Vitro Diagnostic
  • Others

By Application

  • Active Implant
  • In-vitro Diagnosis (IVD)
  • Orthopedic & Dental
  • Ophthalmic
  • Vascular 
  • Others

By End-User

  • Hospital
  • Research Center
  • Homecare Clinics
  • Others

Growth Drivers

  • Increasing Demand for Medical Devices
  • Growing Geriatric Population Globally

Challenges

  • High Initial Investment
  • Strict Regulations on Medical Devices’ Standards

Top Featured Companies Dominating the Market

  • Intertek Group PLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • SGS S.A.
  • TUV Rheinland Group
  • Eurofins Scientific
  • Cordant Health Solutions
  • Legacy Medical Services, LLC
  • Omega Laboratories, Inc.
  • GE Healthcare
  • Thermo Fisher Scientific, Inc.
  • Siemens AG

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