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.
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.
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
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.
The global medical device testing market is further classified on the basis of region as follows:
Our in-depth analysis of the global medical device testing market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing geriatric population is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising technological advancement in the region.
The major players in the market are SGS S.A., TUV Rheinland Group, Eurofins Scientific, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., GE Healthcare, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by services, technology, application, end-user, and by region.
The IVD segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Strict regulations on the standard of medical devices are estimated to hamper the market growth.
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