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. Purchasing 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.

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.

Medical Device Testing Market
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Population above 65 Years of Age (% of Total Population), 2014-2020

Key Questions Answered in the Report

1) What are the major factors driving the growth of the medical device testing market?

Ans: The growing geriatric population is estimated to boost the market growth.

2) What would be the CAGR of medical device testing market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.

4) Which region will provide more business opportunities for growth of medical device testing market in future?

Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising technological advancement in the region.

5) Who are the major players dominating the medical device testing market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the medical device testing market?

Ans: The market is segmented by services, technology, application, end-user, and by region.

8) Which segment captures the largest market size in application segment in the medical device testing market?

Ans: The IVD segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Strict regulations on the standard of medical devices are estimated to hamper the market growth.

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