MEDICAL DEVICE TESTING AND CERTIFICATION MARKET ANALYSIS

Medical Device Testing and Certification Market, By Service Type (Testing Services, Inspection Services, and Certification Services), By Sourcing Type (In-house and Outsourced), By Device Class (Class I, Class II, and Class III), By Technology (Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-Vitro Diagnostic Medical Device, Ophthalmic Medical Device, Orthopedic and Dental Medical Device, Vascular Medical Device, and Other Technologies), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Apr 2023
Code : CMI5665
Pages :172
Formats :
Excel and PDF
Industry : Medical Devices

Medical Device Testing And Certification MarketSize and Trends

The global medical device testing and certification market was valued at US$ 9,687.7 Mn in 2022 and is forecast to reach a value of US$ 13,550.8 Mn by 2030 at a CAGR of 4.3% between 2023 and 2030. The medical device testing and certification market is experiencing strong growth due to the rise in focus on the medical device testing and certification and stringent government regulations. Moreover, the outbreak of COVID-19 and increase in usage of AI and IoT in medical devices is expected to boost the growth of the market. However, factors such as diversity in regulations and the outbreak of COVID-19 are expected to hamper growth of the market.

Global Medical Device Testing and Certification Market Trends:

Need for medical device testing/certification is a recent trend

Medical devices are regulated by various regulatory authorities across the globe. This is primarily because end users of these devices expect excellent performance, safety, and effectiveness from these devices. Therefore, it is imperative for manufacturers to properly implement a medical device testing strategy, which makes the device effective and eases the production process. This trend is expected to continue over the forecast period, driving the market growth.

Outsourcing of testing and certification is another trend

The demand for outsourcing testing services to third-party vendors is increasing with a rapid pace due to the capital-intensive nature of the in-house testing. Thus, several manufacturers worldwide or players are increasingly outsourcing testing services as stringent regulations make it costly to conduct in-house tests, and thereby helping these firms reduce the overall cost of the testing. This trend is also expected to continue over the forecast period, driving the market growth.