Medical Device Analytical Testing Outsourcing Market Expected to Reach $7,956.99 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Device Analytical Testing Outsourcing Market," The medical device analytical testing outsourcing market size was valued at $4,744.84 million in 2021 and is estimated to reach $7,956.99 million by 2031, growing at a CAGR of 5.3% from 2022 to 2031. 

Medical device analytical testing outsourcing is a process used to verify and maintain the equipment's functionality and correctness. It is a method of medical device quality control where a manufacturer contracts with other businesses to evaluate its products. Outsourcing analyses can save money by eliminating the need of specialists or expensive equipment. The advantages of medical device analytical testing outsourcing services include faster analytical response, lower cost, and reliability. It has a variety of applications in the field of drug delivery, orthopedics, general & cosmetic surgery, dentistry, diabetic management, endoscopy, IVD, ophthalmology, and diagnostic imaging. The medical devices analytical testing conducted on several medical devices such as orthopedics devices, cardiovascular devices, and dental devices help to check its efficacy, accuracy, and performance. 

Factors that drive the growth of global medical device analytical testing outsourcing market include increase in demand for medical device analytical testing outsourcing in developed countries such as the U.S. and increase in need for diagnostic & clinical tests for several diseases. In addition, major players are investing in development and commercialization of medical device analytical testing outsourcing services to fuel the growth of medical device analytical testing outsourcing market share. Moreover, it is anticipated that there can be an increase in usage of medical devices in treatment of cardiovascular diseases, chronic conditions such as cancer & arthritis, thereby driving the growth of the medical device analytical testing outsourcing market share.

Over the past few years, there has been a significant rise in the elderly population in France, which in turn has increased the demand for cardiovascular ultrasound procedures as cardiovascular disease is more seen in geriatric patients. For instance, according to the data of Knoema, in 2020, population aged 65 years and above for France was 20.8%. Thus, rise in usage of cardiovascular ultrasound procedures increases the demand for medical device analytical testing. In addition, rise in prevalence of chronic diseases, increases the demand for cardiovascular medical devices, thereby contributing toward the growth of medical device analytical testing outsourcing market size. For instance, according to the UN Chronicle, by 2030, 56% of the global population is anticipated to be burdened with chronic diseases, accounting for about 70% of all deaths worldwide.

The COVID-19 outbreak is anticipated to have a negative impact on growth of the global medical device analytical testing outsourcing market. The lockdown caused a disruption in the supply of medical device, raw materials and finished products this had led to negatively impact on market growth. In addition, number of businesses shutting down their manufacturing and supply chain businesses this has also negatively impacted on market growth. Furthermore, delay in elective procedures on demand for medical devices may hinders the market growth. However, the situation is slowly stable after the pandemic and thereby, slowly stable the market growth.

The medical device analytical testing outsourcing market analysis on the basis of, service, end user and region. By service, the market is segmented physical testing, bioburden testing, sterility testing, and others. The others segment exhibited highest growth in 2021, and is expected to remain dominant during the forecast period, owing to rise in adoption of extractables and leachables, and biocompatibility testing for medical devices testing. In addition, rise in use of medical devices to treat the several disease also drive the growth of medical device analytical testing outsourcing market trends. However, the sterility testing segment is projected to register highest CAGR during the forecast period, owing to implementation in the severe government requirements this has led to rise in the adoption of sterility testing.

On the basis of end user, the market is segmented into medical device manufacturer and pharmaceutical companies. The medical device manufacturer segment exhibited highest growth in 2021, owing to increase in number of medical device manufacture companies led to rise in adoption of outsourcing analytical testing services.

North America accounted for the largest share of the global medical device analytical testing outsourcing industry in 2021, owing to presence of large patient population, strong presence of key players, ease of products availability, well developed healthcare infrastructure, favorable expenditure policies in healthcare system, higher number of research, development, & innovation activities, and higher adoption of advanced services.  In addition, strict government regulations regarding medical devices and its analytical testing have led to increase in the demand for analytical testing services thereby, contributing toward the growth of the market in the region. However, Asia-Pacific is expected to witness highest growth during the medical device analytical testing outsourcing market forecast period, owing to factors such as rise in investments in manufacturing of high-quality medical devices

KEY FINDINGS OF THE STUDY

• Based on service, the others segment held largest share in the global medical device analytical testing outsourcing industry in 2021. However, sterility testing segment is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of end user, the medical device manufacturer segment held largest market share in 2021.
• On the basis of region, North America held largest share in the global market in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.