Medical Device Analytical Testing Outsourcing Market to Reach $7,956.9 Million Globally by 2031 at a CAGR of 5.3%: Allied Market Research

Rising demand for analytical testing services for medical devices such as physical testing, biocompatibility testing, and sterility testing from the medical devices and supplies industry is driving the growth of the global outsourcing market analytical testing of medical devices.

PORTLAND, Oregon., January 25, 2023 /PRNewswire/ — Allied Market Research has released a report titled, Medical Device Analytical Testing Outsourcing Market by service (physical testing, bioburden testing, sterility testing and others), end user (medical device manufacturer and pharmaceutical companies) and region (North America, Europe, Asia Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global medical device analytical testing outsourcing industry generated $4,744.8 million in 2021, and should reach $7,956.9 million by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chains, regional landscapes and competitive scenarios.

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Drivers, constraints and opportunities:

Increase in the prevalence of cardiovascular diseases, increase in technological advancement and increase in geriatric population as the elderly population is at higher risk of developing chronic diseases which is driving the growth of the global Medical Device Analytical Testing Outsourcing market. On the other hand, low manufacturing capacity in emerging countries and late approval of medical devices are holding back growth to some extent. However, increasing promotional activities by manufacturers and growing awareness among individuals about the importance of analytical testing for medical devices are expected to create lucrative opportunities in the industry.

Covid-19 scenario:

  • The pandemic has caused significant disruptions and challenges in the market, causing delays and difficulties for manufacturers and test labs. In addition, many companies have faced financial difficulties and had to reduce their budgets, which has led to a reduction in the demand for analytical testing services.

  • However, with the global situation having recovered, the market is now back on track.

The sterility testing segment to rule the roost:

By service, the others segment held the major share in 2021, generating around half of the global medical device analytical testing outsourcing market revenue. Rising demand for biocompatibility testing and material characterization for medical devices, acquisitions and expansion by major market players are helping to increase the sales of this segment, thereby driving the growth of the segment.

The Medical Device Manufacturers segment to maintain its dominance over the forecast period:

By end-user, the medical device manufacturers segment contributed the highest share in 2021, accounting for around three-quarters of the global medical device analytical testing outsourcing market revenue. The same segment would also exhibit the fastest CAGR of 5.7% during the forecast period. This is attributed to the increase in the number of medical device companies and the increase in technological advancements in medical devices.

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North America raised the bulk in 2021:

By region, North America garnered the highest share in 2021, holding almost half of the global medical device analytical testing outsourcing market revenue in 2021, and is expected to retain its dominance by 2031. This has been attributed to the presence of key players, increased government initiatives, well-developed healthcare infrastructure and increased awareness of innovations in the healthcare sector. On the other hand, Asia Pacificwould present the fastest CAGR of 7.1% from 2022 to 2031, thanks to the investments of public and private market players in this field.

Main market players:

  • Charles River Laboratories International, Inc.,

  • Element Material Technology

  • Eurofins Scientific

  • Intek Group plc

  • Analytical Rhythm

  • Medistri SA

  • North American Scientific Associates, LLC

  • SGS S.A.

  • The Smithers Group Inc.

  • WuXi AppTec

The report analyzes these key players in the global Medical Device Analytical Testing Outsourcing market. These players have adopted various strategies such as expansion, acquisitions and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of each market player.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. CEO of Allied Market Research Pawan Kumar is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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