The surging demand for medical device testing and the increasing burden of chronic illnesses is stimulating the market demand.
The global Medical Devices Testing Services Market is expected to be valued at USD 14.25 Billion in 2027 from USD 7.20 Billion in 2019, registering a CAGR of 9.5% through the forecast period. The exponential growth of the market is majorly driven by the growing need for testing and regulations of medical devices. The soaring requirement of highly accurate and durable medical devices has boosted the adoption of these advanced testing services in major pharmaceutical and biotechnology companies. Key medical device producers are sub-contracting the testing solutions to third-party firms to minimize the escalating product recalls. This is in turn expected to bolster the growth of the market.
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Moreover, the emergence of stringent regulatory framework to make sure the medical devices are extremely safe, reliable, and accurate is projected to further add traction to the market growth. The growing requirement for in-vitro tests to efficiently screen and detect infectious diseases and keep track of the drug therapies and overall health of the patients is a significant factor bolstering the market’s growth.
Technological developments and the rising incorporation of artificial intelligence and the Internet of Things are further contributing to the market growth. The rising adoption of wearable devices is also projected to add to the market growth. Additionally, the increasing progress in medical device technology and the increased efficacy of the medical devices have enhanced patient care, thereby stimulating the market demand. However, the increasing prices of medical device testing services and the existence of complex reimbursement policies are expected to impede the market expansion in the projected timeframe.
Key Highlights from the Report:
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For the purpose of this report, Emergen Research has segmented the global Medical Devices Testing Services Market on the basis of phase, service, and region:
Phase Outlook (Revenue, USD Billion; 2017-2027)
Service Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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