The global market for medical device analytical testing outsourcing is anticipated to reach USD 8.3 billion by 2025 expanding at a CAGR of 11.6% during the forecast period (2014 to 2025). This can be attributed to the growing trend of outsourcing analytical testing operations. A number of medical device manufacturers nowadays resort to outsourcing as an effective tool for minimizing overall costs. Outsourcing of analytical testing operations lowers expenditure, accelerates market entry, and reduces business risks.
Medical device companies focus greatly on increasing the convenience and health outcome of customers. Innovations in medical devices are based on certain key factors, such as cost, power consumption, reliability, and intricacy. Focus on technological advancements is anticipated to create growth opportunities for the global market during the forecast period.
The field of medical device manufacturing is highly complex and depends heavily on accuracy and reliability. Developed countries face pricing pressures, which is why most manufacturers in these markets aim at minimizing costs throughout the value chain. Developing regions, on the other hand, are brimming with prospects for further industry progress. Companies strive towards lowering costs of devices since the region is highly price sensitive.
In-depth research report on global medical device analytical testing outsourcing market - http://www.grandviewresearch.com/industry-analysis/medical-device-analytical-testing-outsourcing-market
Emergence of advanced tools such as artificial intelligence, personalized medicine, wearable devices, remote patient monitoring, and real-time patient monitoring is expected to play a crucial role in chronic disease management. Availability of innovative devices like service robots and surging demand for minimally invasive surgeries could bolster market growth in the years to come. However, price sensitivity may hamper industry demand across developing regions.
The worldwide medical device analytical testing outsourcing market is segmented on the basis of services and geographies. Services are further categorized into extractable and leachable, physical testing, sterility testing, material characterization, bioburden testing, and others. Material characterization services are expected to grow at a rate of nearly 12% during the forecast period. This segment held a share of 18.4% in 2015. “Others” includes accelerated stability testing, reprocessing, cleaning, container closure permeation, validation testing for packaging materials, method development & validation, biocompatibility, and transport stability.
Geographically, the industry is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). North America is expected to continue leading the market till 2025. This owes to it being a manufacturing hub for high-end, complex, and innovative medical devices. Asia-Pacific can observe lucrative growth due to major improvements in healthcare infrastructure in the region. China and India may witness investments from multinational companies. Key industry players are SGS SA; Eurofins Scientific; Toxikon, Inc.; WuXi AppTec.; and Intertek Group plc among others.
In January 2017, SGS SA expanded its domain for extractable and leachable testing services in New Jersey, U.S. The company has installed advanced equipment and has hired specialist analysts to identify & enumerate contaminants and impurities from devices and packaging. This may help their clients overcome analytical challenges. Such an innovative strategy may allow the company to remain competitive in the long run and thus generate a larger customer base.