Medical Device Testing Market to Grow at 6.18% CAGR to 2023 | ReportsnReports

PUNE, India, December 13, 2017 /PRNewswire/ --

Medical Device Testing Market is forecast to reach $12.26 billion by 2023 from $8.56 billion in 2017 at a CAGR of 6.18% during (2017-2023) driven by the increasing need of validation and verification (V&V) for medical device, and imposition of rigorous government regulations and standards across medical devices; while the certification services market expected to grow at the highest CAGR.

Browse 67 Market Data Tables and 59 Figures spread through 186 Pages and in-depth TOC on "Medical Device Testing Market by Services (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Class (Class I, Class II, Class III), Technology (Active Implant, IVD, Orthopedic & Dental, Ophthalmic, Vascular) - Global Forecast to 2023" http://www.reportsnreports.com/reports/1253848-medical-device-testing-market-by-services-testing-inspection-certification-sourcing-in-house-outsourced-class-class-i-class-ii-class-iii-technology-active-implant-ivd-orthopedic-dental-ophthalmic-st-to-2023.html .

The major players profiled in the medical device testing market report include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), BSI (UK), UL (US) and ASTM (US).

The medical device testing market for certification services expected to grow at the highest CAGR during the forecast period. There has been an increasing demand for certification services, owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware about their credibility than before and certifications demonstrate the compliance of their medical device with specific standards and improve its marketability.

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APAC is expected to be the fastest-growing market for medical device testing, inspection, and certification services during the forecast period. Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. The markets in APAC are growing rapidly, owing to the rising per capita income among the middle class.

The Medical Device Testing Market for active implant medical device to grow at the highest CAGR during the forecast period. Implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body is increasing. These devices are prone to risks. Hence, they are subjected to rigorous regulatory controls, both pre- and post-marketing.

The medical device testing market for in-house sourcing type accounted for the largest share in 2016. Manufacturers and organizations had to adhere to limited standards and regulations in the past; hence, it was possible for companies to build their in-house testing and inspection capabilities. In the recent years, the standards pertaining to human/user safety have increased and become mandatory for medical devices. However, this trend is shifting to the increase in outsourcing TIC services to specialized third-party service providers as they help reduce manufacturers' operational expenditure.

Order a copy of "Medical Device Testing Market by Services (Testing, Inspection, Certification), Sourcing (In-house, Outsourced), Class (Class I, Class II, Class III), Technology (Active Implant, IVD, Orthopedic & Dental, Ophthalmic, Vascular) - Global Forecast to 2023" research report at http://www.reportsnreports.com/purchase.aspx?name=1253848 .

The study segments the medical device testing market report into service type (testing services, inspection services, certification services, and others) and sourcing type (in-house and outsourced). The study also covers device class (class I, class II, class III), technologies (active implant, active, non-active, IVD, ophthalmic, orthopedic and dental, vascular, and others), and provides the geographic forecast of the market size for various segments with regard to 4 main regions-North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

The medical device testing market for IVD medical devices held the largest share in 2016. Breakdown of profile of primary participants:

• By Company: Tier 1 - 52 %, Tier 2 - 14%, and Tier 3 - 34%
• By Designation: C-Level Executives - 49%, Directors - 28%, and Others - 23%
• By Region: North America - 42%, Europe - 32%, APAC - 21%, and RoW - 5%

Another research titled Aerospace & Life Sciences Testing, Inspection, and Certification Market Global Forecast to 2023 says, the aerospace & life sciences Testing, Inspection, and Certification (TIC) market is estimated to be $30.45 billion in 2017 and is expected to be worth $41.60 billion by 2023, at a CAGR of 5.34% between 2017 and 2023. Aerospace & life sciences TIC market for certification services expected to grow at the highest CAGR during the forecast period. Aerospace & life sciences TIC market for in-house sourcing type accounted for the largest share in 2016. Aerospace & life sciences TIC market for medical & life sciences application to grow at the highest CAGR during the forecast period. APAC is expected to be the fastest-growing market for aerospace & life sciences TIC during the forecast period. Companies such as SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), TÜV SÜD (Germany), DNV GL (Norway), TÜV Rheinland (Germany), Applus (Spain), ALS (Australia), TÜV Nord (Germany), MISTRAS(US), Element Materials Technology (UK), UL (US) have been profiled in this 154 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=344583 .

Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .

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