Medical Device Testing Services Market Worth Observing Growth | Eurofins Scientific, DEKRA, WuXi AppTec sandiegosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegosun.com Daily Mail and Mail on Sunday newspapers.
to reach USD 227.1 billion by 2028 registering a CAGR of
11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.
Key suggestions from the report:
The contract manufacturing segment led the market in 2020 with a revenue share of 55.4% and will retain its position throughout the forecast period
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“The major players operating in this market are Thermo Fisher Scientific, Inc. (US), Charles River Laboratories International, Inc. (US), Lonza Group Ltd. (Switzerland), Merck KGaA (Germany), Roche Diagnostics (Switzerland), American Type Culture Collection (US), Bionique Testing Laboratories, Inc. (US), InvivoGen (US).”
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The U.S. pharmaceutical analytical testing outsourcing market size is expected to reach USD 5.55 billion by 2027. It is expected to expand at a CAGR of 8.3% from 2020 to 2027.
The market is mainly driven by an increasing number of clinical trial registrations, innovations in the medical industry, and the entry of new players in the market. Moreover, increasing R&D investment, growing demand for biopharmaceutical products, and rising focus on regulation, safety, and quality are some of the major factors responsible for the growth of the market.
The increasing development of the pharmaceutical analytical testing services market has fascinated many new players in the industry, leading to growing competition for well established, standalone service providers. The rapid increase in the manufacturing of medications to meet the rising demand for efficient healthcare in the U.S. is projected to be one of the maj