” Medical Device Testing Market: Global Demand Analysis and Opportunity Outlook 2031″
which provides detailed overview of the global medical device testing market in terms of market segmentation by services, technology, application, end-user and by region.
Further, for the in-depth analysis, the report includes the industry growth indicators, restraints, supply and demand risk along with detailed discussions on current and future market trends associated with the growth of the market.
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The global medical device testing market is estimated to grow at a CAGR of ~6% over the forecast period i.e. 2022 – 2031. The market is segmented on the basis of services, into testing, inspection, certification and others. Out of these segments, the testing segment is estimated to gain the notable share of the market during the forecast period due to the stringent government regulations for approval of medical devices. On the basis of application, the IVD segment is expected to hold a notable share over the forecast period owing to the need for these devices for the detection of HIV hepatitis, infectious diseases, blood glucose meters, and others.
The global medical device testing market is expected to experience growth on the back of increasing global geriatric population, coupled with increasing prevalence of lifestyle diseases.
According to the World Bank, 9.318% of the total global population was over 65 years of age in 2020.
Moreover, the increasing healthcare research activities and investments in medical device testing are expected to fuel the market growth.
On the basis of geographic analysis, the global growth of medical device testing is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. The market in the Asia Pacific region is estimated to witness remarkable growth during the forecast period on the back of a large geriatric population in the region. Further, improvement in healthcare facilities in the region is expected to boost market growth.
The research is global in nature and covers detailed market analysis in North America (USA, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC) [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand , Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). Additionally, comprehensive analysis of market size, YOY growth & opportunity analysis, competitive study of market players, investment opportunities, demand for future prospects, etc. have also been covered and displayed in the research report.
Increased geriatric population to boost market growth
Due to degeneration of the body in old age, people over 60 need more medical help to live a physically healthy life. Medical devices such as implants are commonly consumed by the geriatric population. This is the reason why the increasing geriatric population worldwide is estimated to increase the demand for medical device testing.
However, stringent medical device standard regulations are expected to act as a key restraint to the growth of the global medical device testing market during the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global medical device testing market which includes company profiling of SGS SA, TUV Rheinland Group, Eurofins Scientific, Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc. ., GE Healthcare, Intertek Group PLC and Thermo Fisher Scientific, Inc. The profiling includes key information about the companies, which includes business overview, products and services, key financials and latest news and developments. Overall, the report depicts a detailed overview of the global medical device testing market that will help industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players looking for opportunities and other stakeholders to adapt their market-centric strategies accordingly the ongoing and expected trends in the future.
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