Medical Device Analytical Test Outsourcing Market Growth and Trends The global Medical Device Analytical Test market size is expected to reach USD 10.
NEW YORK, June 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of “Medical Device Analytical Testing Outsourcing, Market Size, and Trend Analysis Report by Services, by Therapeutic Areas, by Device Type, by End-Use, by Region and Sector Outlook” , 2022 – 2030 “- https://www.reportlinker.com/p06288327/?utm_source=GNW
6 billion by 2030, registering a compound annual growth rate of 8.1% over the forecast period. Many medical device companies outsource their analytical testing processes to reduce business risks, speed up product market entry, and lower expenses. As a result of this surge in spending levels, medical device OEMs are rapidly turning to outsourcing as a cost-cutting method. Medical device testing remained flat into 2021. Testing requirements for medical device manufacturers (MDMs) reflected differences in the healthcare/medical market as it recovered from the COVID-19 slowdown.
In 2021, the need for treatment standards for the European Medical Device Regulations (MDR), as well as ever-increasing regulatory requirements in the field of E&L, formed a large part of the testing effort. And with the lack of external resources and labour, the ability of laboratories to expand capacity was limited.
Regulatory authorities focus on validating the test technology, especially data quality, including repeatability and reproducibility, and there is also a trend towards more deterministic testing methods.
This allows companies to have more statistically reliable data to determine if their products meet standards, for example, the medical device and test lab sector faces significant hurdles in adopting ISO 10993-18:2020 test regulations while still meeting FDA expectations.
The FDA required conservative techniques to be used to reduce potential areas of ambiguity or inaccuracy in E&L testing throughout 2021.
Highlights of the Medical Devices Analytical Testing Outsourcing Market Report
• The material characterization services sector accounted for the largest share of global revenue in 2021
• The Cardiology Therapeutic Area segment accounted for the largest share of revenue in 2021 due to the high demand for cardiovascular devices as a result of the increased prevalence of related conditions
• Reprocessed devices are expected to experience the fastest compound annual growth rate (CAGR) during the forecast period due to lower prices for these devices. Their cost is about 30-40% lower than new devices; Thus, the demand for these products is great in price-sensitive low- and middle-income countries
• Based on end use, the hospital segment accounted for the largest share of revenue in 2021 due to higher patient volumes and increased hospital management budget allocations for these surgeries
• Asia Pacific led the global market in 2021 and is expected to experience the fastest compound annual growth rate (CAGR) during the forecast period. This is due to the region’s large population base, low per capita income, and demand for accessible treatment solutions
Read the full report: https://www.reportlinker.com/p06288327/?utm_source=GNW
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