Reportlinker.com has announced the release of the report “Medical Device Testing Market with COVID-19 impact, By Services, – Global Forecast to 2025.”
The medical device testing market was valued at USD 9.3 billion in 2020 and is projected to reach USD 11.8 billion by 2025; growing at a CAGR of 4.8% from 2020 to 2025. The medical device testing market is growing due to the increasing need of verification and validation for medical devices.
The in vitro diagnostic (IVD) medical device segment held the largest share of the medical device testing market in 2019, owing to the increasing demand for rapid testing kits and other diagnostics devices across regions. The active implant medical device segment is projected to witness the highest CAGR during the forecast period, owing to the implementation of stringent regulations to ensure that the implantable medical devices are fit for the human body.
The market for medical device testing is primarily driven by the continuously rising number of COVID-19 cases leading to the increasing number of ICU beds, which leads to the growing demand for COVID-19 priority medical devices. The market is also driven by factors such as the increased requirement for PPE kits and N95 masks globally and rising demand for ventilators for the effective management of critical COVID-19 patients.
The demand for in vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as market demand for rapid-test products and a sharp rise in the target patient population in a few countries. However, delays in non-urgent treatment and surgical procedures and the impact on supply chain and logistics due to lockdown are likely to restrain the growth of this market
Testing services are likely to hold the largest share of the medical device testing market, in terms of value, in 2025 and a similar trend is expected to continue until 2025
The medical device testing market for certification services is projected to grow at the highest CAGR during the forecast period. Certification services are required to check whether the medical devices and services have complied with the required standards and regulations.
The market for class II medical devices holds the largest share while Class III will grow at a higher CAGR during the forecast period
There has been a high surge in demand for class III devices since they include life-critical medical devices that are needed in treating COVID-19 patients; also these devices have to go through critical testing, inspection, and certification processes.
The report segments the medical device testing market and forecasts its size, service type, sourcing type, device class, technology and region (Asia Pacific, Europe, North America, and RoW).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the medical device testing market and covers qualitative aspects in addition to the quantitative aspects of these markets.
Read the full report at Report Linker.
This is an interesting article and probably true, but somewhat misleading. You state at the beginning of the article that there will be a 4.8% CARG over the next five years. We as readers have no way of knowing if this is an increase in the growth rate or a decrease in the growth rate. What we need to be able to do is compare this growth rate to the growth rate during a similar previous period of time. for example, what was the CARG from 2015 to 2020? if you are going to be stating statistics please try and make them useful.
I am assuming that 4.8% CARG is a good number for the next five years, but what we all really need to know and understand is the increased CARG of the current rate.