Medical Device Analytical Testing Outsourcing Market Will Reach USD 10,904.8 Million By 2030

The global medical device analytical testing outsourcing market is witnessing growth and is projected to reach USD 10,904.8 million by 2030. This growth of the industry can be credited to the increasing number of small-scale medicinal device makers, growing demand for medical device efficiency and safety authentication and validation, execution of severe government needs, and increasing fondness of key medical device manufacturers for outsourcing testing services. 

In recent years, the top revenue of USD 1,311.6 million was generated by outsourced cardiovascular device testing, and this value is projected to increase significantly during the forecast period.  

The increased demand for cardiovascular devices, due to the increasing prevalence of heart disorders, is leading to an increase in their outsourcing. As per a source, over 17 million individuals die of cardiovascular illnesses each year, and this count is projected to surge to 23.6 million by the end of 2030. 

Medical Device Analytical Testing Outsourcing Market

Additionally, CVDs are tremendously complicated, requiring treatment and diagnostic equipment that is as secure and easy to use as possible. This, coupled with a surge in patient counts, is boosting medical device companies to be involved with contract development and manufacturing establishments (CDMO), to surge making and outsource the analytical testing procedure. 

The reprocessed device category contributed the second-highest revenue share and the category is also projected to witness the fastest medical device analytical testing outsourcing industry development, at a CAGR of approximately 10%, during the projection period.  

Reprocessing is done to cut expenditures, but it often risks patient safety. However, the systematic research accepted by the FDA proposes to lessen long-term healthcare expenses and generate money savings in advanced nations, mainly the U.S. and those in Europe. 

In recent years, hospitals dominated the industry, responsible for over 84% global revenue share. This domination can be ascribed to the growing patient traffic at these amenities, and also the increasing hospital administration financial allocations for such services. 

In recent years, the APAC region led the industry contributing over 39% of the total revenue, because of the government's steps to advance the healthcare infrastructure. Furthermore, the growths in the Chinese and Indian economies are set to boost industry development.  

Moreover, because of the region's vast populace and low disposable income, there is a high demand for lucrative treatment options. Furthermore, multinational companies are keen to spend in these developing economies. 

Additionally, the Chinese government’s efforts to streamline the governing system for foreign investors, quicken the sanction process for innovative medical equipment, form contracts to lessen the tariffs on trade in high-tech devices, and relax the obtaining control on certain equipment have contributed to the nations closely double-digit medical device analytical testing outsourcing industry development, which is the uppermost in the region. 

SOURCE: P&S Intelligence