Medical Device Testing Services Market Analysis, Size, Growth, Share & Forecast to 2027 | Grand View Research Inc.
“Medical Device Testing Services Market Worth $14.6 Billion By 2027�
The global medical device testing services market size is expected to reach USD 14. 6 billion by 2027, according to a new report by Grand View Research, Inc., registering a 9.4% CAGR over the forecast period. Growing trend of clinical outsourcing is one of the major factors contributing to market growth. Recent advancements in the development of novel test methods for sterilization, irritation, and cytotoxicity are likely to propel the market during the forecast period. Significant rise in preclinical spending is a recent trend among pharmaceutical and medical device companies, which is expected to significantly contribute to market growth. As per a survey carried out by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, around USD 149.8 billion is spend on preclinical trials every year. With modern medical devices offering a host of complex functions, the need for appropriate tests to check the compliance of the device with regulatory requirements is becoming vital. In order to meet the requirement of enhanced accuracy, ease of use, and durability, medical devices need to undergo extensive tests. This is expected to deliver competitive advantage to manufacturers. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/medical-device-testingservices-market
Rising pressure to contain overall device development costs and avoid the risk of product recall is also compelling manufacturers to outsource testing activities to third-party entities. This trend is expected to contribute to market growth over the forecast period. Further key findings from the report suggest:
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