Medical Device Analytical Test Outsourcing Market Growth and Trends The global medical device analytical test outsourcing market size is expected to reach $10.
New York, June 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its report “Medical Device Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report By Services, By Therapeutic Areas, By Device Type, By End- usage, by region and segment forecasts, 2022 – 2030” – https://www.reportlinker.com/p06288327/?utm_source=GNW
6 billion by 2030, at a CAGR of 8.1% over the forecast period. Several medical device companies outsource analytical testing activities to mitigate business risk, accelerate product market entry, and lower costs. As a result of this significant increase in spending, Original Equipment Manufacturers (OEMs) of medical devices are rapidly switching to outsourcing as a cost-effective technique. Medical device testing remained consistent in 2021. The testing requirements of medical device manufacturers (MDMs) reflected variations in the medical/healthcare market as it recovered from the slowdown from COVID-19.
In 2021, a significant portion of the testing effort was responsible for the need for recovery standards for the European Medical Device Regulation (MDR), as well as the ever-increasing regulatory requirements in the field of Leachables & Extractables (E&L). and a lack of outside resources and labor, the ability of laboratories to expand capacity is limited.
Regulatory bodies focus on validation of test techniques, especially data quality, including repeatability and reproducibility. There is also a trend towards more deterministic testing methods.
This allows companies to obtain more statistically reliable data to determine whether their products meet the criteria. For example, the medical device industry and testing labs face significant hurdles in adopting ISO 10993-18:2020 E&L testing requirements while still meeting FDA expectations.
The FDA had requested the use of conservative techniques to reduce ambiguities or potential inaccuracies in E&L testing by 2021.
Highlights of the Medical Device Analysis Outsourcing Market Report:
• Material characterization services segment accounted for the majority of global revenue in 2021
• The Cardiology Therapeutic segment had the largest share of revenue in 2021 due to high demand for cardiovascular devices due to the increased prevalence of related conditions
• Reprocessed devices are expected to witness the fastest CAGR during the forecast period due to the low prices of these devices. They cost about 30 to 40% less than new devices; thus, the demand for such products is significant in price-sensitive low- and middle-income countries
• On an end-use basis, the hospital segment accounted for the largest share of revenue in 2021 due to high patient volume and increased hospital management budget allocation for these operations
• Asia-Pacific led the global market in 2021 and is expected to witness the fastest CAGR over 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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