Global medical device testing services market size is expected to reach USD 13.4 billion by the year 2025, according to a latest report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 11.5% during the forecast period. The global report has featured Gujarat - based Contract Research Organisation (CRO) Accuprec Research Labs Pvt. Ltd. as a Key Player in the Global Business Report. The CRO has maintained the position 2nd year also. Biocompatibility testing services deals with a set of guidelines and testing parameters used for evaluation of medical device or any compounds safety before coming to the market. The testing services ranges from initial screening of new materials to product release testing and non-clinical or pre-market safety evaluations.
The Global Biocompatibility Testing Services Market Report provides holistic information to the clients enhancing their basic leadership capacity identified with the worldwide Biocompatibility Testing Services Market business. Market Reports World is the Credible Source for Gaining the Market Reports. The key players covered in this study include Wickham Laboratories, North American Science Associates, Accuprec Research Labs, GLR Laboratories, Nelson Laboratories, Toxikon, Pacific BioLabs, BioComp Laboratories, Morulaa HealthTech & Geneva Laboratories.
The report mentions that, “Increasing spending in preclinical phase of medical devices coupled with growing trend of outsourcing the services is expected to drive the market growth. Increasing demand for in-vitro tests is also expected to drive the market as many CROs are developing novel in-vitro methods to replace the traditional methods that require animal testing. Significant advancement in the development and standardization of such novel test methods, particularly for sensitization, cytotoxicity, and irritation, is also likely to boost the market development.”
Dr. Manish Rachchh, Director (R & D) & CEO of Accuprec Research Labs Pvt. Ltd. said that, “There has been a significant rise in preclinical spending for both pharmaceutical and medical devices. This trend is expected to contribute to the market growth over the next few years. Stringent regulatory standards pertaining to user safety have also fueled the trend of outsourcing medical device testing services. Increasing demand for quality products is expected to further propel the demand by medical device companies, boosting the market growth. There has been a significant consolidation in the CRO space in recent years”.
Further key findings from the study suggest:
The biocompatibility testing segment is anticipated to expand at a CAGR of 11.3% from 2018 to 2025
In terms of service, chemistry test segment is expected to witness the fastest growth by 2025
In terms of development phase, preclinical testing held the largest market share as of 2017 and is expected to continue its dominance
Asia Pacific is expected to be the dominant regional medical device testing services market over the forecast period
Europe and North America held lucrative shares in 2017 owing to presence of well-established manufacturing infrastructure for high-end and complex medical devices