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(Medical-NewsWire.com, November 01, 2022 ) According to Precision Business Insights (PBI) latest report, the global medical device testing services market size was valued at USD 9.75 billion in 2021, growing at a CAGR of 4.8% during the forecast period 2022-28. Medical device testing is the process of examining the quality of medical equipment like defibrillators and MRI machines. In medical device testing, both hardware and software components are examined. The testing for medical devices includes R&D testing, factory testing, and certificate testing. Testing involves both hardware and software verification and validation. The need for medical device verification and validation is growing, and the market for medical device testing is expanding as a result of strict government laws and standards that apply to all medical devices and medical device technology.
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Medical Device Testing Services Market Growth Factors:
In the healthcare sector, verification and validation techniques are widely and extensively used. In general, validation determines whether a product has been used for its intended purpose and, as a result, whether usability standards have been met. Verification, on the other hand, determines whether a product has been developed to the given requirements. Design, production, and software verification and validation are the most typical methods of verification and validation for medical devices. Additionally, the size and complexity of medical gadgets are increasing, and they occasionally make use of sophisticated, manufactured plastics. This increases the significance of validation and verification (V&V). Better repeatability, fewer errors, less need for rework and redesign, quicker time to market, increased competitiveness, as well as lower production costs are the end results.
Medical Device Testing Services Market Segmentation
The global Medical Device Testing Services Market on the basis of services, the market is segregated Inspection Services, Testing Services, Certification Services, and Others. On the basis of technology, the market is categorized into In-vitro Diagnostics, Ophthalmic Devices, Active Implantable Devices, Non-Active Medical Devices, and Vascular Medical
Medical Device Testing Services Market Trends
• Accurate and speedy disease diagnosis results are made possible by improvements in medical device technology, and technology-based therapy instruments for disease treatment are now more readily available and more reasonably priced.
• Facilities for medical research are supported by numerous governmental organizations and healthcare organizations. The main goal of this funding is to support advancements in global healthcare. Therefore, rising innovation and technical improvement will promote the expansion of medical device testing during the expected era and is also considered as the major market trend for medical device testing.
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Medical Device Testing Services Market Regional Analysis
The increasing elderly population in nations like China and India is expected to support the market's notable expansion throughout the forecast period in the Asia Pacific region. In 2021, the population over 65 in India surpassed 91,713,956 while it surpassed 165,818,557 in China, according to data from the World Bank. Additionally, the development of healthcare facilities and an increase in public health consciousness are anticipated to promote market expansion.
The major players operating in the Medical Device Testing Services Market are SGS SA (Switzerland), Toxikon Corporation (U.S.), Intertek Group plc (U.K.), WuXi AppTec (China), Charles River Laboratories, Inc. (U.S.), Innovatus Imaging Corporation (U.S.)
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