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Description
Medical Device Testing Services Market size valued USD 9.75 billion in 2021 and expected to reach USD 13.53 billion by 2028, at a CAGR of 4.8% during the forecast period 2022 to 2028. In the field of drug-device combinations, customized medicine, and the introduction of portable and wearable medical devices, the medical device testing services market is undergoing a series of changes. Medical devices are extremely important since they have a direct impact on the lives of patients. Medical device makers test medical devices before releasing them to the market in order to provide high-quality and safe experiences for patients. This has increased the demand for medical device validation and verification. As a result, it is necessary for manufacturers to adequately define and test medical devices in order to ensure their quality. The overall expansion of the market is expected to be aided by several sets of test requirements, component selection, and the final assembly of a medical device. Furthermore, as global organizations invest in automation, the demand for automated quality assurance has increased. The COVID-19 epidemic has increased demand even further, as human intervention has been reduced in the process. To comply with the tight regulatory criteria, medical device manufacturers prefer to conduct in-house testing or outsource testing services to contract research organizations (CROs). Medical device standard rules differ per country, and it is required for all manufacturers to meet these guidelines when marketing or selling their goods in that country. From simple dressings to sophisticated lifesaving equipment medical devices play a crucial role in disease prevention, diagnosis, management, and treatment. Before it enters the market medical device testing helps to develop and validate the safety and effectiveness of the market. Furthermore, many of medical device testing service providers also perform market testing, distribution testing and validation of supply chain.
Key Developments:
In September 2017, Innovatus Imaging Corporation, a newly formed holding company by Resilience Capital Partners and other co-investors has acquired three medical device service companies, Multi Vendor Service (MVS), Wetsco and MD MedTech, LLC to expand their service offerings.
