DUBLIN, January 18, 2022--(BUSINESS WIRE)--The "North America and Europe Preclinical Medical Device Testing Services Market Size, Share & Trends Analysis Report by Services (Biocompatibility Tests, Chemistry Test), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The North America and Europe preclinical medical device testing services market size is expected to reach USD 5.6 billion by 2028 and is expected to expand at a CAGR of 11.2%
COVID-19 has created a huge demand for medical devices and this trend is going to be followed in the coming years. The main driver of this market is the growing stringent regulations for medical devices that are expected to help in the formation of precise and innovative devices.
There has been an increase in the number of players operating in the market over the last decade. Due to this large number, it has witnessed fierce competition. To sustain the market, a mix of defensive and offensive marketing strategies is used. For instance, extensive R&D, competitive pricing, new product launches, collaborative development, regional expansion, and mergers and acquisitions.
COVID-19 has created a huge demand for these services. During the first half, the growth was not drastic, but it increased in the second half as the industry learned to operate amid the pandemic. Various projects that were postponed due to COVID have resumed and there has been a spike in production and testing of Personal Protective Equipment (PPE).
There are many other medical devices in high demand during the pandemic, which shifted the focus from the devices required during surgery. The major products experiencing a surge in demand are the COVID-19 vaccines, ventilators, and pulse oximeters.
North America and Europe Preclinical Medical Device Testing Service Market Report Highlights
The chemistry test is expected to witness a CAGR of 11.5% over the forecasted period as they help in checking the safety parameters of medical devices
The sterility test and validation segment accounted for the largest revenue share of 45.6% and is expected to witness a CAGR of 11.3% over the forecast period
North America accounted for the largest revenue share of 54.9% in 2020. This is due to the large number of market players operating in the region
In Europe, the market is expected to witness a CAGR of 11.2% over the forecast period. This is due to rising demand for cost-cutting and increasing complexity in product designing
Market Driver Analysis
Complexity in Product design
Increase in number of small medical device lacking in-house testing capabilities
Strict Approval Norms
Market Restraint Analysis
Legal and Regulatory Issues
Delays in contractual obligation
Market Analysis Tools
Industry Analysis - Porter's
COVID-19 pandemic impact on clinical trial activity
Pace Analytical Services, Inc.
North American Science Associates, Inc.
TUV SUD A.G.
American Preclinical Services
Sterigenics International LLC
Charles River Laboratories International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/j893js
View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005649/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900