According to a new market research study titled ‘Medical Device Testing Services Market to 2027 – Global Analysis and Forecasts by Service and Phase.’ The global medical device testing services market is anticipated to reach US$ 14,660.09 Mn in 2027 from US$ 5,505.38 Mn in 2018. The market is projected to grow with a CAGR of 11.7% from 2019-2027. The report highlights the trends prevalent in the global medical device testing services market and the factors driving the market along with those that act as deterrents to its growth.
Global medical device testing services market, based on phase, was segmented as, preclinical and clinical. In 2018, the preclinical segment held a considerable market share of 68.17% of the medical device testing services market, by phase. This segment is also predicted to dominate the market in 2027 as preclinical studies play a crucial role in developing, evaluating, and marketing of the medical device. Also, the segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.
The medical device testing services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large, full-service, global medical device testing market. There are few barriers to entry for smaller companies into the global market, whereas the full-service medical device testing with capabilities require building the necessary infrastructure with the ability to simultaneously manage multiple complex testing services across numerous geographies, establishing the requisite relationships with strategic partners, developing relevant therapeutics and development of expertise to serve the needs of the end users. Over the past few years, the consolidation across the medical device testing services industry is an emerging trend followed by the majority of the prime players to strengthen their service offerings and garner the major market share in the global medical device testing services market. Moreover, in December 2017, Eurofins Scientific acquired EAG Laboratories to diversify and meet the demanding set of end markets, from affiliates of Odyssey Investment Partners. Hence, increasing consolidation in the market will have a positive impact on the market.
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The Medical Device Testing Services market is highly competitive in nature with a considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the Medical Device Testing Services market are present across the globe and have wide distribution and sales network through partnerships or authorized dealers.
Many well-known, as well as small local companies, are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally, various companies are also undergoing other strategic alliances such as acquisitions and others to garner their significance and remain competitive in the market
The most notable market participants are SGS SA, Eurofins, Toxikon, Pace Analytical Services, LLC, Intertek Group plc, North American Science Associates Inc., Charles River, WuXi AppTec, Element Materials Technology, TÜV SÜD AG occupying a considerable share of the market owing to their offerings to the market.
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