SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Medical Device Testing - Global Market Trajectory & Analytics." The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: April 2021
Executive Pool: 1832
Companies: 17 - Players covered include Astm; Avomeen Analytical Services; BDC Laboratories; BSI; Bureau Veritas SA; Charles River Laboratories International, Inc.; DEKRA Certification GmbH; Element Materials Technology; Envigo, Inc.; Eurofins Scientific SE; Gateway Analytical LLC.; Intertek Group PLC; Medical Device Testing Services; Medistri SA; North American Science Associates, Inc.; NSF International; Pace Analytical Services, Inc.; SGS SA; Source BioScience PLC; Toxikon Corporation; TUV Rheinland AG; Tuv Sud AG; UL LLC (Underwriters Laboratories); Wuxi Apptec Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Service (Testing Services, Inspection Services, Certification Services, Other Services); Technology (Active Implant Medical Device, Active Medical Device, Non-Active Medical Device, In-Vitro Diagnostic Medical Device, Ophthalmic Medical Device, Orthopedic and Dental Medical Device, Vascular Medical Device, Other Medical Device Technologies)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Medical Device Testing Market to Reach $12.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Medical Device Testing estimated at US$9.4 Billion in the year 2020, is projected to reach a revised size of US$12.6 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Testing Services, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inspection Services segment is readjusted to a revised 4.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.9 Billion in 2021, While China is Forecast to Reach $2.2 Billion by 2026
The Medical Device Testing market in the U.S. is estimated at US$2.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2026 trailing a CAGR of 4.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
Certification Services Segment to Reach US$2.8 Billion by the year 2026
In the global Certification Services segment, USA, Canada, Japan, China and Europe will drive the 4.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.7 Billion in the year 2020 will reach a projected size of US$2.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.