According to the research report titled ‘Global Medical Device Testing Market Size study, by Service Type ( Testing Services, Inspection Services, Certification Services), By Sourcing ( In-house, Outsourced), by Device Class (Class I, Class II, Class III), by 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 ) and Regional Forecasts 2020-2027‘, available with Market Study Report, global medical device testing market was valued at USD 8.9 billion in 2019 and is expected to record a CAGR of 4.8% through 2027.
 

Strict government regulations regarding the usage of medical devices to ensure safety and effectiveness of the medical equipment is a major factor driving the growth of global medical device testing market. Other norms which mandate product standardization at national and international levels before entering the market is also contributing to industry outlook.
 

Moreover, several strategies undertaken by the companies such as product launches, mergers and partnerships, acquisition, investment, agreements, funding and others to gain competitive advantage is accelerating the global medical device testing market growth.
 

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Further, the aim of providing the customers with secure and consistent medical services, positively influences the global medical device testing market. Inclination towards patient safety and better customer care are fueling the market growth. However, long time period required for overseas qualification is a major factor likely to hamper the business scenario.
 

Based on technology, global medical device testing market is segmented into ophthalmic medical device, active implant medical device, orthopedic & dental medical device, active medical device, in-vitro diagnostic medical device, non-active medical device, vascular medical device, and others. With regards to device class, the industry is bifurcated into class III, class II, and class I. Considering the sourcing, the industry is divided into outsourced and in-house. Speaking of the service type, the industry is classified into certification services, testing services, and inspection services.
 

As per regional analysis, global medical device testing market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market accounted for significant revenue share in the past year, mainly due to strict government regulations to maintain quality and safety standards of the medical equipment.
 

Meanwhile, Asia Pacific industry is expected to record a strong growth over 2020-2027, owing to rising income levels of middle-class population, and escalating consumer awareness regarding the importance of certification in healthcare sector.
 

Major players operating in global medical device testing market include Bureau Veritas, Elements Material Technology Ltd., DEKRA SE, TÜV SÜD, Intertek Group plc, Envigo Ltd., Eurofins Scientific Inc., SGS S.A., BSI Group, and TÜV Rheinland Group.