Medical Device Testing Market Trends
Growth Drivers
- Increasing Demand for Medical Devices – As the utilization of medical devices grows, consumers start demanding devices that ensure safe, and effectiveness and meet regulatory requirements. This attribute has boosted the growth in the medical device testing market, as market players now offering testing services and equipment to ensure the quality of medical devices. As per the statistics, the revenue in the Medical Devices segment reached a value of USD 480 billion in 2021.
- Growing Geriatric Population Globally – As the geriatric population increases, the demand for various medical devices also seems to grow owing to the demand for treatment of aged people suffering from various health conditions and diseases. This has increased the invention of innovative and advanced medical devices as well as raised the focus on ensuring that these devices are effective and safe with the help of rigorous testing methods. By 2030, 1 in 6 people is estimated to be over the age of 60 years old. An estimated 2.1 billion people are anticipated to be above the age of 60 or under the geriatric population by 2050 globally.
- Growing Complexity in Medical Devices – The complexities in medical devices are growing day by day, which is expected to drive the need for specialized testing services and devices. As medical devices become complex the testing needed for the medical equipment to check their safety and effectiveness becomes complex which raises the demand for medical device testing.
- A surge in Demand for In-Vitro Tests – Medical device testing is used in In-vitro diagnostics to detect various harmful health conditions such as HIV, malaria, hepatitis, and others. It is tested on human body samples such as on blood or tissue.
Challenges
- High Initial Investment – Medical device testing involves high initial investment, especially in terms of complex devices that need extensive testing. This can emerge as a barrier in front of this market in the upcoming times.
- Strict Regulations on Medical Device Standards
- Rapidly Changing Technology
Medical Device Testing Landscape: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.3% |
|
Base Year Market Size (2024) |
USD 10.05 billion |
|
Forecast Year Market Size (2037) |
USD 19.67 billion |
|
Regional Scope |
|
