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