Emergence of personalized medicine, drug device combination, artificial intelligence, wearables and increased focus on real-time patient monitoring resulted in complex medical devices ecosystem. Real-time patient monitoring, remote patient monitoring, and continuous patient monitoring are the focal areas of interest when it comes to chronic disease management, such as diabetes and cardiovascular diseases.
In this complex ecosystem, it is necessary for equipment to provide accurate results, to have durability, and easy operation. To match these parameters, devices now have to undergo shear testing in accelerated conditions to obtain marketing approval and have competitive advantage. Conducting these in-house is matter of time, labor, and cost; outsourcing these tests helps overcome these limitations.
A large number of companies have outsourced analytical testing operations to minimize business risks, hasten product market entry, and reduce costs. These lead to significant rise in expenditure levels and, therefore, medical devices original equipment manufacturers rapidly switch to outsourcing as one of the effective cost curbing tool. Implantable Medical Devices (IMDs) are being used increasingly in order to improve patients’ health outcome. Designers of IMDs have to balance complexity, reliability, power consumption, and costs. Consequently, companies are shifting their focus to innovation rather than noncore activities and, therefore, outsourcing these activities to launch efficient devices. All these factors are expected to increase the medical device outsourcing market over the forecast period.
Global medical device analytical testing outsourcing services market, by region, 2015
Emerging market players
Unlike pharmaceuticals, in the medical devices analytical testing services outsourcing market very few companies offer comprehensive range of analytical testing services. The market is globally fragmented with small and medium service providers which cater to local market.
Key growing market players
Intertek Group plc: Intertek Group plc is present in more than 100 countries, and company witnessed substantial organic growth in 2015. The service portfolio of company is offers variety of services including certification services for the medical devices manufacturers. Company recently expanded service offering for medical electrical equipment and also had regional expansion in high potential regions such as India.
Wuxi AppTec: Wuxi App Tec is one of the fastest growing company in this domain. Originated in China, this company has strong foothold in domestic and foreign markets such as Korea and the U.S. The medical device analytical testing service portfolio of company is one the most comprehensive line up in this space. Company growing through organic and inorganic means and likely to be prominent players in this market over the forecast period.
NORTH AMERICAN SCIENCE ASSOCIATES INC. (NAMSA): NAMSA is one of the most experienced player in this domain with experience over 45 years. Company offers various devices which are clinical and non-clinical. In recent times company has undertaken initiatives for regional expansion and service offering extension. This is anticipated to offer company a substantial organic as well as inorganic growth.
Medical Device Testing Services (MDT): MDT is considered go to service provider when it comes to physical and mechanical testing of medical devices. Company has most extensive line up of services for testing durability and performance of device.
In-depth report on global medical device analytical testing outsourcing services market by Grand View Research:
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