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Medical Device Analytical Testing Outsourcing Market – 2032

According to the latest data from Future Market Insights (FMI), the global Medical Device Analytical Testing Outsourcing Industry achieved a significant milestone in 2021, generating an impressive US$ 5.11 billion. The market is poised for a promising future, projected to expand at a robust CAGR of 7.18%, with a forecasted value of US$ 10.96 billion by 2032.

The surge in demand for outsourcing medical device analytical testing can be attributed to several key factors. The inherent complexity of medical device products, intensifying market competition, the proliferation of small-scale medical device production, and increasingly stringent regulatory clearance requirements collectively drive the industry’s exponential growth.

With a clear trajectory of expansion, the Medical Device Analytical Testing Outsourcing Market promises immense opportunities for industry stakeholders, offering comprehensive analytical solutions and facilitating compliance with rigorous regulatory standards. This growth signifies a paradigm shift in the healthcare sector, enhancing efficiency, quality, and safety in the development and production of medical devices.

FMI’s comprehensive research underscores the dynamic nature of this market and underscores its pivotal role in shaping the future of the medical device industry. Companies, researchers, and investors are encouraged to take note of this remarkable growth potential as the market charts its course towards an impressive US$ 10.96 billion valuation in 2032.

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The growing global prevalence of chronic diseases is driving up demand for medical device analytical testing outsourcing. The government’s increasingly stringent quality certificate rules are propelling the global medical device analytical testing outsourcing market forward. Class II devices require premarket approvals and 510 (k) clearance; however, obtaining such clearance is a time-consuming process; thus, such emerging scenarios have fuelled the growth. Medical device manufacturers are hiring consultants to help them understand the documentation and regulations required for pre-market approvals.

The development of advanced devices such as surgical microscopes, surgical robots, neurosurgery devices, ophthalmic surgical devices, and many others has reduced the direct contact of humans in the surgical procedure, making quality certificates for medical devices mandatory. The growing demand for minimally invasive surgeries is driving the global medical device analytical testing outsourcing market forward. However, manufacturers are turning to medical device analytical testing outsourcing to ensure accuracy, precision, quality control, and periodic maintenance.

Key Takeaways

The global Medical Device Analytical Testing Outsourcing market is estimated at US$ 10.96 Billion during the forecast period.
The global Medical Device Analytical Testing Outsourcing market is estimated at US$ 5.11 Billion in 2021.
The U.S is projected to lead the market while procuring US$ 1.5 Billion while expanding at a CAGR of 7% during the forecast period.
China is anticipated to grow at 5.5% CAGR
The hospitals segment is predicted to lead the market with a CAGR of 6.15% during the assessment period.
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“Because of improved healthcare infrastructure and government initiatives, Asia Pacific has the largest share Furthermore, rapid economic development in countries such as China and India are expected to significantly boost regional market growth over the forecast period.” Says an analyst at FMI.

Competitive Landscape

The global medical device analytical testing outsourcing market is highly fragmented. Mergers, acquisitions, and partnerships, among other strategies, were used by industry participants to maintain market share. The key market players are:

SGS
Toxikon, Inc
Eurofins Scientific
Pace Analytical Services LLC
Intertek Group plc
Wuxi AppTec
North American Science Associates, Inc.
Envigo
Charles River Laboratories International, Inc.
Medical Device Testing Services
Some of the recent developments in the global medical device analytical testing outsourcing are:

In May 2022, Intertek renews its contract with the Philippines Bureau of Customs for its Bulk and Break Bulk Cargo Clearance Enhancement Programme.
In May 2022, Intertek announced the launch of ‘Intertek Hydrogen’ which assists the hydrogen industry in commercializing ground-breaking technology securely into the future.
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Medical Device Analytical Testing Outsourcing Industry Report Segmentation:

By Service:

Extractable and Leachable
Material Characterization
Physical Testing
Bioburden Testing
Sterility Testing
Other Tests
By Device Type:

Reprocessed Devices
Others Medical
By End Use:

Hospitals
Others
By Therapeutic Areas:

Cardiology
Diagnostic Imaging
Orthopedic
IVD
Ophthalmic
General & Plastic Surgery
Drug Delivery
Endoscopy
Dental
Diabetes Care
Others

IoT in Healthcare Market Size, Industry Share & Trends - 2032

In a groundbreaking revelation, the Global IoT In Healthcare Industry demonstrated remarkable growth, as evidenced by a significant increase in sales. In 2022, the market reached an impressive valuation of US$ 181.4 billion, with a highly anticipated projection to surge to a staggering US$ 952.3 billion by 2032. This extraordinary growth is underpinned by a compelling compound annual growth rate (CAGR) of 18.0%.

One of the key highlights in this meteoric rise is the market’s year-on-year (Y-o-Y) growth rate, which surged to an astounding 20.7% between 2021 and 2022, surpassing its previous valuation of US$ 150.3 billion. Such exponential growth reaffirms the industry’s robust potential and underscores the increasing demand for IoT in healthcare.

The driving force behind this extraordinary growth is the growing global awareness of self-health management, prompting a surge in the adoption of wearable medical devices for health risk monitoring. Notably, Eversense and Dexcom have earned coveted FDA certification for their glucose monitoring devices, designed to continually monitor blood sugar levels for up to three months, revolutionizing diabetes management.

In addition to these groundbreaking advancements, the introduction of the Zoll LifeVest 4000, a wearable defibrillator capable of monitoring arrhythmias in both children and adults, has emerged as a pivotal development in the diagnosis and prevention of sudden cardiac arrest. This innovative device brings a new level of security and peace of mind to healthcare consumers.

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Key Takeaways from IoT in Healthcare Market

North America has a sizable market share. This could be explained by a growing emphasis on health management throughout the United States.
Europe is likewise predicted to develop linearly, with the United Kingdom and France leading the way. This may be due to increased demand for telemedicine, mHealth, and EHRs (electronic health records).
The Asia-Pacific region is predicted to grow at the fastest rate in the IoT in healthcare market, led by South Korea, India, and China.
With countries focusing more on upgrading healthcare systems, LATAM is projected to pick up speed in the future. For example, in February 2020, many Brazilian ministries established a collaboration to integrate IoT systems in the healthcare sector.
Competitive Landscape

Microsoft Corporation announced in October 2020 that it had entered into a strategic relationship with ZEISS Group to improve patient care through data-driven healthcare solutions. The primary goal is to improve device management, treatment, and clinical workflow by utilising a revolutionary digitally connected approach.
In May 2019, General Electric Company teamed with NASSCOM to create and deliver digitised healthcare services and solutions in the market. The goal was to improve digital healthcare through the NASSCOM CoE-IoT (Centre of Excellence-Internet of Things) platform.
Medtronic, in January 2019, partnered with IBM Watson for providing IQcast. It’s a new-fangled feature of the existing product ‘Sugar.IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
Spencer Health Solutions and Royal Philips, in April 2019, started working towards expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on Philips telehealth platform.
“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the IoT in healthcare market by storm in the forecast period”, says an analyst from Future Market Insights.

Key Players:

Apple Inc.
Cisco Systems Inc.
GE Healthcare Ltd.
Google (Alphabet)
International Business Machines Corporation
Medtronic PLC
Microsoft Corporation
Proteus Digital Health
Koninklijke Philips N.V.
QUALCOMM Incorporated
Abbot Laboratories
What is the IoT in Healthcare Market Report up to?

Future Market Insights offers an exclusive perspective and various real-time insights on the IoT in Healthcare market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
The research study is based on component (IoT in healthcare hardware (portable diagnostic devices and non-portable diagnostic devices), IoT in healthcare software, and IoT in healthcare services), by application (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, and likewise), by technology (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, and others (Cellular, Satellite, Zwave, EnOcean)), and by end-user (hospitals, pharmaceuticals, and clinics & laboratories).
Numerous developed economies are increasingly shifting their preferences to electronic health record systems. This factor is actually expected to put the IoT in healthcare market on the top pedestal in the forecast period.
Key Segments Covered in the IoT in Healthcare Industry Report

IoT in Healthcare by Component:

IoT in Healthcare HardwarePortable Diagnostic DevicesNon-Portable Diagnostic Devices
IoT in Healthcare Software
IoT in Healthcare Services
IoT in Healthcare by Application:

IoT in Healthcare for Telemedicine
IoT in Healthcare for Medication Management
IoT in Healthcare for Clinical Operations
IoT in Healthcare for Patient Monitoring
IoT in Healthcare for Connected Imaging
Other IoT in Healthcare Applications
IoT in Healthcare by Technology:

Bluetooth-based IoT in Healthcare
Wi-Fi-based IoT in Healthcare
NFC-based IoT in Healthcare
Zigbee-based IoT in Healthcare
RFID-based IoT in Healthcare
Other IoT in Healthcare Technologies (Cellular, Satellite, Zwave, EnOcean)
IoT in Healthcare by End User:

IoT in Healthcare across Hospitals
IoT in Healthcare across Pharmaceuticals
IoT in Healthcare across Clinics & Laboratories

EClinical Solutions and Software Market Size, Growth by 2033 | FMI

The Global Eclinical Solutions And Software Industry is set to undergo unprecedented expansion, projecting a staggering valuation of US$ 29.1 billion by the year 2033, a substantial surge from an estimated US$ 9.3 billion in 2023. The market, which exhibited robust growth with a Compound Annual Growth Rate (CAGR) of 10.6% between 2017 and 2022 (valued at US$ 8.4 billion in 2022), is poised for even greater heights with an impressive CAGR of 12.1% expected from 2023 to 2033.

This growth can be attributed to the surge in funding for clinical research and life sciences will enable the widespread usage of eClinical solutions and software which, in turn, will promote the overall market growth during the forecast period.

The expansion of research and development activities by biopharmaceutical and pharmaceutical businesses will prompt the use of eClinical solutions and software in various clinical trials which will foster growth for the market. This is primarily due to the fact that in order to address certain contemporary eClinical trial management needs, many businesses will require a comprehensive eClinical platform that will adapt to required needs. Hence, the prospects for the Global eClinical Solutions and Software Industry look bright in the upcoming years.

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With the surge in the amount of data produced via the clinical development process, the need for efficient tracking and evaluation of clinical data will also rise. As a result of this, the demand for eClinical solutions and software amplifies in clinical trials which, in turn, supplements the overall market growth. The eClinical solutions and software increase efficiency, lessen the expenditure, and errors like duplicate entry are avoided due to the use of eClinical technologies. This factor bodes well for the expansion of the Global eClinical Solutions and Software Industry size. Other factors that will aid the market growth are the progress witnessed in the life sciences field and the outsourcing of clinical trials to contract research organizations (CROs). All of these factors propel the Global eClinical Solutions and Software Industry forward during the projection period.

Key Takeaways:

High costs and constant maintenance expenditure will prevent the growth of the eClinical solutions and software market during the assessment period.
Based on the service, the clinical data management systems (CDMS) category will dominate the global market with an estimated share of 22.6% for 2023 and 2033.
By delivery mode, the web-hosted (on-demand) will lead the market with a share of 67.3%.
The eClinical solutions and software market in the US will hold about 39.3% of the market share in 2023 due to increasing product launches by key players.
China’s eClinical solutions and software market will expand at a strong CAGR of 8.7% owing to greater medical needs.
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Competitive Landscape

Oracle, Datatrak International, Inc., CRF Health, eClinicalWorks, Parexel International Corporation, Bioclinica, IBM Watson Health, and Anju Life Sciences Software, among others, are some of the dominant players in the Global eClinical Solutions and Software Industry profiled in the full version of the report.

In an intensely competitive environment, leading market players are concentrating on the swift adoption of advancing technology. These businesses employ various expansion strategies including mergers, collaborations, partnerships, and acquisitions, while also engaging in product development to enhance their market positions.

More Insights Into Global eClinical Solutions and Software Industry

In its latest report, FMI offers an unbiased and detailed analysis of the Global eClinical Solutions and Software Industry, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of solution, delivery mode, clinical trial, end-user, and region.

According to the same reports, based on segmentation, the CROs category will make substantial contributions to the overall market growth in terms of end-users. In terms of clinical trials, the phase III segment will account for 46.7% of the global market share in 2023.

Based on region, the Global eClinical Solutions and Software Industry will present strong growth in the US. The target market in this region will account for 39.3% of the market share in 2023 and will likely continue this growth during the forecast period. Favorable government policies and rising funds from the government as well as increasing product launches from key players will push the market forward in the US. Germany and China, too, will make notable contributions to the global growth of the eClinical solutions and software market during the forecast period.

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Key Players:

Oracle
Datatrak International, Inc.
Dassault Systemes
CRF Health
eClinicalWorks
Parexel International Corporation
Bioclinica
eClinical Solutions
IBM Watson Health
Anju Life Sciences Software
ERT Clinical
Key Market Segments Covered in Global eClinical Solutions and Software Industry Research

Solution:

Randomization & Trial Management (RTSM)
Clinical Data Management System (CDSM)
Clinical Trial Management System (CLMS)
Electronic Clinical Outcome Assessment (eCOA)
Electronic Trial Master File (eTMF)
Electronic Data Capture
Others
Delivery Mode:

Licensed Enterprise (On-premise) Solution
Cloud-based (SAAS) Solution
Web-hosted (on-demand) Solution
Clinical Trial:

Phase I
Phase II
Phase III
Phase IV

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