Medical Device Validation & Verification Market Expected To Witness A Substantial Growth Of $1.1 Billion By 2027: Grand View Research Inc.
The global medical
device validation and verification market
size is expected to reach USD 1.1
billion by 2027, expanding at a CAGR
of 11.1% over the forecast period, according to a new report by Grand View
Research, Inc.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Increase in demand for advanced and
quality medical products and rising complexity with respect to product
designing and engineering are anticipated to boost market growth. Rapid
innovations in healthcare have increased the need for companies to incorporate
new technologies and software applications in their products to meet the demand
for validation and verification. Increase in product complexity, availability
of newer types of material, and high risk of product failures are some of the
key factors increasing the need for validation and verification services.
North America dominated the global
medical device validation and verification market, accounting for 44.88% share
of the overall revenue in 2020. Rapid growth in manufacturing of medical
devices to meet high demand for efficient healthcare services, including
validation and verification, is one of the major factors contributing to the
regional market growth. In addition, stringent regulatory environment in U.S.
is fueling market growth in the region.
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Asia Pacific is anticipated to expand
at a CAGR of 12.1% during the forecast period. This can be attributed to
increased opportunities for players, especially in Japan, China, and India,
improved regulatory framework, and increase in the number of medical devices
companies.
Further key findings from the study suggest:
·
Based on therapeutic area,
oncology held the largest market share in 2020 and is expected to witness
lucrative growth during the forecast period due to increasing prevalence of
cancer worldwide
·
On the basis of application,
the diagnostic segment held the largest share of 44.16% in 2020 due to
increasing demand for diagnostic technology in healthcare to identify the cause
of disease
·
The therapeutic application
segment is projected to register the fastest growth during the forecast period
due to rising prevalence of chronic diseases
·
North America dominated the medical
device validation and verification market and accounted for a share of 44.88%
in 2020. This is attributed to rapid growth in manufacturing of medical devices
to meet high demand for efficient healthcare services, including validation and
verification
·
Asia Pacific is anticipated to
expand at a CAGR of 12.1% during the forecast period. This can be attributed to
increased opportunities for players, especially in Japan, China, and India, and
improved regulatory framework.
The
global medical device validation and verification market size was valued at USD
477.2 million in 2020 and is anticipated to expand at a CAGR of 11.1% over the
forecast period. International regulatory standards by leading bodies, such as
the U.S. Food and Drug Administration (FDA), are constantly evolving due to
stringent regulatory policies set by different countries.
With
the advancement in technology, medical devices are becoming smaller in size
with a more complex design. Hence, validation and verification of medical
device has become even more important. This validation and verification process
helps in designing the highest quality medical devices with minimum error.
Validation and verification also help to reduce the production cost of medical
devices.
Rising
demand for advanced and quality medical products and increasing complexity with
respect to product designing and engineering are boosting the demand for
medical device validation and verification. In addition, there has been a rise
in the complexity and connectivity of a medical device. Digital technology is
easily available and adopted in almost every area of the healthcare sector.
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Grand View Research has segmented the
global medical device validation and verification market based on therapeutic
area, application, technology, and region:
Medical Device Validation & Verification Therapeutic
Area Outlook (Revenue, USD Million, 2015 - 2027)
·
Cardiovascular
·
Dermatology
·
Orthopedics
·
Nephrology
·
Respiratory
·
Neurology
·
Oncology
·
ENT
·
Others
Medical Device Validation & Verification Application
Outlook (Revenue, USD Million, 2015 - 2027)
·
Diagnostics
·
Therapeutic
·
Implants
o Active Implantable Medical Device
o Medical Implants
Medical Device Validation & Verification Technology
Outlook (Revenue, USD Million, 2015 - 2027)
·
Mechanical testing
·
Biological
·
EMC/ECI
·
Electrical Safety Testing
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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