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Global Medical Device Analytical Testing Outsourcing Market (2023-2028) Competitive Analysis, Impact of Covid-19, Impact of Economic Slowdown & Impending Recession, Ansoff Analysis

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  • 209 Pages
  • February 2024
  • Infogence Global Research
  • ID: 5748801

A large number of medical device companies outsource analytical testing operations to minimize business risks, hasten product market entry, and reduce costs

The Global Medical Device Analytical Testing Outsourcing Market is estimated to be USD 6.29 Bn in 2023 and is expected to reach USD 11.13 Bn by 2028 growing at a CAGR of 12.08%.

Market Dynamics

Market dynamics are forces that impact the prices and behaviors of the stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Market Segmentations

  • The Global Medical Device Analytical Testing Outsourcing Market is segmented based on Services, Therapeutic Areas, End-Users, and Geography.
  • By Services, the market is classified into Bioburden Testing, Extractable & Leachable, Material Characterization, Physical Testing, and Sterility Testing.
  • By Therapeutic Areas, the market is classified into Cardiology, Dental, Diabetes Care, Diagnostic Imaging, Drug Delivery, Endoscopy, General & Plastic Surgery, IVD, Ophthalmic, and Orthopedic.
  • By End-Users, the market is classified into Hospital and Pharmaceutical Companies.
  • By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Intertek Group PLC, Pace Analytical Services Inc., Source BioScience, Toxikon Inc., WuXi AppTec., etc.

Countries Studied

  • America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
  • Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
  • Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
  • Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

  • The report presents a detailed Ansoff matrix analysis for the Global Medical Device Analytical Testing Outsourcing Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
  • The publisher analyses the Global Medical Device Analytical Testing Outsourcing Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
  • Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

  • The report offers a comprehensive evaluation of the Global Medical Device Analytical Testing Outsourcing Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
  • The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
  • The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
  • The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
  • The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

  • A complete analysis of the market, including parent industry
  • Important market dynamics and trends
  • Market segmentation
  • Historical, current, and projected size of the market based on value and volume
  • Market shares and strategies of key players
  • Recommendations to companies for strengthening their foothold in the market

Table of Contents

1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations, and Outlook
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing Prevalence Rate of Minimally Invasive Surgeries
4.1.2 Strict Approval Norms
4.1.3 Growing Adherence to Quality Standards and Reduction in Cost to Market
4.2 Restraints
4.2.1 Regulatory And Legal Compliance
4.2.2 High Cost Associated with the Implementation of Predictive Analysis
4.3 Opportunities
4.3.1 Increasing Demand from Healthcare Sectors in Emerging Countries
4.3.2 Increasing Number of Small-Size Medical Device Manufacturers Lacking In-House Testing Infrastructure
4.3.3 Development in AI and IoT in Various Medical Devices
4.4 Challenges
4.4.1 Managing Relationships
4.4.2 Pricing Analysis
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter's Five Forces Analysis
5.3 PESTLE Analysis
5.4 SWOT Analysis
5.5 Impact of COVID-19
5.6 Impact of Economic Slowdown & Impending Recession
5.7 Ansoff Matrix Analysis
6 Global Medical Device Analytical Testing Outsourcing Market, By Services
6.1 Introduction
6.2 Bioburden Testing
6.3 Extractable & Leachable
6.4 Material Characterization
6.5 Physical Testing
6.6 Sterility Testing
7 Global Medical Device Analytical Testing Outsourcing Market, By Therapeutic Areas
7.1 Introduction
7.2 Cardiology
7.3 Dental
7.4 Diabetes Care
7.5 Diagnostic Imaging
7.6 Drug Delivery
7.7 Endoscopy
7.8 General & Plastic Surgery
7.9 IVD
7.10 Ophthalmic
7.11 Orthopedic
8 Global Medical Device Analytical Testing Outsourcing Market, By End-Users
8.1 Hospital
8.2 Pharmaceutical Companies
9 Americas' Medical Device Analytical Testing Outsourcing Market
9.1 Introduction
9.2 Argentina
9.3 Brazil
9.4 Canada
9.5 Chile
9.6 Colombia
9.7 Mexico
9.8 Peru
9.9 United States
9.10 Rest of Americas
10 Europe's Medical Device Analytical Testing Outsourcing Market
10.1 Introduction
10.2 Austria
10.3 Belgium
10.4 Denmark
10.5 Finland
10.6 France
10.7 Germany
10.8 Italy
10.9 Netherlands
10.10 Norway
10.11 Poland
10.12 Russia
10.13 Spain
10.14 Sweden
10.15 Switzerland
10.16 United Kingdom
10.17 Rest of Europe
11 Middle East and Africa's Medical Device Analytical Testing Outsourcing Market
11.1 Introduction
11.2 Egypt
11.3 Israel
11.4 Qatar
11.5 Saudi Arabia
11.6 South Africa
11.7 United Arab Emirates
11.8 Rest of MEA
12 APAC's Medical Device Analytical Testing Outsourcing Market
12.1 Introduction
12.2 Australia
12.3 Bangladesh
12.4 China
12.5 India
12.6 Indonesia
12.7 Japan
12.8 Malaysia
12.9 Philippines
12.10 Singapore
12.11 South Korea
12.12 Sri Lanka
12.13 Thailand
12.14 Taiwan
12.15 Rest of Asia-Pacific
13 Competitive Landscape
13.1 Competitive Quadrant
13.2 Market Share Analysis
13.3 Strategic Initiatives
13.3.1 M&A and Investments
13.3.2 Partnerships and Collaborations
13.3.3 Product Developments and Improvements
14 Company Profiles
14.1 Boston Analytical
14.2 Charles River Laboratories International Inc.
14.3 Envigo
14.4 Eurofins Scientific
14.5 Exova Group PLC
14.6 Intertek Group PLC
14.7 Medical Device Testing Services
14.8 Merck KGaA
14.9 North American Science Associates Inc.
14.10 Pace Analytical Services Inc.
14.11 Pharmaceutical Product Development LLC
14.12 SGS SA
14.13 Source BioScience
14.14 Toxikon Inc.
14.15 TE Connectivity Ltd.
14.16 West Pharmaceutical Services Inc.
14.17 WuXi AppTec.
15 Appendix
15.1 Questionnaire

Companies Mentioned

  • Boston Analytical
  • Charles River Laboratories International Inc.
  • Envigo
  • Eurofins Scientific
  • Exova Group PLC
  • Intertek Group PLC
  • Medical Device Testing Services
  • Merck KGaA
  • North American Science Associates Inc.
  • Pace Analytical Services Inc.
  • Pharmaceutical Product Development LLC
  • SGS SA
  • Source BioScience
  • Toxikon Inc.
  • TE Connectivity Ltd.
  • West Pharmaceutical Services Inc.
  • WuXi AppTec.