The global medical device testing services market is anticipated to reach US$ 14,660.1 Mn in 2027 from US$ 5,505.4 in 2018.
The Medical Device Testing Services market is highly competitive in nature with a considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the Medical Device Testing Services market are present across the globe and have wide distribution and sales network through partnerships or authorized dealers.
The most notable Medical Device Testing Services market participants are SGS SA, Eurofins, Toxikon, Pace Analytical Services, LLC, Intertek Group plc, North American Science Associates Inc., Charles River, WuXi AppTec, Element Materials Technology, TÜV SÜD AG occupying a considerable share of the market owing to their offerings to the market.
Medical Device Testing Services market leaders have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the medical device testing services market. For instance, in October 2018, SGS introduced a new in vitro toxicology services which would help SGS clients to create the toxicological profiles of bio/pharmaceuticals, medical devices, cosmetics, and chemicals. The launch has enabled the company to offer better services in the market.
Many well-known, as well as small local companies, are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally, various companies are also undergoing other strategic alliances such as acquisitions and others to garner their significance and remain competitive in the market. Few of the important key developments from the industry are mentioned below:
|March 2019||Charles River Laboratories International, Inc. announced that it has completed the acquisition of Citoxlab for €448 million. Citoxlab is a premier, non-clinical contract research organization (CRO), specializing in regulated safety assessment services, non-regulated discovery services, and medical device testing. This acquisition of Citoxlab will further strengthen Charles River’s position as the leading, global, early-stage CRO by expanding its scientific portfolio and geographic footprint.|
|September 2018||Charles River Laboratories announced its acquisition of Microgenetix, which is the premier provider of microbial identification services for biopharmaceutical, biotechnology, medical device, personal care, food, beverage, and dairy companies across Australia.|
|January 2018||EMSL Analytical, Inc. acquired Pace Analytical Services, Inc.’s industrial hygiene and asbestos laboratory division which is situated in Minneapolis which would help to provide the industry with focused, high-quality laboratory testing services.|