Apr 7, 2020   SOURCE: PR NewsWire

Medical Device Validation & Verification Market Size Worth $1.1 Billion by 2027: Grand View Research, Inc.

SAN FRANCISCO, April 7, 2020 /PRNewswire/ -- 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.

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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.

Key suggestions from the report:

    --  Based on therapeutic area, oncology held the largest market share in
        2019 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 2019 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 2019. 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.

Read 136 page research report with ToC on "Medical Device Validation & Verification Market Size, Share & Trends Analysis Report By Therapeutic Area (Cardiovascular, Dermatology), By Application, By Technology, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/medical-device-verification-validation-market

North America dominated the global medical device validation and verification market, accounting for 44.88% share of the overall revenue in 2019. 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.

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.

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
            --  Active Implantable Medical Device
            --  Medical Implants
    --  Medical Device Validation & Verification Technology Outlook (Revenue,
        USD Million, 2015 - 2027)
        --  Mechanical testing
        --  Biological
        --  EMC/ECI
        --  Electrical Safety Testing
    --  Medical Device Validation & Verification Regional Outlook (Revenue, USD
        Million, 2015 - 2027)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  U.K.
            --  Germany
            --  France
            --  Italy
            --  Spain
        --  Asia Pacific
            --  Japan
            --  China
            --  India
            --  Australia
            --  South Korea
        --  Latin America
            --  Brazil
            --  Mexico
            --  Argentina
        --  Middle East & Africa
            --  South Africa
            --  Saudi Arabia
            --  UAE

Find more research reports on Medical Devices Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.