Global TIC Market for Medical Devices Industry is Anticipated to grow at a Significant Pace and was USD 11 Billion in 2020

Published Date: Oct, 2021

The global TIC market for medical devices industry is expected to witness a CAGR of 6.2% during the forecast period. TIC market for medical devices industry is anticipated to witness a CAGR of. during the forecast period owing to the rising demand for verification and validation of medical devices, rising demand for rapid testing kits, and other diagnostic devices globally.

The COVID-19 pandemic has led to a crisis in global health and has halted production capabilities and shut down manufacturing units. The demand for TIC services in the medical devices industry is increasing as it plays a crucial role globally in protection from poor quality and unsafe medical device products, resulting in the growth of the TIC market for the medical devices industry. Moreover, remote inspections of medical equipment to offer continuity in health and safety compliance to avoid physical contact will drive the growth of TIC market in medical devices industry.

German technical services provider TUV Rheinland’s Indian subsidiary has partnered with Andhra Pradesh MedTech Zone (AMTZ) to create an infrastructure for Electro-Magnetic Interference (EMI/EMC) at an investment of Rs 85 crore over four to five years. The public-private partnership is aimed at reducing the medical devices imports and production cost and to help deliver quality medical devices to the local market.

Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " TIC Market for Medical Devices  Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (In-Vitro Diagnostics, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment, Hospital Supplies, Cardiovascular Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices, Implantable devices, Batteries and Medical Components, Home Healthcare Devices, and Others), and Region - Global Forecast to 2027"

By service type, testing is growing at a significant pace in the TIC market for the medical devices industry during the forecast period.

Based on service type, the TIC market for the medical devices industry is segmented into testing, inspection, and certification. Testing in the TIC market for the medical devices industry is rising owing to the demand for good quality and standard products in various countries. Example- electromagnetic device testing, biocompatibility testing, clinical research services to assess the final product and investigate faulty material and testing its performance and electrical safety.

Global TIC Market for Medical Devices Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

End-Use Industry

In-Vitro Diagnostics, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment, Hospital Supplies, Cardiovascular Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices, Implantable devices, Batteries and Medical Components, Home Healthcare Devices, and Others

In-Vitro Diagnostics (Largest)

Implantable Device (High CAGR)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (High CAGR)

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“APAC is anticipated to witness high CAGR during the forecast period in the TIC market for medical devices industry.”

APAC is anticipated to have a high CAGR owing to the increasing per capita income among the middle class, and stringent government regulations to maintain quality and safety standards will propel the growth of the TIC market for medical devices in the region.

Some of the key players operating in the TIC market in the medical devices industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, The British Standards Institution, TUV Rheinland, DEKRA SE, Element Materials Technology, and TUV SUD.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, End-Use Industry, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, The British Standards Institution, TUV Rheinland, DEKRA SE, Element Materials Technology, and TUV SUD

Global TIC Market for Medical Devices Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • In-Vitro Diagnostics
  • Dental Equipment
  • Ophthalmic Devices
  • Diagnostic Equipment
  • Hospital Supplies
  • Cardiovascular Devices,
  • Surgical Equipment
  • Patient Monitoring Devices
  • Orthopedic Devices
  • Diabetes Care Devices
  • Nephrology And Urology Devices
  • ENT Devices
  • Anesthesia And Respiratory Devices
  • Neurology Devices
  • Wound Care Devices
  • Implantable Devices
  • Batteries and Medical Components
  • Home Healthcare Devices
  • Others

Geographical Segmentation

TIC Market for Medical Devices Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Medical Devices Industry is Anticipated to grow at a Significant Pace and was USD 11 Billion in 2020