Status : Published Published On : May, 2023 Report Code : VRSME9073 Industry : Semiconductor & Electronics Available Format : Page : 150
2023
2030

Global TIC Market for Medical Devices Industry – Analysis and Forecast (2023-2030)
Industry Insight 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 Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The medical device industry's testing, inspection, and certification market reached USD 13.9 billion in 2030, currently market is USD 7.2 billion in 2022, at with a projected compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. Testing covers products, components, and systems for specific purposes, while inspection and testing play a vital role in quality control for manufacturing companies.

TIC Market for Medical Devices Industry Highlights

The testing, inspection, and certification market report offers cost-effective conformity assessment which leads to a high level of compliance., and TIC agencies provide services from audit, inspection, testing, verification, quality assurance, and certification.

The medical device industry is a diverse, innovative, and dynamic sector. The global market for medical devices is massive and will continue to grow substantially in the future. The increased globalization has standardized the product and developed technologies have led to dominance in different industries like pharmaceutical & biotech, medical devices, automotive industries, etc., which has led to growth in the TIC market. The growing urbanization, stringent safety regulations, rise in the illicit trade of counterfeit and pirated products, advances in networking and communication technology, the rising propensity of outsourcing testing, inspection, and certification services, favorable government initiatives have bolstered the growth of the TIC market in medical devices industry. Also, TIC provides various benefits with regard to credibility and image, compliance with legal and regulatory requirements, lower employee turnover, and improvement in cost control. Quality, assurance, and transparency are significant for manufacturers in the medical devices industry.

TIC services are offered by various industrial verticals and applications like pharmaceutical & biotechnology companies, diagnostic centers, medical devices, clinical research, and digital health applications in the medical sector to curb the spread of coronavirus. Pharmaceutical companies are developing drugs, antidotes, and vaccines to battle against the coronavirus. Countries are spending huge amounts on R&D vaccines, increasing their budget towards the healthcare industry, and have to work closely with regulators and policymakers resulting in the growth of TIC services in the medical devices industry.

Market Segmentation

Insight by Sourcing Type

Based on sourcing type, the TIC market for the medical devices industry is bifurcated into in-house and outsourced. Of the two segments, the in-house segment will witness dominance in the TIC market for the medical devices industry over the projected period 2023-2030. In-house testing and inspection will provide companies to have complete control over technology, skilled personnel, full-service laboratories, and testing and measurement equipment. Moreover, it provides help to the manufacturers of the TIC market for the medical devices industry in decreasing in-house compliance costs and quickly respond to global market demands. Therefore, the medical devices industry chose in-house services over outsourced services due to the criticality of applications.

Insight by Service Type

Based on service type, the TIC market for the medical devices industry is segmented into testing, inspection, and certification. Among these segments, the testing segment dominates the market in 2022 owing to the diverse product standards, stringent regulations, increasing need for improved safety, effectiveness, and growing industrialization, rising demand for verification and validation of medical devices, and a need to protect the brand. Testing in the medical devices industry should be on biocompatibility (ISO 10933 series, ISO 18652), electro-medical devices (IEC 60601 SERIES, IEC 61010 series) implantable medical devices, medical PPE, sterilization, surgical tools, syringes, medical needles, etc.

Insight by Industry Vertical

Based on industry vertical, the TIC market for the medical devices industry is divided into  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. The in-vitro diagnostic segment dominates the medical device TIC market owing to the rising demand for rapid testing kits and other diagnostic devices in various regions. The implantable device segment is anticipated to have a high CAGR during the forecast period owing to the mandatory and strict regulations to ensure that implantable medical devices suit the human body.

Global TIC Market for Medical Devices Industry Report Coverage

Report Metric

Details

Historical Period

2018–2022

Base Year Considered

2022

Forecast Period

By 2030

Market Size in 2022

$7.2 Billion

Revenue Forecast in 2030

$13.9 Billion

Growth Rate

CAGR 6.2%

Segments Covered in the Report

By Sourcing Type, By Service Type and By Industry Vertical

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

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

Industry Dynamics

Industry Trends

The TIC market for the medical devices industry is influenced by several trends like rising investment in AR and VR, data analytics, automation, connected devices and cloud-based technology, rising mergers, and acquisitions by the market players, expansion of medical technologies such as wearables and contactless monitoring and sustained consolidation of suppliers leading to globalization. 

Growth Drivers

The demand for TIC (Testing, Inspection, and Certification) in the medical devices industry is expected to be driven by mandatory regulatory and industry standards, certification requirements, and significant penalties for non-compliance. Manufacturing companies aim to enhance customer retention by providing high-quality products. The growth of the TIC market in this industry is further fueled by the increasing demand for IoT, urbanization, global trade, and emerging digital platforms. Additionally, the sudden emergence of severe infections like coronavirus has led to a surge in demand for hospital supplies, in-vitro diagnostic devices, and respiratory care devices, resulting in increased utilization of TIC services in the medical devices sector.

Challenges

The TIC market is faced with a challenge of growth fluctuations, trade wars, increase cost of TIC due to different standards and regulations globally, insufficient testing facilities, and lack of skilled personnel. Furthermore, medical devices industry have to comply with various regulatory changes resulting in a rising cost to new product development and service offered to patients which may restrict the growth of the medical devices industry.

Opportunities

Testing, inspection, and certification offer various opportunities in AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity.

Geographic Overview

Geographically, APAC is expected to have a high CAGR in the TIC market for medical devices industry over the forecast period due to the increasing investment in research and development, growing urbanization, large manufacturing capabilities and exports, enhanced lifestyles, and the rise in consumer awareness regarding the significance of certification. Moreover, the increasing dependence of European and American countries on Asia-Pacific companies for medical devices, PPE kits, pharmaceuticals, and other necessary equipment, will result in bolstering the growth of the TIC market in the medical devices industry.

Competitive Insight

Key players are improving technologies to enhance their product portfolio by producing medical supplies having high demand such as PPE kits, hand sanitizers, masks, ventilators, etc., and generate high revenues. The industry players are taking the COVID-19 crisis as a promising opportunity to rethink their existing strategies, provide new services and delivery models to understand the rising demand for automation, remote service execution, and improved digitization.

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.

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.

The TIC Market for Medical Devices Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.

Segments Covered in the Report

  • By Sourcing Type
    • In-House
    • Outsourced
  • By Service Type
    • Testing
    • Inspection
    • 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
    • Others

Region Covered in the Report

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

TIC Market for Medical Devices Industry Size

Source: VynZ Research

TIC Market for Medical Devices Industry Analysis

Source: VynZ Research

Frequently Asked Questions

The testing, inspection, and certification market in the medical devices industry was USD 7.2 billion in 2022.
The growth rate of TIC market for medical devices industry during the forecast period 2023-2030 is 6.2%.
The mandatory regulatory and industry standards, the requirement of certification, massive penalties for non-compliance are projected to drive the demand for TIC in the medical devices industry.
APAC is expected to have a high CAGR in the TIC market for medical devices industry over the forecast period
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.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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