India Medical Device Testing Services Market Size & Outlook
India medical device testing services market, 2018-2030 (US$M)
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India medical device testing services market highlights
- The India medical device testing services market generated a revenue of USD 82.3 million in 2023 and is expected to reach USD 159.0 million by 2030.
- The India market is expected to grow at a CAGR of 9.9% from 2024 to 2030.
- In terms of segment, biocompatibility tests was the largest revenue generating service in 2023.
- Chemistry Test is the most lucrative service segment registering the fastest growth during the forecast period.
Medical device testing services market data book summary
| Market revenue in 2023 | USD 82.3 million |
| Market revenue in 2030 | USD 159.0 million |
| Growth rate | 9.9% (CAGR from 2023 to 2030) |
| Largest segment | Biocompatibility tests |
| Fastest growing segment | Chemistry Test |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing, Package Validation |
| Key market players worldwide | SGS AG, Labcorp Holdings Inc, Sotera Health Co Ordinary Shares, Charles River Laboratories International Inc, NAMSA, Eurofins Scientific SE, Intertek Group PLC, Wuxi AppTec Co Ltd, TUV SUD, Element Materials Technology, Pace Analytical Services |
Other key industry trends
- In terms of revenue, India accounted for 12.0% of the global medical device testing services market in 2023.
- Country-wise, Australia is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Australia medical device testing services market is projected to lead the regional market in terms of revenue in 2030.
- Philippines is the fastest growing regional market in Asia Pacific and is projected to reach USD 260.8 million by 2030.
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Medical Device Testing Services Market Scope
Medical Device Testing Services Market Companies
| Name | Profile | # Employees | HQ | Website |
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India medical device testing services market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to medical device testing services market will help companies and investors design strategic landscapes.
Biocompatibility tests was the largest segment with a revenue share of 50.06% in 2023. Horizon Databook has segmented the India medical device testing services market based on biocompatibility tests, chemistry test, microbiology & sterility testing, package validation covering the revenue growth of each sub-segment from 2018 to 2030.
It is anticipated to be the fastest-growing market over the forecast period. The country has become one of the preferred sites for medical device companies to outsource their medical device testing services to India due to its diversified patient pool, lower costs of labor, improved healthcare infrastructure, and a large number of technical experts.
Growing investments from overseas firms for R&D are expected to further support market growth over the forecast period. In addition, increase in government funding for R&D to accelerate new product development has made India one of the most favored destinations for manufacturing services.
Moreover, the country presents an market opportunity for international medical device manufacturers & is keen to expand its potential as a domestic manufacturing base & climb up the value chain. Therefore, outsourcing medical device testing services to emerging countries is anticipated to fuel the global medical device testing services market over the forecast period.
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Our clientele includes a mix of medical device testing services market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the India medical device testing services market , including forecasts for subscribers. This country databook contains high-level insights into India medical device testing services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India medical device testing services market size, by service, 2018-2030 (US$M)
India Medical Device Testing Services Market Outlook Share, 2023 & 2030 (US$M)
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