Latin America Medical Device Testing Services Market Size & Outlook
Latin America medical device testing services market, 2018-2030 (US$M)
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Latin America medical device testing services market highlights
- The Latin America medical device testing services market generated a revenue of USD 82.3 million in 2023.
- The market is expected to grow at a CAGR of 8.7% 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.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 82.3 million |
| Market revenue in 2030 | USD 147.9 million |
| Growth rate | 8.7% (CAGR from 2023 to 2030) |
| Largest segment | Biocompatibility tests |
| Fastest growing segment | Chemistry Test |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 12.0% of the global medical device testing services market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Latin America is the fastest growing regional market and is projected to reach USD 147.9 million by 2030.
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Medical Device Testing Services Market Scope
Medical Device Testing Services Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Latin America 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 51.28% in 2023. Horizon Databook has segmented the Latin America 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.
Latin America currently holds a 6.2% share of the medical device testing services market. However, the region is anticipated to exhibit considerable growth owing to the growing life expectancy, increasing awareness regarding home healthcare services, cost-effectiveness of medical device testing services, and rising demand for technologically advanced medical devices for long-term care in the region.
Brazil, Mexico, Argentina, Colombia, and Chile are driving the growth of the medical device testing services market in Latin America. The significant growth of the market in the region can be attributed to an increase in the number of medical device companies venturing into this region, which is anticipated to drive the demand for medical device testing services, thereby contributing to the market growth.
In addition, the region has vibrant research relations with China and Europe. Furthermore, increasing private and government investments in research, development of healthcare facilities, growing prevalence of chronic disorders, and favorable reimbursement policies for medical devices are some of the factors expected to drive the demand for advanced medical device testing services 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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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America medical device testing services market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America medical device testing services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America medical device testing services market size, by country, 2018-2030 (US$M)
Latin America Medical Device Testing Services Market Outlook Share, 2023 & 2030 (US$M)
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