Philippines Medical Device Testing Services Market Size & Outlook
Philippines medical device testing services market, 2018-2030 (US$M)
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Philippines medical device testing services market highlights
- The Philippines medical device testing services market generated a revenue of USD 127.4 million in 2023 and is expected to reach USD 260.8 million by 2030.
- The Philippines market is expected to grow at a CAGR of 10.8% 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 127.4 million |
| Market revenue in 2030 | USD 260.8 million |
| Growth rate | 10.8% (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, Philippines accounted for 18.6% 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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Philippines 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 50.94% in 2023. Horizon Databook has segmented the Philippines 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.
The Philippines has a developing medical devices industry with a growing burden of chronic & infectious diseases. Moreover, rapid development of medical devices, comprehensive medical devices industry assessment, and compliance with standards & regulations for medical devices are expected to drive the medical device testing services market in the Philippines over the forecast period.
Some key players operating in the country are Laboratory Corporation of America Holdings, Eurofins Scientific, and Charles River Laboratories.
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Target buyers of Philippines medical device testing services market databook
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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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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Philippines medical device testing services market , including forecasts for subscribers. This country databook contains high-level insights into Philippines medical device testing services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Philippines medical device testing services market size, by service, 2018-2030 (US$M)
Philippines Medical Device Testing Services Market Outlook Share, 2023 & 2030 (US$M)
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