Global TIC Market for Medical Devices Industry Insights.

1. TIC Market for Medical Devices Industry

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3. TIC Market for Medical Devices Industry 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.

4. TIC Market for 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. 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.

5. 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.

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