Medical Device Outsourcing Market Size Worth $210.5 Billion By 2026: Grand View Research, Inc.
12 Jun, 2019, 10:35 BST
SAN FRANCISCO, June 12, 2019 /PRNewswire/ -- The global medical device outsourcing market size is expected to reach USD 210.5 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.5% during the forecast period. Rising demand for advanced products and the trend of offshoring is fueling the growth. Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.
Key suggestions from the report:
- Contract manufacturing led the service segment in 2018 owing to the growing trend of outsourcing by OEM to third-party manufacturers, especially in emerging countries
- Based on service, quality assurance is projected to exhibit the fastest CAGR over the forecast period
- Asia Pacific led the medical device outsourcing market in 2018 owing to lower cost and increased availability of skilled human resources
- North America commanded a cumulative market share in 2018 due to well-established infrastructure for manufacturing complex medical devices
- Some of the key companies present in the market are Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer; Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD; Intertek Group; Flextronics; Tecomet; and Sanmina.
Read 240 page research report with TOC on "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Therapeutic Area (Cardiology, General & Plastic Surgery), And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Also, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the Original Equipment Manufacturers (OEM). This trend is expected to boost the medical device outsourcing to emerging countries like India and China. Export infrastructure, low cost labor, artificially low currency value, and government incentives for local manufacturers, especially in China; are some of the benefits offered by the contract manufacturers in emerging countries.
Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:
- Medical Device Outsourcing Service Outlook (Revenue, USD Billion, 2015 - 2026)
- Quality Assurance
- Quality Assurance
- Clinical Trials Applications and Product Registrations
- Regulatory Writing and Publishing
- Legal Representation
- Other
- Product Design and Development Services
- Designing & Engineering
- Machining
- Molding
- Packaging
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
- Accessories Manufacturing
- Assembly Manufacturing
- Component Manufacturing
- Device Manufacturing
- Medical Device Outsourcing Application Outlook (Revenue, USD Billion, 2015 - 2026)
- Cardiology
- Class I
- Class II
- Class III
- Diagnostic imaging
- Class I
- Class II
- Class III
- Orthopedic
- Class I
- Class II
- Class III
- IVD
- Class I
- Class II
- Class III
- Ophthalmic
- Class I
- Class II
- Class II
- General and plastic surgery
- Class I
- Class II
- Class III
- Drug delivery
- Class I
- Class II
- Class III
- Dental
- Class I
- Class II
- Class III
- Endoscopy
- Class I
- Class II
- Class III
- Diabetes care
- Class I
- Class II
- Class III
- Others
- Class I
- Class II
- Class III
- Medical Device Outsourcing Regional Outlook (Revenue, USD Billion, 2015 - 2026)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Malaysia
- Singapore
- Korea
- Thailand
- Taiwan
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
