Medical Device Outsourcing Market Size Worth $210.5 Billion By 2026: Grand View Research, Inc.

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12 Jun, 2019, 09:35 GMT

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

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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