Medical Device Outsourcing Market to be Worth $292.93 Billion by 2030: Million Insights
FELTON, Calif., Nov. 15, 2022 /PRNewswire/ -- The global medical device outsourcing market was valued at USD 107.92 billion in the year 2021 and is projected to surpass USD 292.93 billion by 2030, exhibiting a CAGR of 12.1% during the forecasted period. This rapid market expansion is primarily due to increasing cases of chronic diseases such as cancer, and cardiovascular diseases.
Key Industry Insights & Findings from the report:
- On the basis of services, contract manufacturing dominated the segment this is mainly because of the high cost of production of medical devices and the need for it to comply with regulatory standards has proven to be expensive for OEMs thus shifting the focus to outsourcing these devices. This segment constituted 55% of the global revenue share in 2021.
- Medical device outsourcing has witnessed key applications in cardiovascular diseases, where in 2021, the segment accounted for 20.65% of the total revenue share. High-stress levels, obesity, heredity, and many other factors have contributed to increasing cases of CVDs in people belonging to different age groups. Treatment of complex diseases such as cardiovascular requires highly advanced and precise devices which makes medical device outsourcing a viable option.
- North America has emerged as a key revenue belt for medical device outsourcing companies due to the presence of a robust health sector in the region and the presence of many renowned electronics companies that manufacture advanced medical devices. The high purchasing power among people and their ability to spend on advanced health services has positively influenced the global medical device outsourcing market growth over time.
Read 275 page full market research report for more Insights, "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Application, By Service, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Medical Device Outsourcing Market Growth & Trends
Additionally, a high geriatric population, prone to many chronic diseases has driven the need for advanced medical devices that are up-to-date in terms of technology, and safe for use. Governments are undertaking many measures to standardize and enhance the quality of medical devices in order to offer optimal patient care. Many public organizations have undertaken various initiatives to promote the testing of coronavirus. In order to match the regulatory quality standards, many services such as regulatory consulting is widely being used by the market players.
Outsourcing of medical devices has gained widespread acceptance, especially among original equipment manufacturers (OEMs) these days. Increasing pressure on manufacturers to reduce overhead expenses and the cost of operations while maintaining the quality of medical services will continue to drive industry growth. Moreover, benefits like a reduction in manufacturing time, which ensures early entry of products in the market along with the need to comply with government rules will continue to boost the adoption of medical device outsourcing solutions.
During the coronavirus pandemic, governments were focused on adopting efficient ways to reduce the high caseload. One of the key measures was to increase the number of infection testing. This led to a rise in demand for COVID-19 antigen testing kits and RT-PCRs. Due to the infection, some of the COVID-19-affected patients have shown the occurrence of chronic illnesses such as neurological disorders. This not only steered the need for highly skilled medical workers but also highly advanced medical devices which may be expensive and time-consuming to purchase. In such cases, medical device outsourcing has witnessed considerable adoption globally.
Medical Device Outsourcing Market Segmentation
Million Insights has segmented the global medical device outsourcing market based on service, application, class and region:
Medical Device Outsourcing Market - Service Outlook (Revenue, USD Million, 2018 - 2030)
- Quality Assurance
- Regulatory Affairs Services
- Clinical Trials Applications & Product Registrations
- Regulatory Writing & 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 Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- 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 III
- General & 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 Market - Class Outlook (Revenue, USD Million, 2018 - 2030)
- Class I
- Class II
- Class III
Medical Device Outsourcing Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- France
- U.K.
- Italy
- Germany
- Spain
- The Netherlands
- Switzerland
- Sweden
- Belgium
- Russia
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Malaysia
- Singapore
- South Korea
- Thailand
- Taiwan
- Australia
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Israel
- Egypt
List of Key Players of Medical Device Outsourcing Market
- SGS SA
- Labcorp
- Eurofins Scientific
- Pace Analytical Services, Inc.
- Intertek Group Plc
- WuXi AppTec, Inc.
- North American Science Associates, Inc.
- TUV SUD AG
- American Preclinical Services
- Sterigenics International LLC
- Charles River Laboratories International, Inc.
- Medical Device Testing Services
- RJR Consulting, Inc.
- Mandala International
- Freyr
- Global Regulatory Partners, LLC
- Parexel International Corp.
- Emergo
- Bioteknica
- Accell Clinical Research
- Genpact Ltd.
- Criterium, Inc.
- PRA Health Sciences
- Promedica International
- Medpace Holdings, Inc.
- Icon PLC.
- Iqvia Holdings Inc.
- Integer Holdings Corp.
- Tecomet Inc.
- Jabil Inc.
- Flex Ltd.
- Celestica Inc.
- Sanmina Corp.
- Plexus Corp.
- Phillips Medisize
- Cantel Medical Corp.
- West Pharmaceutical Services, Inc.
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