Medical Device Outsourcing Market Will Touch $273 Billion Value by 2030, Says P&S Intelligence
NEW YORK, Jan. 31, 2023 /PRNewswire/ -- The global medical device outsourcing market valued $112.1 billion in 2022, and this number is expected to reach $273.0 billion by 2030, advancing at a CAGR of 11.8% during 2022–2030, according to P&S Intelligence.
This growth can be attributed to the constant enhancements in medical technology due to the increasing research and development expenditure, surging price competition, booming demand for cost-effective medical devices, and increasing number of CMOs/CDMOs throughout the world.
Other key drivers are the constant development in the regulatory landscape, increasing elderly populace, and ballooning preference of medical device manufacturers for outsourcing processes including quality assurance, regulatory consulting, and product implementation.
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Service Providers for Class II Devices Most Profitable
In 2022, the class II category held the largest revenue share, of approximately 70%, and it is projected to continue its dominance in the future. This growth can be credited to the snowballing number of surgeries worldwide.
Class II medical instruments mainly include X-ray machines, non-invasive devices, picture archiving and communication systems (PACS), powered wheelchairs, infusion pumps, suturing materials, surgical drapes, and surgical and acupuncture needles. Such items need special labeling and maintenance of performance ethics, mainly because of their design complexity.
Most Outsourced Medical Devices Used in Cardiology
The cardiology category holds the largest market share. This is credited to the mounting occurrence of cardiovascular illnesses, including atrial fibrillation, myocardial infarction, rheumatic heart disease, angina pectoris, and congenital heart disease.
Moreover, because of the significant complexities of cardiovascular instruments and requirement for technical expertise, their manufacturing can be rather costly, which leads OEMs to outsource their production.
North American CMOs Garnering Highest Revenue
In 2022, the North American industry was the largest, with an approximately 40% share, and it is set to continue its domination in the years to come.
This will be due to the extensive use of cutting-edge technology, presence of numerous medical device producers that outsource their consulting and regulatory compliance responsibilities, snowballing minimally and non-invasive surgery volume, and increasing spending on healthcare.
Browse detailed report on Medical Device Outsourcing Market Growth, Share, Size and Demand Forecast Report 2030
APAC will experience the fastest growth in the industry, at a CAGR of approximately 15%. This can be credited to the increasing incidence of chronic illnesses, booming knowledge of consumers about medical device outsourcing, mounting elderly populace, increasing healthcare investment, and growing trend of medical travel.
Developing countries, such as South Korea, China, and India, are mainly driving the market growth, credited to the high need for healthcare products and services. Moreover, these countries offer cost-effective labor and easy raw material availability, which encourage Western companies to outsource medical device production and other processes to firms based in APAC.
Medical Device Outsourcing Market Report Coverage
By Device Type
- Class I
- Class II
- Class III
By Application
- Orthopedics & Spine
- Cardiology
- Diagnostic Imaging
- In-Vitro Diagnostics
- Ophthalmology
- Plastic Surgery
By Service Type
- Quality Assurance
- Regulatory Compliance
- Design & Development
- Testing
- Implementation
- Upgradation
- Maintenance
- Contract Manufacturing
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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