Medical Device Outsourcing Market Worth $292.93 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 27, 2022 /PRNewswire/ -- The global medical device outsourcing market size is expected to reach USD 292.93 billion by 2030, registering a CAGR of 12.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for advanced medical products and a growing trend of offshoring are fueling the growth of this market.

Key Industry Insights & Findings from the report:

• The contract manufacturing market dominated the global market in 2021 owing to the growing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries.
• The segment of quality assurance services is projected to exhibit the fastest growth rate over the forecast period due to the increasing trend of outsourcing quality assurance services among emerging countries.
• Asia Pacific was the dominant regional market in 2021 owing to lower cost and availability of skilled human resources.
• The regional market is estimated to expand further at the second-fastest CAGR during the forecast period.
• North America also registered a significant share in 2021 due to well-established infrastructure for manufacturing complex medical devices.

Read 275-page full market research report for more Insights, "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Application (Cardiology, General & Plastic Surgery, IVD), By Service (Contract Manufacturing, Quality Assurance), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Medical Device Outsourcing Market Growth & Trends

Various initiatives by public organizations promoting testing for COVID-19 are also enhancing market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public that is becoming burdensome to handle. To meet the regulatory scenario, various services like regulatory consulting are being utilized by the industry players.

For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards. Contract manufacturers, especially in developed countries like the U.S., EU nations, and Japan, comply with the international standards for a quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in developing countries ensure compliance by contract manufacturers. The demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the market.

Owing to the COVID-19 pandemic, there was a decline in the number of diagnoses for other diseases like cancer and tuberculosis among others. The recovery of COVID-19 is expected to increase the demand for medical devices for diagnosing these diseases. Public organizations across the globe are taking initiatives to increase the production of medical equipment to prevent a future shortage. For instance, in January 2021, U.S. president Joseph Biden, in response to the pandemic preparedness, emphasized improving the gaps in the supply chain by improving the domestic manufacturing of PPE, test kits, and durable medical equipment.

Medical Device Outsourcing Market Segmentation

Grand View Research has segmented the global medical device outsourcing market based on service, application, 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 - 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 Corporation
• Emergo
• Bioteknica
• Accell Clinical Research
• Genpact Ltd.
• Criterium, Inc.
• PRA Health Sciences
• Promedica International
• Medpace Holdings, Inc.
• Icon PLC.
• Iqvia Holdings Inc.
• Integer Holdings Corporation
• Tecomet Inc.
• Jabil Inc.
• Flex Ltd.
• Celestica Inc.
• Sanmina Corporation
• Plexus Corp.
• Phillips Medisize
• Cantel Medical Corp.
• West Pharmaceutical Services, Inc.

Check out more related studies published by Grand View Research:

• Medical Affairs Outsourcing Market - The global medical affairs outsourcing market size is expected to reach USD 3.47 billion by 2028 registering a CAGR of 12.2%, according to a new report by Grand View Research, Inc. Transformation in medical education and the rising number of orphan therapies for the treatment of rare diseases are some of the key factors propelling the market growth.
• Pharmaceutical Analytical Testing Outsourcing Market - The global pharmaceutical analytical testing outsourcing market size is expected to reach USD 14.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.4% from 2022 to 2030. Increasing biological candidate pipelines, rising demand for additional analytical details on drugs, and process development by regulatory agencies are driving the market growth.
• Life Sciences BPO Market - The global life sciences BPO market size is expected to reach USD 827.5 billion by 2030, registering a CAGR of 9.2% over the forecast years, according to a new report by Grand View Research, Inc. The rising costs of drug development; pre-clinical and clinical trials; and post-marketing surveillance; a rise in the patent cliff; a growing product pipeline; and regulatory constraints are some of the major factors driving the market.

Browse through Grand View Research's Medical Devices Industry Research Reports.

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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