Medical Device Outsourcing Market Insight and Outlook to 2027

CANADA–Precedence Research has published a new report titled, "Medical Device Outsourcing Market (By Application: Diagnostic Imaging, Cardiology, Orthopedic, IVD, Drug Delivery, Ophthalmic, Dental, and Endoscopy; By Services: Regulatory Affairs Services, Quality Assurance, Product Design and Development Services, Product Testing and Sterilization Services, Product Maintenance Services, Product Implementation Services, Product Upgrade Services and Contract Manufacturing) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027". According to the study, the global medical device outsourcing market is expected to reach a market size of US$ 231 Billion by the end of 2027 and register a high revenue CAGR of 9.98% from 2020 to 2027.

The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, and the overall market environment.

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Growth Factors

Continuously, rising occurrence of chronic ailments is one of the foremost factors subsidizing to the growth of medical device outsourcing market. Regulatory bodies are mostly concentrating on the quality of the healthcare devices delivered to the public. Therefore this is inspiring numerous companies in the market to bid numerous services such as regulatory consulting. For instance, the European Medical Device Regulation commences special impulsive inspection of outsourced products to test the quality along with conformity with standards.

The vital influencer of medical device outsourcing market is the profitable and swift manufacturing of products. Manufacturers subcontract the production of their goods to decrease time and cost. Furthermore, as a replacement for fetching in equipment to manufacture medical devices, it is desirable for the producers to subcontract the production operations completely to contract manufacturing organizations (CMOs) based in China, Taiwan, and South Korea, and numerous other nations in order to competently handle maintenance and quality.

Report Highlights

• In 2019, contract manufacturing garnered majority of share in service segment on account of growing trend of outsourcing, particularly in emergent countries
• In 2019, Asia Pacific lead medical device outsourcing market with prominent revenue share. High demands for new-fangled technologies plus developing healthcare infrastructure are likely to expedite the governance of this region in medical device outsourcing marketplace during the estimate period
• The quality assurance segment is projected to observe the utmost CAGR over the estimate period
• North America is estimated to observe the firmest growth throughout the estimate period due to growing occurrence of chronic illnesses in this region

Regional Snapshots

In 2019, North America emerged as one of the major markets for medical device outsourcing services. This growth is on account of existence of great number of medical device companies, and easy accessibility of high-end medical devices in the region.

Asia Pacific medical device outsourcing market is anticipated to exhibit the firmest growth in demand and is foreseen to propagate at a strong CAGR throughout the estimate period. This growth is credited to low cost of labor and relatively less costly infrastructure price than other established economies across the globe. Tremendous growth in the Asia Pacific region is also augmented by the existence of a enormous patient pool undergoing from chronic disorders and upsurge in the requirement for reasonable medical devices.

Multiple significant participants in the medical device outsourcing market are anticipated to observe abundant growth prospects in established countries. The numerous international medical device establishments select to manufacture their devices in emergent nations of Asia Pacific because of small labor costs and great quality. For example, labor cost is quite less in India, Vietnam, and Indonesia in comparison with other countries. However, China has observed noteworthy increase in labor cost in the latest few years. Numerous Asian nations produce medical device products including rubber gloves, drainage bags and surgical tapes in great number, on account of less overhead for utilities, cheap raw materials, equipment, rent, and medical device components. In addition, companies there also create sophisticated Class III medical devices, like drug-eluting stents.

Key Players:

The medical device outsourcing market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Top Manufacturers in the medical device outsourcing market are

• Intertek Group PLC
• TüvSüd AG
• Wuxi Apptec
• SGS SA
• Toxikon, INC.
• Eurofins Scientific
• American Preclinical Services
• Sterigenics International LLC
• Pace Analytical Services LLC.
• North American Science Associates, Inc.
• Charles River Laboratories International, Inc.

Market Segmentation

By Service

• Product Upgrade Services
• Regulatory Affairs Services
  • Legal representation
  • Clinical trials applications
  • Regulatory writing and publishing
• Quality Assurance
• Product Maintenance Services
• Product Testing & Sterilization Services
• Product Design and Development Services
  • Molding
  • Designing & engineering
  • Machining
  • Packaging
• Product Implementation Services
• Contract Manufacturing
  • Accessories manufacturing
  • Component manufacturing
  • Device manufacturing
  • Assembly manufacturing

By Application

• Drug delivery
• Dental
• Diabetes care
• Cardiology
• Endoscopy
• IVD
• Ophthalmic
• Diagnostic imaging
• Orthopedic
• General and plastic surgery
• Others

By Regional

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
• Latin America

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