Medical Device Outsourcing Market to be Worth $292.93 Billion by 2030: Million Insights

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Nov 15, 2022, 08:00 ET

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

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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