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

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Jul 27, 2022, 09:00 ET

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

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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