Worldwide Medical Device Outsourcing Market to Reach $137.94 Billion by 2030 at a CAGR of 8.9%

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Dec 20, 2022, 15:00 ET

DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "Medical Device Outsourcing Market by Product, Device Type, Application, and Service: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.

The global medical device outsourcing market was valued at $59,723.42 million in 2020, and is projected to reach $137,948.92 million by 2030, registering a CAGR of 8.9% from 2021 to 2030.

The medical device outsourcing market is witnessing tremendous growth owing to increase in demand for medical devices combined with rise in price competition, which is expected to drive the market during the forecast period. In addition, growing difficulties in product engineering along with the rise in number of new entrants are anticipated to shape the future of the market.

The increase in prevalence of chronic disorders boosts the demand for medical devices. This, in turn, is working in favor of the market. However, the leakage of confidential data, strict regulatory framework, disruption in the supply chain management due to a pandemic is poised to impede the market growth to certain extent.

The major factors that drive the market are rise in incidence of chronic infections, acceptance of non-invasive devices, rise in healthcare expenditure, rise in the geriatric population, and rise in the use of interventional medical devices (IMDs). Moreover, growing elderly population and rise of chronic diseases are anticipated to create lucrative opportunities for the growth of the medical device outsourcing market.

However, lack of skilled labor remains a major challenge. Moreover, threat of loss of confidential information and lack of reimbursement policies pose hurdles in the medical devices outsourcing market.

Region wise, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the medical device outsourcing market in 2020, and is expected to retain its dominance throughout the forecast period. This is primarily attributed to the highly developed healthcare sector, increase in awareness among healthcare professionals about medical devices, and the continuous evolution of technology. However, Asia-Pacific is expected to witness considerable market growth during the forecast period, due to low cost of products and labor for manufacturing.

KEY BENEFITS FOR STAKEHOLDERS

The report provides in-depth analysis of the global medical device outsourcing market size along with the current trends and future estimations to elucidate the imminent investment pockets
It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market
A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global medical device outsourcing market growth

KEY MARKET SEGMENTS

By Product

Finished Goods
Electronics
Raw Materials

By Device Type

Class I Devices
Class II Devices
Class III Devices

By Application

Orthopedics and Spine
Cardiovascular
Radiology
General Medical Devices
Others

By Services

Prototype Development
Finished Device Manufacturing
Assembly & Packaging
Testing & Regulatory Support Services

By Region

North America
US
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

List of key players profiled in the report:

Cardinal Health, Inc
Onex Corporation
TE Connectivity Ltd
Flex Ltd
Heraeus Holding GmBH
Integer Holdings Corporation
Nortech Systems Incorporated
Plexus Corp
Sanmina Corporation
West Pharmaceutical Services, Inc

Key Findings Of Study

By product, the finished goods segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to rising disease prevalence, life expectancy, and the geriatric population
By device type, the class II device segment dominated the global medical device outsourcing market in 2020 and is anticipated to be dominant in the market owing to the rising demand for surgical instruments and test kits
By application, the general medical devices segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to growing prevalence of chronic devices, and the increasing emphasis of healthcare agencies towards early diagnosis and treatment
By services, the finished device manufacturing segment dominated the global medical device outsourcing market in 2020 and is anticipated to be dominant in the market owing to unprecedented demand for technical support pertaining to raw material and finished product testing
On the basis of region, in 2020, America dominated the market in 2020, owing to highly developed health care sector, increase in awareness among healthcare professionals about medical devices, and the continuous evolution of technology However, Asia-Pacific region is expected to witness considerable medical device outsourcing market growth during the forecast period, due to low cost of products and labor for manufacturing

Key Topics Covered:

Chapter 1: Introduction

Chapter 2: Executive Summary

Chapter 3: Market Landscape

Chapter 4: Medical Device Outsourcing Market, by Product

Chapter 5: Medical Device Outsourcing Market, by Device Type

Chapter 6: Medical Device Outsourcing Market, by Application

Chapter 7: Medical Device Outsourcing Market, by Services

Chapter 8: Medical Device Outsourcing Market, by Region

Chapter 9: Company Profiles