Category : Healthcare and Pharmaceuticals | Published at : July-2022 | Delivery Format : PDF | Status: Published | Pages : 160
Introduction
The global medical device outsourcing market size in terms of revenue is expected to reach USD 193.6 billion in 2026. The global medical device outsourcing market is expected to experience a CAGR of 10.7% during the forecast period. Growing demand for medical devices tied with growing trend of off-shoring is expected to drive the market during the forecast period.
Market Dynamics
Growing competition among medical device manufacturers is the primary reason to making of products at lower and reasonable cost. This factor is positively impacting the growth of global medical device outsourcing market. Continuous change in regulatory landscape and growing awareness and inclination towards outsourcing services such as quality assurance, product implementation, and regulatory consulting are also expected to augment the global medical device outsourcing market during the forecast period.
Market Insights
Rising geriatric population is also influencing the demand for medical devices. This demographic shapes a large customer base with limited health resource, thereby approaching manufacturers towards subcontracting of activities such as packaging, assembling, and many others. For instance, new entrants in the medical device industry are likely to outsource device designing in order to be technologically updated and meet demands of patients.
Moreover, increasing complexities in the product manufacturing coupled with growing number of new entrants globally are expected to outline the future of the global medical device outsourcing market. Increasing occurrence of chronic disorders among the global population is raising the demand for medical devices. This factor, in turn, is working in favour of the market.
Market Segmentation
Market By Services
- Quality Assurance
- Regulatory Affairs Services
- Clinical trials applications and product registrations
- Regulatory writing and 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
Market By Therapeutic Area
- 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 and 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
Market By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Chile
- Rest of Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
Regional Insights
Asia Pacific medical device outsourcing market is expected to dominate during the forecast period. North America and Europe constituted considerable cumulative share in 2016 attributable to well established manufacturing infrastructure for expensive and complex medical devices.
Market Participants
The key players catering to the global medical device outsourcing market are Integer; Tecomet; Jabil; Flextronics; Celestica; Sanmina; Plexus; SGS SA; Toxikon Inc.; Eurofins Scientific; Pace Analytical Services; Intertek Group; MAPI; PPD; Freyr Solutions; and Wuxi Apptec. The global players are continuously investing in R&D activities and innovating to have updated technology based product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries.
