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Market Research Report
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879276

Global Medical Device Outsourcing Market, Size, Share, Opportunities and Forecast, 2020-2027

Published: | DataM Intelligence | 180 Pages | Delivery time: 2 business days

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Global Medical Device Outsourcing Market, Size, Share, Opportunities and Forecast, 2020-2027
Published: April 3, 2021
DataM Intelligence
Content info: 180 Pages
Delivery time: 2 business days
  • Description
  • Table of Contents

Global Medical Device Outsourcing Market is segmented by Product (Raw Materials, Electronics, and Finished Goods), by Device Type (Class I, II, and III Devices), by Application (Orthopedic & Spine, Cardiovascular, Radiology, and General Medical Devices), by Service (Prototype Development, Finished Device Manufacturing, Assembly & Packagingand, Testing & Regulatory Support Services), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Share, Size, Outlook, and Opportunity Analysis, 2020-2027

Market Overview

The Global Medical Device Outsourcing Market is expected to grow at a CAGR of 10.50% during the forecasting period (2020-2027).

Outsourcing is a practice usually undertaken by companies as a cost-cutting measure by hiring a party outside a company to perform services and create goods. The medical device industry is outsourcing both the manufacturing of medical devices and associated services; outsourcing can help equipment manufacturers to accelerate their time to market for a new product and speed up return on investment. Rising demand for advanced products and the trend of offshoring is fueling the growth. This growth would be mainly led by the need to curb the rising cost of medical equipment and thereby the healthcare expense. 

Market Dynamics 

Increase in pressure on the manufacturers to reduce the overhead expenses and operational costs while maintaining the quality of healthcare services is propelling the medical device outsourcing market. Product outsourcing helps in reducing production cost by 10-15%. Additionally, the growing demand for quality healthcare is one of the key factors driving the growth of the global medical devices outsourcing market. The quality of healthcare delivered depends on the quality of diagnostic devices. This is forcing device manufacturers to outsource product development to stay ahead in the competitive healthcare industry.

Also, increase in the geriatric population worldwide. According to a WHO (World Health Organization), in 2010, around 524 million people were above 65 years, and by 2020, it is expected to reach 1.5 billion. Further, there is a positive correlation between elderly individuals and an increase in the incidence of chronic disorders such as cardiovascular, neurological, and orthopedics. Hence, the increase in the geriatric population is expected to have a positive impact on the market. 

However, threat of loss of confidential information in the process of contracting with third party for manufacturing, product designing, prototyping, and others is hampering the global medical device outsourcing market.

Segment Analysis 

Based on Services, the global medical device outsourcing market is broadly segmented as Orthopedics & Spine, Cardiovascular, Radiology, and General Medical Devices. Among all Cardiovascular application, the segment accounted for a major share in the market in 2018 and is projected to grow at a high pace during the forecast period (2019-2026). It is owing to the high prevalence of cardiovascular diseases worldwide. According to the WHO, approximately 17.7 million people died from cardiovascular disease in 2015, representing 31% of the global deaths. 

Based on the service type, the global medical device outsourcing market is segmented into testing & certification, prototype development, Finished Device, Assembly & Packaging. Among all these testing and certification services accounted for major market share in 2018 in the global medical device outsourcing market and is expected to grow at a significant rate. It is owing to the equipment manufacturers (OEMs) in medical device industry who are seeking assistance for testing and certification services for their medical devices to meet regulatory standards such as U.S. Food and Drug Administration (FDA), and European Medicines Agency (EMA).

Geographical Analysis 

The global Medical Device Outsourcing market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for major market share in 2018 in the global medical device outsourcing, owing to factors such as the presence of a large number of medical device manufacturers, and availability of advanced healthcare system and manufacturing hubs for high-end, consistent, and complex medical devices in this region. During the forecast period (2019-2026) the Asia-Pacific is expected to witness the fastest growth in demand for the medical device outsourcing market. It is due to the presence of a large pool of patients with chronic disorders, such as cardiac and neurological. Further, low labor costs and low overhead costs are driving the manufacturers to focus on this region. For instance, in March 2016, WuXi AppTec launched a life science innovation hub in South Korea. Thus, these factors are positively influencing the global medical device outsourcing market in Asia.

Competitive Analysis 

Significant players of the global medical device outsourcing market are Integer Holdings Corporation, Cirtec Medical., West Pharmaceutical Services, Inc., Nortech Systems, Inc., Celestica, Inc, Plexus Corp., Sanmina Corporation,  Intertek Group, Wuxi Apptec; GE Healthcare, and others. Majority of these prominent players are adopting few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global medical device outsourcing market. For instance

  •  In March 2018, Nortech Systems, a provider of full-service electronics manufacturing services (EMS), announced that a new facility to be built in Monterrey, Mexico.
  • In August 2017, Greatbatch and Lake Region Medical merged to form Integer Holdings Co., a global medical device contract manufacturer.
  • In July 2017, GE Healthcare expanded its U.S. healthcare consulting business by acquiring Novia Strategies, Inc.
  • In August 2016, Cirtec Medical, acquired of Stellar Technologies, Inc., a medical device machining and component manufacturer.

Why Purchase the Report?

  • Visualize the composition of the Medical Device Outsourcing market across each indication, in terms of type and treatment options, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the Medical Device Outsourcing market by analyzing trends and co-development deals. 
  • Excel data sheet with thousands of data points of the Medical Device Outsourcing market - level 4/5 segmentation.
  • A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Services mapping in excel for the key Services of all major market players

Target Audience

  • Equipment Suppliers/ Buyers
  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

Table of Contents

Table of Contents

1. Global Medical Device Outsourcing Market Methodology and Scope

  • 1.1. Research Methodology
  • 1.2. Research Objective and Scope of the Report

2. Global Medical Device Outsourcing Market - Market Definition and Overview

3. Global Medical Device Outsourcing Market - Executive Summary

  • 3.1. Market Snippet by Services
  • 3.2. Market Snippet by Application
  • 3.3. Market Snippet by Region

4. Global Medical Device Outsourcing Market - Market Dynamics

  • 4.1. Market Impacting Factors
    • 4.1.1. Drivers
      • 4.1.1.1. Increase in incidence of chronic disorders
      • 4.1.1.2. Reduce production cost
    • 4.1.2. Restraints
      • 4.1.2.1. Threat of loss of confidential information
    • 4.1.3. Opportunity
    • 4.1.4. Impact Analysis

5. Global Medical Device Outsourcing Market - Industry Analysis 

  • 5.1. Porter's Five Forces Analysis 
  • 5.2. Supply Chain Analysis 
  • 5.3. Pricing Analysis
  • 5.4. Regulatory Analysis
  • 5.5. Patent Analysis

6. Global Medical Device Outsourcing Market - By Services

    • 6.1.1. Introduction 
    • 6.1.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services
    • 6.1.3. Market Attractiveness Index, By Services
  • 6.2. Prototype Development
    • 6.2.1. Introduction
    • 6.2.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), 2018-2026
  • 6.3. Finished Devices
  • 6.4. Assembly & Packaging
  • 6.5. Testing & Certification

7. Global Medical Device Outsourcing Market - By Application

    • 7.1.1. Introduction 
    • 7.1.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 7.1.3. Market Attractiveness Index, By Application
  • 7.2. Orthopedic & Spine
    • 7.2.1. Introduction
    • 7.2.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), 2018-2026
  • 7.3. Radiology
  • 7.4. Cardiovascular
  • 7.5. General Medical Devices

8. Global Medical Device Outsourcing Market - By Region

  • 8.1. Introduction 
    • 8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
    • 8.1.2. Market Attractiveness Index, By Region
  • 8.2. North America
    • 8.2.1. Introduction
    • 8.2.2. Key Region-Specific Dynamics
    • 8.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services
    • 8.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.2.5.1. The U.S.
      • 8.2.5.2. Canada
      • 8.2.5.3. Mexico
  • 8.3. Europe
    • 8.3.1. Introduction
    • 8.3.2. Key Region-Specific Dynamics
    • 8.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services
    • 8.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.3.5.1. Germany
      • 8.3.5.2. The U.K.
      • 8.3.5.3. France
      • 8.3.5.4. Italy
      • 8.3.5.5. Spain
      • 8.3.5.6. Rest of Europe
  • 8.4. South America
    • 8.4.1. Introduction
    • 8.4.2. Key Region-Specific Dynamics
    • 8.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services
    • 8.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.4.5.1. Brazil
      • 8.4.5.2. Argentina
      • 8.4.5.3. Rest of South America
  • 8.5. Asia Pacific
    • 8.5.1. Introduction
    • 8.5.2. Key Region-Specific Dynamics
    • 8.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services
    • 8.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.5.5.1. China
      • 8.5.5.2. India
      • 8.5.5.3. Japan
      • 8.5.5.4. Australia
      • 8.5.5.5. Rest of Asia Pacific
  • 8.6. Middle East & Africa
    • 8.6.1. Introduction
    • 8.6.2. Key Region-Specific Dynamics
    • 8.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Services

9. Global Medical Device Outsourcing Market - Competitive Landscape

  • 9.1. Competitive Scenario
  • 9.2. Competitor Medical Device Outsourcing Strategy Analysis
  • 9.3. Comparative Services Portfolio Analysis
  • 9.4. Market Positioning/Share Analysis
  • 9.5. Mergers and Acquisitions Analysis

10. Global Medical Device Outsourcing Market - Company Profiles

  • 10.1. Integer Holdings Corporation
    • 10.1.1. Company Overview
    • 10.1.2. Services Portfolio and Description
    • 10.1.3. Key Highlights
    • 10.1.4. Financial Overview
  • 10.2. Nortech Systems, Inc.
  • 10.3. Plexus Corp.
  • 10.4. Sanmina Corporation
  • 10.5. Cirtec Medical.
  • 10.6. West Pharmaceutical Services, Inc.
  • 10.7. Celestica, Inc
  • 10.8. Intertek Group
  • 10.9. Wuxi Apptec
  • 10.10. GE Healthcare

11. Global Medical Device Outsourcing Market - Premium Insights

12. Global Medical Device Outsourcing Market - DataM 

  • 12.1. Appendix
  • 12.2. About Us and Services
  • 12.3. Contact Us