PUBLISHER: Grand View Research | PRODUCT CODE: 1888539
PUBLISHER: Grand View Research | PRODUCT CODE: 1888539
The global medical device outsourcing market size was estimated at USD 128.80 billion in 2024 and is projected to reach USD 386.08 billion by 2033, growing at a CAGR of 13.29% from 2025 to 2033. The market is driven by increasing demand for medical devices, combined with the rising price competition and the requirement to reduce costs.
Regulatory approval procedures are becoming more stringent & time-consuming, and market players aim to receive product approvals on the first attempt to gain higher market share. Medical device companies have to manage continuous changes in regulatory requirements, which span over different business activities and multiple geographies worldwide. Noncompliance with changing regulatory requirements may result in penalties and delays, which may lead to loss of revenue. Geographic expansion by medical device companies aimed at speedy approvals in global markets is expected to further contribute to an increase in the adoption of outsourcing models for regulatory affairs services.
The medical device business is under continual pressure to regulate costs without compromising on the R&D process, time to market, or the associated safety & quality. Novel technologies, process developments, and a rapidly aging population are factors driving segment growth. As a result, regulations become increasingly stringent and complex due to heightened market competition. Medical device Original Equipment Manufacturers (OEMs) can benefit from increased agility, low operational costs, and reduced time to market, as well as high return on investment by outsourcing some of their operations. OEMs can also transform their companies into strategic investments from cost centers. Hence, this is expected to create demand for medical affairs outsourcing services.
Global Medical Device Outsourcing Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global medical device outsourcing market report based on service, application, class type, and region: