The global medical device outsourcing market reached a value of US$ 105.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 183.13 Billion by 2027, exhibiting a CAGR of 9.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Medical device outsourcing refers to a process involving the manufacturing of medical devices by third-party vendors to perform recurring manufacturing, save costs, streamline the supply chain, and deliver commercial products to markets while meeting industry requirements. It also helps enhance efficiency, improve product quality, minimize business risks, shorten product market entry and development cycles, and provide greater access to high technology. It generally includes device assembly and packaging for shipment and value-add services like package testing validation, sterilization validation and recurring processing, and process improvement identification. Nowadays, medical device outsourcing companies are providing specialized facilities, such as on-site medical labs and cleanrooms, to ensure the manufacturing of medical devices is free of contaminants.
Medical Device Outsourcing Market Trends:
- The growing prevalence of medical ailments among the masses, along with the rising need for quality healthcare services, represents one of the key factors driving the demand for medical device outsourcing services over traditional approaches of product development. Moreover, the increasing focus on expanding the portfolio by relying on new innovations is contributing to the market growth. Apart from this, increasing buyer awareness levels have forced medical device manufacturers to adhere to business strategies involving constant research and development (R&D) investments and product improvements. These investments significantly increase expenditure, thereby escalating the need for medical device outsourcing as a cost-effective tool. Besides this, due to stringent government regulations regarding product safety, medical device manufacturers are collaborating with various regulatory compliance outsourcing companies to get quick and timely approval of their products with reduced cost. This also allows manufacturers to focus on core competencies and maintain production costs while addressing the needs of the emerging market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global medical device outsourcing market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service, therapeutics and application.
Breakup by Service:
- Regulatory Consulting
- Product Design and Development
- Product Testing and Sterilization
- Product Implementation
- Product Upgrade
- Product Maintenance
Breakup by Therapeutics:
- Diagnostic Imaging
- General and Plastic Surgery
- Drug Delivery
- Diabetes Care
Breakup by Application:
- Class I
- Class II
- Class III
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Celestica Inc. (Onex Corporation), Charles River Laboratories International Inc., Flex Ltd., Freyr Inc., Heraeus Holding GmbH, ICON plc, Integer Holdings Corporation, IQVIA Inc., Plexus Corp., Sanmina Corporation, TE Connectivity and West Pharmaceutical Services Inc.
Key Questions Answered in This Report:
- How has the global medical device outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global medical device outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the therapeutics?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global medical device outsourcing market and who are the key players?
- What is the degree of competition in the industry?