Medical Device Outsourcing Global Market Report 2023

“Medical Device Outsourcing Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on medical device outsourcing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for medical device outsourcing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The medical device outsourcing market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

* The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

* The impact of higher inflation in many countries and the resulting spike in interest rates.

* The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Finished Goods; Electronics; Raw Materials

• 2) By Device Type: Class I Devices; Class II Devices; Class III Devices

• 3) By Services: Quality Assurance; Regulatory Affair Services; Product Design Development; Product Testing And Sterilization; Product Implementation; Product Upgrade; Product Maintenance; Contract Manufacturing

• 4) By Application: Drug Delivery; Dental; Diabetes Care; Cardiology; Other Applications

• Companies Mentioned: Flex Ltd; Integer Holdings Corporation; Plexus Corp; Toxikon Inc; Eurofins Scientific SE

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the medical device outsourcing market are: Flex Ltd., Integer Holdings Corporation, Plexus Corp, Toxikon Inc., Eurofins Scientific SE, Pace Analytical Services Inc., WuXi AppTec Inc., North American Science Associates Inc., Charles River Laboratories International Inc., Creganna, IQVIA, Mitutoyo Corporation, Cardinal Health Inc., Onex Corporation, Te Connectivity Ltd., Nortech Systems Incorporated, Sanmina Corporation, and Sterigenics International LLC.

The global medical device outsourcing market grew from $114.95 billion in 2022 to $129.4 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical device outsourcing market is expected to grow to $204.25 billion in 2027 at a CAGR of 12.1%.

The medical device outsourcing market includes revenues earned by entities by providing services such as design and development. Components and devices manufacturing, process validation and verification, Packaging, regulatory consultation, and full services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Medical device outsourcing is a process in which a company outsources the manufacturing process of a medical device to another company.

North America was the largest region in the medical device outsourcing market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of products in medical device outsourcing are finished goods, electronics, and raw materials. Products that have passed or completed the production process but have not yet been sold or dispersed to the ultimate consumer are referred to as finished goods. The various device types are class I devices, Class II devices, and class III devices that provide services such as quality assurance, regulatory affair services, product design development, product testing, and sterilization, product implementation, product upgrade, product maintenance, and contract manufacturing. It has various applications including drug delivery, dental, diabetes care, cardiology, endoscopy, IVD, ophthalmic, diagnostic imaging, orthopedics, and general and plastic surgery.

The prevalence of chronic diseases is expected to propel the growth of the medical device outsourcing market going forward. Chronic diseases are the conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living or both. The rising chronic diseases increase the demand for new quality medical products in less launch time thereby driving the growth of the medical devices outsourcing market. For instance, according to the UN Chronicle, a digital magazine of the United Nations, the global burden of chronic diseases is expected to reach about 56% by 2030. Therefore, the prevalence of chronic diseases will drive the growth of the medical device outsourcing market.

Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the medical device outsourcing market. Major companies operating in the market are focusing on partnerships and collaborations to lead the market. For instance, in December 2021, Labcorp, a US-based laboratory testing company acquired Toxikon Corporation for an undisclosed amount. This acquisition would extend Labcorp's portfolio of full-service drug development and medical device solutions from discovery to market approval. Toxikon Corporation is a US-based contract manufacturing company that provides outsourcing services for medical devices. Furthermore, in February 2020, Integer Holdings, a US-based advanced medical device outsourcing company acquired Inomec for an undisclosed amount. This acquisition of Inomec will allow Integer to establish a research and development and sales center in Israel, in addition to optimizing its catheter design, clinical, and pilot manufacturing capabilities. Income is an Israel-based medical device outsourcing company.

In December 2021, Integer Holdings, a US-based advanced medical device outsourcing company acquired Oscor Inc. for an amount of $220 million. This acquisition of Oscor strengthens Integer's ability to serve the customers by expanding the product offering in steerable sheaths and cardiac and neurostimulation leads and adding low-cost manufacturing capacity to support growth. Oscor is a US-based company that operates in medical device outsourcing services.

The countries covered in the medical device outsourcing market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The medical device outsourcing market research report is one of a series of new reports from The Business Research Company that provides medical device outsourcing market statistics, including medical device outsourcing industry global market size, regional shares, competitors with a medical device outsourcing market share, detailed medical device outsourcing market segments, market trends and opportunities, and any further data you may need to thrive in the medical device outsourcing industry. This medical device outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.