Medical Device Outsourcing Market to Grow At a Highest CAGR of 11.2% During the Forecast Period: Grand View Research Inc.

 

Medical Device Outsourcing Market Growth & Trends

The global medical device outsourcing market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of 11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.

Contract manufacturers in developed countries like the EU nations comply with the international standards for a quality management system, which makes them a preferred option as compared to the ones in developing countries like India and China. However, the regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the global market.

However, the current pandemic has put the MedTech industry at the center stage with unmatched demand for PPE, diagnostic tests, ventilators, and other critical supplies. Besides the ongoing extraordinary measures to promptly ramp up the manufacturing capacity & capabilities, Medtech leaders are seeking outside their boundaries of the normal sector to explore innovative solutions to supplement the capacity, such as open-source equipment design, as well as partnerships with firms outside the sector.

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Medical Device Outsourcing Market Report Highlights

• The contract manufacturing segment led the market in 2020 with a revenue share of 55.4% and will retain its position throughout the forecast period
• This growth is due to the increasing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
• The quality assurance services segment is projected to exhibit the fastest CAGR over the forecast period
• Asia Pacific was the dominant regional market in 2020 owing to the easy availability of skilled human resources

Access Press Release@ https://www.grandviewresearch.com/press-release/global-medical-device-outsourcing-market

Medical Device Outsourcing Market Segmentation

Grand View Research has segmented the global medical device outsourcing market on the basis of service, application, and region:

Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2028)

• Quality Assurance Services
• Regulatory Affairs Services
  • Clinical Trials Applications & Product Registrations
  • Regulatory Writing & Publishing
  • Legal Representation
  • Other
• Product Design & 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

Medical Device Outsourcing Application Outlook (Revenue, USD Million, 2016 - 2028)

• 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 & 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

Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • France
  • UK.
  • Germany
  • Italy
  • Spain
  • The Netherlands
  • Switzerland
  • Sweden
  • Belgium
  • Russia
• Asia Pacific
  • Japan
  • China
  • Taiwan
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Korea
  • Thailand
  • Australia
  • Philippines
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Israel
  • UAE
  • Egypt

List of Key Players of Medical Device Outsourcing Market

• SGS SA
• IQVIA
• Toxikon, Inc.
• Eurofins Scientific SE
• Pace Analytical Services, Inc.
• Intertek Group plc
• WuXi AppTec, Inc.
• North American Science Associates, Inc.
• Charles River Laboratories International, Inc.
• PAREXEL International Corp.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.