Global Medical Device Outsourcing Market size is anticipated to reach USD 194.9 billion by 2025, with a healthy CAGR of 10.9% during the forecast period as the scope and its applications are rising enormously across the globe. Medical device outsourcing is a process of contracting a third party for several business purposes like supply chain management, manufacturing, prototyping, and product designing.
The factors that are playing a major role in the growth of medical device outsourcing market are the growing occurrence of disorders, growing geriatric population, the rising use of enhanced technology, and the high demand for medical devices from end-users. However, issues related to the reimbursement policy and risk of loss of private information may restrain overall market growth in the years to come. Medical device outsourcing market is segmented based on service, therapeutic area, and region.
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Contract manufacturing, quality assurance, product maintenance services, regulatory affairs services, product upgrade services, product design and development services, product implementation services, and product testing & sterilization services are the services that could be explored in medical device outsourcing in the forecast period.
Contract manufacturing sector comprises device, accessories, component, and assembly manufacturing. Regulatory affairs services sector comprise legal representation, clinical trials and product registrations, regulatory writing and publishing, and others. Product design and development services sector comprises packaging, designing & engineering, molding, and machining. The contract manufacturing sector accounted for the significant market share of medical device outsourcing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be a reduction in the cost of production.
Based on therapeutic area, diabetes care, dental, general and plastic surgery, IVD, diagnostic imaging, endoscopy, drug delivery, ophthalmic, orthopedic, cardiology, and others could classify medical device outsourcing in the forecast period. The cardiology sector accounted for the substantial market share of medical device outsourcing and is estimated to continue its dominance in the years to come. The reason could be the growing number of patients suffering from associated conditions. Also, general and plastic surgery sector is estimated to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the substantial market share of medical device outsourcing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, growing number of patients suffering from chronic diseases, the developing R&D and manufacturing set up, and low labor cost. The developing countries like India and China are the major consumers of medical device outsourcing in this region.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period. The key players of medical device outsourcing market are Wuxi Apptec, Integer, Freyr Solutions, Tecomet, PPD, Jabil, MAPI, Flextronics, Intertek Group, Celestica, Pace Analytical Services, Sanmina, Eurofins Scientific, Plexus, Toxikon Inc., and SGS SA. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Market Segment:
Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2014 - 2025)
- Quality Assurance
- Regulatory Affairs Services
- Clinical trials applications and product registrations
- Regulatory writing and publishing
- Legal representation
- Other
- Product Design and 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
Continued…
According to research report the Medical Device Outsourcing Market is expected to reach $91.3 billion by 2024 from an estimated $55.0 billion in 2019, at a CAGR of 10.6%.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170622851 Factors such as increasing automation in the manufacturing of medical devices and advanced technologies integrating electronics and medical devices are expected to drive the growth of the medical device outsourcing market.
The increased connectivity and data-gathering capabilities of these technologies make it possible to build high-volume, regulation-compliant manufacturing processes with efficient inventory and production management.
With the increasing adoption of Industry 4.0 technologies in manufacturing critical and sophisticated medical devices, the medical device outsourcing market is expected to grow significantly during the forecast period.
By service type, the device development and manufacturing services segment is estimated to account for the largest share of this market in 2019 In 2019, the device development and manufacturing services segment is expected to account for the largest share of the global medical device outsourcing market.
The IVD devices segment is expected to account for the largest share of the medical device outsourcing market in 2019 In 2019, the IVD devices segment is likely to account for the largest share of the medical device contract manufacturing market.
A new research study titled, “Global Medical Device Outsourcing Market” has been added to the comprehensive repository of Orbis ResearchThe report ‘Medical Device Outsourcing Market’ is a comprehensive collection of all the market related information required for analyzing and understanding the ‘Medical Device Outsourcing Market’ market.
This information is crucial from the point of view of businesses looking for investments, new ventures, mergers and acquisitions and seeking more valuable and insightful information on markets of their interests.Get Sample Pages of report @ http://www.orbisresearch.com/contacts/request-sample/2330147 Medical Device Outsourcing Market is strongly guided by following key players:Shivna Medical Instruments Co., Ltd. , Micro Systems Engineering GmbH, MDMI Technologies, Inc., Cirtec Medical , Active Implants Corporation LLC, Integer Holdings Corporation , Cadence Inc., GE Healthcare, Plexus Corporation, Memry Corporation, CoorsTek Medical LLC, Celestica HealthTech, Technomics Research, SynteractHCR, RCRI, Precision Bioservices, Chiltern International Ltd., PRC Clinical, Daiichi Jitsugyo Co., Ltd., Decision Driver Analytics, CERES GmbH Evaluation and Research, Icon Plc, WuXi AppTec, PAREXEL International Corporation, Covance Inc., Charles River Laboratories International Inc., Medpace Inc., Accell Clinical Research LLC, ProMed Molded Products, Inc., Mitutoyo Corporation, Teleflex Medical OEM, Infinity Plastics Group, Omnica Corporation, CFI Medical, Kinetics Climax Inc., Inteprod LLC, Hamilton Medical, Sterigenics International Inc., Avail Medical Products Inc., Creganna-Tactx MedicalThis report on ‘Medical Device Outsourcing Market’ also gives an analysis of the market segments based on applications, types and key players.
It consists of an elaborate chapter on the competitors dwelling in the ‘Medical Device Outsourcing Market’ market.
All this information gives a better understanding of how the ‘Medical Device Outsourcing Market’ market has evolved so far.
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The global medical device outsourcing market size is expected to reach USD 231.2 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Radiant Insights, Inc.
Regulatory bodies are mainly focusing on the quality of the healthcare devices provided to the public.
Hence this is encouraging various players in the market to offer various services like regulatory consulting.
Whereas, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the original equipment manufacturers (OEM).
These factors are expected to boost medical device outsourcing to emerging countries like India and China.
Download Free Sample Report @ https://www.radiantinsights.com/research/medical-device-outsourcing-market/request-sample In addition, increasing difficulties in product engineering along with new entrants in the market are anticipated to shape the future of the market for medical device outsourcing.
