The medical device outsourcing market size is estimated to worth around US$ 231 billion by 2027 and expanding growth at a CAGR of 9.98% during the forecast period 2020 to 2027.
The medical device outsourcing market size is estimated to worth around US$ 231 billion by 2027 and expanding growth at a CAGR of 9.98% during the forecast period 2020 to 2027.
Original equipment manufacturers (OEMs) are increasingly accepting of medical device outsourcing. The medical device outsourcing market is growing due to increased pressure on manufacturers to cut overhead and operational costs while maintaining the quality of healthcare services. Furthermore, features such as reduced production time, which assures early product entrance into the market, as well as the necessity to meet regulatory standards, help to drive the medical device outsourcing market expansion.
Due to the benefits of outsourcing such as lower total costs and shorter time to market the products, the market for medical device outsourcing is growing rapidly. The outsourcing helps market players to concentrate on their core competencies such as device or product marketing.
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The global medical device outsourcing market is fueling the growing need for high quality healthcare services. The outsourced assembly of a medical device for the medical market is known as medical device outsourcing. Medical device companies can use contract manufacturing partners to achieve recurring manufacturing and benefit from cost savings, a smooth supply chain, logistical alignment, all of which help them meet industry requirements while allowing them to deliver commercial products to market.
Due to the short product lifecycles, medical device manufacturers rely heavily on innovation and innovative technology to be competitive in this industry. Medical device outsourced research and development, wearable medical devices, robotic check-ups, patient-centric approach, and robotic surgery are some of the innovations in the medical device outsourcing markets, which often lead to enhanced effectiveness, productivity improvement, enhanced quality, and reduced work in progress as well as lower business risks and expedite product market entry. The medical device outsourcing market is expected to grow at a rapid pace, resulting in increased organizational effectiveness, and easier access to advanced technologies, and short product development cycles.
| Report Scope | Details |
| Market Size in 2027 | USD 231 Billion |
| Growth Rate from 2021 to 2027 | CAGR of 9.98% |
| Asia Pacific Market Share in 2020 | 41% |
| Cardiology Market Share in 2020 | 21% |
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Report Highlights:
- Based on the application, the cardiology segment dominated the global medical device outsourcing market in 2020 with highest market share. The segment’s growth is being aided by increasing production complexity. Medical device manufacturers are primarily concerned with producing high quality and safe products for patient care.
- Based on the services, the contract manufacturing segment dominated the global medical device outsourcing market in 2020 with highest market share. The growing outsourcing of the medical devices is due to the surge in demand for cardiovascular devices as a result of a high prevalence of associated disorders. Furthermore, due to the complexity of cardiovascular devices and the requirement for technical competence, the medical devices are being outsourced.
- North America is the largest segment for medical device outsourcing market in terms of region. North America’s medical device outsourcing market growth is being boosted by the region’s technologically advanced electronic sector.
- Asia-Pacific region is the fastest growing region in the medical device outsourcing market. This is attributed to the presence of important market players and competitive pricing.
Future of Medical Device Outsourcing Market
The players in the global medical device outsourcing market can anticipate to benefit from the growing trend of outsourcing information technology services. The various types of SAP, ERP, and CRM are examples of information technology systems that have enhanced the performance of numerous industries by increasing efficiency and lowering the risk of error. With the expanding need for medical equipment and the increased manufacturing capacity of medical device manufacturers, the demand for information technology enabled solutions has improved as well. Information technology solutions can also aid in the successful management of outsourced partners. This opens up a lot of opportunity for major market players who provide supply chain management software like ERP and SAP.
COVID-19 Impact Analysis:
- The medical device outsourcing market had a negative impact due to COVID-19 pandemic, owing to the certain restrictions such as halt of all operations and lockdown.
- With the COVID-19 outbreak spreading over the world, fears of a lack of life saving devices and related necessary medical supplies to stop the spread of the pandemic and provide proper care to those who have been infected have grown, emphasizing the necessity for medical device outsourcing.
Key Developments in the Marketplace:
- BREATHE and IQVIA teamed up in July 2021 to speed up the early detection and treatment of respiratory disorders. The medical device outsourcing market would be boosted by this strategic action of collaborating to improve health outcomes and quality of life for those living with respiratory disorders in the UK.
Market Segmentation
By Service
- Product Upgrade Services
- Regulatory Affairs Services
- Legal representation
- Clinical trials applications
- Regulatory writing and publishing
- Quality Assurance
- Product Maintenance Services
- Product Testing & Sterilization Services
- Product Design and Development Services
- Molding
- Designing & engineering
- Machining
- Packaging
- Product Implementation Services
- Contract Manufacturing
- Accessories manufacturing
- Component manufacturing
- Device manufacturing
- Assembly manufacturing
By Application
- Drug delivery
- Dental
- Diabetes care
- Cardiology
- Endoscopy
- IVD
- Ophthalmic
- Diagnostic imaging
- Orthopedic
- General and plastic surgery
- Others
By Regional
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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