Medical Device Outsourcing Market Size to Reach US$ 291.93 Billion by 2030

According to Vision Research Reports, the global medical device outsourcing market size was valued at USD 106.92 billion in 2021, and is predicted to be worth around USD 291.93 billion by 2030, registering a CAGR of 11.1% during the forecast period 2022 to 2030.

Report Highlights

• The contract manufacturing segment led the market and accounted for more than 55.0% share of the global revenue in 2021.
• The quality assurance services segment is projected to grow at the fastest CAGR during the forecast period.
• The cardiology segment accounted for the maximum share of 20.65% in 2021 and is likely to remain dominant throughout the forecast period.
• General and plastic surgery devices outsourcing is anticipated to exhibit the fastest CAGR from 2022 to 2030.
• Asia Pacific region dominated the global market in 2021 with the largest revenue share of 41.52%.
• North America is also anticipated to register significant growth over the forecast period.

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Growth Factors

The rising demand for advanced medical products and a growing trend of offshoring are fueling the growth of this market. Various initiatives by public organizations promoting testing for COVID-19 are also enhancing market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public that is becoming burdensome to handle. To meet the regulatory scenario, various services like regulatory consulting are being utilized by the industry players.

Increasing demand for medical devices combined with the rising price competition and requirement to reduce the cost is expected to drive the market during the forecast period. In addition, growing difficulties in product engineering along with the increasing number of new entrants are anticipated to shape the future of the market. The COVID-19 pandemic had created a significant demand for RT-PCR and COVID-19 antigen test kits for testing. The ongoing pandemic is likely to have a positive impact on the market. The increasing prevalence of chronic disorders is boosting the demand for medical devices.

Report Coverage

By Service Analysis

The contract manufacturing segment led the market and accounted for more than 55.0% share of the global revenue in 2021. It is also projected to maintain its dominant position over the forecast period. Increasing focus on decreasing the cost of production is augmenting the growth of this segment.

Manufacturing high-quality and safe devices for patient care is a major concern of medical device manufacturers.Also, the high level of inspection in developing medical devices has created layers of standards and regulations. Hence, this is creating demand for manufacturing services.

The quality assurance services segment is projected to grow at the fastest CAGR during the forecast period. The maintenance of an effective quality management system is an integral part of the production of everymedical device.

One such quality management system is ISO 13485, which involves the development, implementation, and maintenance of products intended for use by medical device manufacturers and suppliers.

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By Application Analysis

The cardiology segment accounted for the maximum share of 20.65% in 2021 and is likely to remain dominant throughout the forecast period. The WHO states that Cardiovascular Diseases (CVDs) are one of the major causes of death worldwide, leading to 17.9 million deaths each year.

High complexity of cardiovascular devices and the need for technical expertise. In addition, manufacturing these devices may also lead to the high cost to the OEMs, which is likely to result in the higher outsourcing of these devices.

General and plastic surgery devices outsourcing is anticipated to exhibit the fastest CAGR from 2022 to 2030. The availability of competent outsourcing firms, which comply with the regulatory requirements, and rising demand for cosmetic surgeries are expected to contribute to the growth of this segment.

By Regional Analysis

On the basis of geographies, the global market has been divided into Asia Pacific, North America, Latin America, and MEA. Asia Pacific region dominated the global market in 2021 with the largest revenue share of 41.52%.

The presence of market players and competitive pricing are other supporting factors that are anticipated to drive this regional market, the increasing demand for medical devices owing to the growing patient population suffering from chronic and infectious diseases is fueling the market growth in this region.

North America is also anticipated to register significant growth over the forecast period. This is owing to the well-established manufacturing hubs for high-end, consistent, and complex medical devices.

Key Players

• SGS SA
• Labcorp
• Eurofins Scientific
• Pace Analytical Services, Inc.
• Intertek Group Plc
• WuXiAppTec, Inc.
• North American Science Associates, Inc.
• TUV SUD AG
• American Preclinical Services
• Sterigenics International LLC
• Charles River Laboratories International, Inc.
• Medical Device Testing Services
• RJR Consulting, Inc.
• Mandala International
• Freyr
• Global Regulatory Partners, LLC
• Parexel International Corp.
• Emergo
• Bioteknica
• Accell Clinical Research
• Genpact Ltd.
• Criterium, Inc.
• PRA Health Sciences
• Promedica International
• Medpace Holdings, Inc.
• Icon PLC.
• Iqvia Holdings Inc.
• Integer Holdings Corp.
• Tecomet Inc.
• Jabil Inc.
• Flex Ltd.
• Celestica Inc.
• Sanmina Corp.
• Plexus Corp.
• Phillips Medisize
• Cantel Medical Corp.
• West Pharmaceutical Services, Inc.

Market Segmentation

• By Service
  • Quality Assurance
  • Regulatory Affairs Services
    • Clinical Trials Applications & Product Registrations
    • Regulatory Writing & 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
• By Application
  • 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 and 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
• Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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