Medical Device Outsourcing Market, By Product (Finished goods, Electronics, Raw Materials), By Device Type (Class I Devices, Class II Devices, Class III Devices), By Application (Orthopedics and Spine, Cardiovascular, Radiology, General Medical Devices, Others), By Services (Prototype Development, Finished Device, Manufacturing Assembly & Packaging, Testing & Regulatory Support Services), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Medical Device Outsourcing Market is predicted to grow from USD 111.5 billion in 2021 to USD 272.8 billion by 2030, at a CAGR of 10.45% during the forecast period.

A company may contract with another business to manufacture its medical devices, this practice is known as medical device outsourcing. Medical device outsourcing is becoming increasingly popular among original equipment manufacturers today. The market is growing as a result of increased pressure on manufacturers to cut operating and overhead costs. Additionally, factors like faster production and the requirement to adhere to regulatory standards help the market expand.

Market Dynamics:

Drivers:

The prevalence of chronic diseases is expected to boost the growth of the medical device outsourcing equipment market. Ailments that last for a year or more are considered chronic diseases and call for ongoing medical attention, limiting everyday activities, or both. The demand for new, high-quality medical products with quicker launch timeframes is growing, which is driving the sector for outsourced medical devices to grow.

The primary cause of goods being manufactured at lower and more affordable costs is growing competition among manufacturers of medical equipment. These are the main factors boosting the industry.

Restraints:

The elements, including the alterations Global medical device outsourcing market growth is hampered by International Standard Organization (ISO): 13485. Its rigorous regulatory framework and supply chain management disruption was brought on by the pandemic. The growth of service alternatives and issues with outsourcing compliance is restraining the growth of the market.

Opportunities:

The technical advancements in medical device manufacturing are a significant driver propelling the market for medical device manufacturing outsourcing. New technologies like 3D printing and athermal lasers are becoming increasingly popular in the market. Manufacturers are consistently using these fresh, cutting-edge technology to satisfy the expanding client demand. To apply such cutting-edge technologies, Original Equipment Manufacturer (OEMs) are also looking to contract manufacturers for services. Medical device manufacturers can quickly introduce new items to the market with the aid of this strategy.

Key Players:

• SGS SA

• Laboratory Corporation of America Holdings

• Euro fins Scientific

• Pace Analytical Services, Inc.

• Intertek Group plc

• WuXiAppTec

• North American Science Associates, LLC

• TÜV SÜD

• Sterigenics U.S., LLC (GTCR, LLC)

• Charles River Laboratories

• Medical Device Testing Services (Element Minnetonka)

• RJR Consulting, Inc.

• Mandala International

• Freyr

• Global Regulatory Partners

• PAREXEL International Corporation (EQT Private Equity and Goldman Sachs Asset Management)

• Emergo (UL LLC)

• Bioteknica

• Accell Clinical Research, LLC

• Genpact

• Criterium, Inc.

• Promedica International

• Med pace

• ICON plc.

• IQVIA Inc.

• Integer Holdings Corporation

• Tecomet Inc. (Charles bank Capital Partners, LLC)

• Jabil Inc.

• FLEX LTD.

• Celestica Inc.

• Sanmina Corporation

• Plexus Corp.

• Phillips Medisize (Molex, LLC)

• Cantel Medical Corp. (STERIS plc)

• West Pharmaceutical Services, Inc.

Market Segmentation:

Medical Device Outsourcing Market, By Product

• Finished goods

• Electronics

• Raw Materials

Medical Device Outsourcing Market, By Device Type  

• Class I Devices

• Class II Devices

• Class III Devices

Medical Device Outsourcing Market, By Application    

• Orthopedics and Spine

• Cardiovascular

• Radiology

• General Medical Devices

• Others

Medical Device Outsourcing Market, By Services

• Prototype Development

• Finished Device Manufacturing

• Assembly & Packaging

• Testing & Regulatory Support Services

Medical Device Outsourcing Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Regional Analysis:

Asia-Pacific had the greatest revenue share in the global market. The other enabling aspects that are projected to drive this regional market are the existence of market participants and competitive pricing. The market growth in this region is also being fueled by the rising demand for medical devices. Which is a result of the expanding patient population suffering from infectious and chronic diseases. For instance, the need for CT scanners to find pneumonia increased during the first wave of COVID-19.

North America is also anticipated to experience considerable expansion. This is due to the long-established centers for producing sophisticated, reliable, and complex medical gadgets. Also, North America's technologically superior electronic sector gives it an advantage over other regions. Several medical device businesses are based in this area, and they support the expansion of the local market by outsourcing some of their regulatory and consulting tasks to regulatory service providers. These are the reasons which will help propel the medical devices outsourcing market.

Scope of the Report:

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