New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Medical Device Outsourcing Market size is projected to surpass around US$ 352.3 billion by 2032 from US$ 116.7 billion in 2022. and it is poised to reach a CAGR of 12% from 2023 to 2032.
Medical device outsourcing is an integral service offered by numerous companies and serves to enlist the expertise of third-party firms or medical device consulting agencies to ensure medical devices comply with regulatory guidelines and deliver top-quality and cost-efficient devices to the healthcare sector. Medical device categories vary based on class, service, and application to meet the diverse needs of healthcare professionals and patients alike.
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Key Takeaway:
- By Service, contract manufacturing dominated the market with a revenue share of 53.8% in 2022.
- By Application, cardiology dominates the segment by covering a major revenue share of 20.4% in the global medical device outsourcing market.
- By Class, Class II dominates over Class I and Class III by holding a revenue share of 64.8%.
- Asia Pacific held a revenue share of approximately 40.6% in 2022.
- The North America market is anticipated to hold a significant revenue share over the forecast period.
Factors affecting the growth of the Medical Device Outsourcing Market?
Several factors can affect the growth of the medical device outsourcing market. Some of these factors include:
- Growing Demand for Affordable Medical Devices: Medical devices are technologically intricate products, leading to high manufacturing costs. To address this, manufacturers are partnering with medical device outsourcing firms to lower production costs, making these devices more accessible to patients.
- Escalating Market Competition: The pursuit of cost-effective medical devices has spurred intense competition among industry leaders. To gain a competitive edge, these companies are implementing diverse strategies, driving the growth of the global medical device outsourcing market. This heightened competition benefits consumers by fostering innovation and affordability in the industry.
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Top Trends in the Global Medical Device Outsourcing Market
Rising demand for medical equipment used for minimally invasive treatments of chronic illnesses has contributed to an explosion in medical device outsourcing markets worldwide. Companies providing this service assist manufacturers in securing required approvals and documentation prior to product launches - thus streamlining market entry processes.
Market Growth
The escalating demand for affordable medical devices has prompted numerous companies to enter the market, but the intricate technology integration often hinders cost reduction. To secure a significant market share, many firms are forming partnerships with outsourcing companies. This heightened competition is driving positive growth in the global medical device outsourcing market. Additionally, the implementation of diverse regulations by global regulatory authorities has compelled manufacturing firms to collaborate with outsourcing partners to ensure compliance with these stringent regulations and guidelines, further fueling the market's expansion.
Regional Analysis
The Asia Pacific region is at the forefront of the global medical device outsourcing market, commanding a substantial revenue share of 40.6%. This dominance is attributed to the presence of numerous key market players in countries such as China, South Korea, and Japan, propelling the market's growth. Additionally, the region's sizable population has contributed to a surge in patients with chronic illnesses, consequently driving the demand for medical devices. Increased healthcare expenditure by several Asia Pacific countries' governments further fuels market growth. In North America, developed infrastructure, advanced technologies, and the presence of the USFDA are anticipated to contribute significantly to the region's market share in the coming years.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include IQVIA Inc., Euro fins Scientific, SGS SA, Intertek Group plc, Charles River Laboratories, WuXiAppTec, PAREXEL International Corporation, Pace Analytical Services Inc., Sterigenics U.S. LLC, Freyr Solutions, and other key players.
Market Key Players:
- IQVIA Inc.
- SGS SA
- Euro fins Scientific
- Intertek Group plc
- WuXiAppTec
- Charles River Laboratories
- PAREXEL International Corporation
- Pace Analytical Services Inc.
- Sterigenics U.S. LLC
- Freyr Solutions
- Other Key Players
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 116.7 billion |
| Market Size (2032) | USD 352.3 billion |
| CAGR (from 2023 to 2032) | 12% |
| Asia-Pacific Revenue Share | 40.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The growing need for affordable medical devices has compelled medical device manufacturers to seek outsourcing solutions to enhance cost-efficiency and product quality. In a competitive landscape where companies vie to provide cost-effective medical devices, outsourcing becomes a strategic imperative. Furthermore, the surging demand for medical devices, driven by the increasing prevalence of chronic diseases requiring prolonged medical care and various specialized medical devices, is a key growth driver for the medical device outsourcing market. The market's expansion is further catalyzed by the necessity for top-notch medical devices that adhere to regulatory standards while reducing time-to-market.
Market Restraints
The medical device outsourcing market is characterized by intense competition among numerous players striving to establish a significant market share and extend their footprint across diverse regions. This competitive landscape underscores the importance of introducing innovative, technology-driven products to remain competitive on a global scale. However, the sporadic introduction of cutting-edge technologies in medical devices by industry players poses a potential obstacle to the growth trajectory of the global medical device outsourcing market in the forecast period. A consistent commitment to innovation is vital to sustaining market prominence and catering to evolving healthcare needs.
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Market Opportunities
Recent years have witnessed an explosion of investments in healthcare investments worldwide. Governments worldwide have increased budget allocations to this sector as chronic diseases become more prevalent, leading to reduced life expectancies for patients. Increased funding aimed at meeting the ever-increasing healthcare needs of populations is expected to create lucrative opportunities in the medical device outsourcing market in the foreseeable future. With healthcare infrastructure and services becoming more critical to overall well-being and longevity for individuals, demand is expected to surge for sophisticated medical devices and outsourcing services.
Report Segmentation of the Medical Device Outsourcing Market
Service Insight
Contract manufacturing dominates the service segment, commanding a substantial 53.8% share in the global medical device outsourcing market. The surge in demand for cost-effective medical devices propels this growth. Complex regulations set forth by regulatory authorities necessitate companies to outsource manufacturing to reduce costs and ensure compliance. These factors drive contract manufacturing's expansion in the global medical device outsourcing market. Quality assurance is expected to claim a notable market share in the foreseeable future, primarily attributed to heightened industry focus on quality enhancement and adherence to stringent regulatory requirements, underscoring the pivotal role of quality assurance in the sector.
Application Insight
Cardiology holds a substantial share of the global medical device outsourcing market with 20.4%. Cardiology's dominance can be attributed to cardiovascular diseases like rheumatic heart disease, atrial fibrillation, and myocardial infarction that have increased due to rising prevalence; thus driving cardiology's demand. Meanwhile, general and plastic surgery devices are projected for strong growth at 12.8% compound annual growth over five years due to demand from cosmetic surgeries propelling growth for general and plastic surgery devices in this segment of the global medical device outsourcing market growth.
Class Insight
Class II medical devices hold an impressive 64.8% share in the global medical device outsourcing market. This increase can be attributed to the high demand for devices like syringes, catheters, surgical gloves, contact lenses, and pregnancy tests that fall under Class II. These moderate to high-risk devices make up a substantial proportion of this segment and drive their growth in the global medical device outsourcing market's class segment.
Recent Development of the Medical Device Outsourcing Market
- In October 2022, Reliance Strategic Business Ventures Limited entered into a strategic partnership with Sanmina Corporation, aiming to advance technology infrastructure across multiple industries, including medical and healthcare.
- In August 2022, Integer Holdings Corporation successfully acquired Aran Biomedical with the primary objective of enhancing its capabilities to deliver effective solutions for therapeutic devices and complex delivery systems, particularly in regions with a high prevalence of cardiovascular diseases (CVDs).
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Market Segmentation
Based on Service
- Contract Manufacturing
- Quality Assurance
- Design and Development Services
- Maintenance Services
- Regulatory Affairs Services
- Other Services
Based on Application
- Cardiology
- General and plastic surgery
- Diagnostic imaging
- Drug delivery
- IVD
- Other Applications
Based on Class
- Class I
- Class II
- Class III
Based on Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
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