OTTAWA, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The global medical device outsourcing market size was valued at USD 102.3 billion in 2019 with register a compound annual growth rate (CAGR) of around 9.98% during period 2020 to 2027.
Global medical device industry is under persistent pressure to control expenses without compromising research development, protection and timeline. New technologies, process progressions and elderly population have led explosive growth within the market since past few years. With its development, guidelines progress and become more severe and difficult and competition more extreme. Medical device original equipment manufacturers (OEMs) with the help of outsourcing some of the tasks, can take benefit of lowered operation prices, augmented agility, a decline in time-to-market and a improvement on their return of investment (ROI). In turn, OEMs can renovate their businesses into tactical investments reasonably than simply cost centers. Contract manufacturers have positively profited from this growth of the medical device sector. Nevertheless, growth of the outsourced medical manufacturing sector is outpacing that of the device industry as a whole, demonstrating a trend near the augmented practice of outsourcing.
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Growth Factors
Continuously, rising occurrence of chronic ailments is one of the foremost factors subsidizing to the growth of medical device outsourcing market. Regulatory bodies are mostly concentrating on the quality of the healthcare devices delivered to the public. Therefore this is inspiring numerous companies in the market to bid numerous services such as regulatory consulting. For instance, the European Medical Device Regulation commences special impulsive inspection of outsourced products to test the quality along with conformity with standards.
The vital influencer of medical device outsourcing market is the profitable and swift manufacturing of products. Manufacturers subcontract the production of their goods to decrease time and cost. Furthermore, as a replacement for fetching in equipment to manufacture medical devices, it is desirable for the producers to subcontract the production operations completely to contract manufacturing organizations (CMOs) based in China, Taiwan, and South Korea, and numerous other nations in order to competently handle maintenance and quality.
Report Highlights
- In 2019, contract manufacturing garnered majority of share in service segment on account of growing trend of outsourcing, particularly in emergent countries
- In 2019, Asia Pacific lead medical device outsourcing market with prominent revenue share. High demands for new-fangled technologies plus developing healthcare infrastructure are likely to expedite the governance of this region in medical device outsourcing marketplace during the estimate period
- The quality assurance segment is projected to observe the utmost CAGR over the estimate period
- North America is estimated to observe the firmest growth throughout the estimate period due to growing occurrence of chronic illnesses in this region
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Regional Snapshots
In 2019, North America emerged as one of the major markets for medical device outsourcing services. This growth is on account of existence of great number of medical device companies, and easy accessibility of high-end medical devices in the region.
Asia Pacific medical device outsourcing market is anticipated to exhibit the firmest growth in demand and is foreseen to propagate at a strong CAGR throughout the estimate period. This growth is credited to low cost of labor and relatively less costly infrastructure price than other established economies across the globe. Tremendous growth in the Asia Pacific region is also augmented by the existence of a enormous patient pool undergoing from chronic disorders and upsurge in the requirement for reasonable medical devices.
Multiple significant participants in the medical device outsourcing market are anticipated to observe abundant growth prospects in established countries. The numerous international medical device establishments select to manufacture their devices in emergent nations of Asia Pacific because of small labor costs and great quality. For example, labor cost is quite less in India, Vietnam, and Indonesia in comparison with other countries. However, China has observed noteworthy increase in labor cost in the latest few years. Numerous Asian nations produce medical device products including rubber gloves, drainage bags and surgical tapes in great number, on account of less overhead for utilities, cheap raw materials, equipment, rent, and medical device components. In addition, companies there also create sophisticated Class III medical devices, like drug-eluting stents.
Browse Related Studies:
- Medical Imaging Outsourcing Market - The global market size was valued at US$ 7.24 Billion in 2019 and expected to reach US$ 10.61 Billion by 2027, with at a compound annual growth rate (CAGR) of 4.9% during the forecast period 2020 to 2027.
- Medical Affairs Outsourcing Market - The global market size was valued at US$ 1.43 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 10.75% during period 2020 to 2027.
- Medical Billing Outsourcing Market - The global market size was valued at USD 9.5 billion in 2019 and expected to reach USD 23.7 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 12.1% during the forecast period 2020 to 2027.
Key Players & Strategies
Some of the foremost companies functioning in the global medical device outsourcing market comprise Integer Heraeus Holding GmbH, Holdings Corporation, Onex Corporation, Cardinal Health, Inc., Flex Ltd., Plexus Corp., West Pharmaceutical Services, Inc., TE Connectivity Ltd., and Sanmina Corporation. These key companies are concentrating on industry expansions and procurements to capture a greater market share. For illustration, TE Connectivity Ltd, a major participant in connectivity and sensors, acquired Creganna Medical in April 2016. Creganna Medical manufactures and designs minimally invasive delivery and access devices serving medical device original equipment manufacturers (OEMs).
Market Segmentation
By Service
- Product Upgrade Services
- Regulatory Affairs Services
- Quality Assurance
- Product Maintenance Services
- Product Testing & Sterilization Services
- Product Design and Development Services
- Product Implementation Services
- Contract 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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