Jersey City, NJ, April 11, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Therapeutic Area (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General And Plastic Surgery, Drug Delivery, Dental, Endoscopy, Diabetes Care), By Class (Class I, Class II, And Class III)- Market Outlook And Industry Analysis 2031"
The global medical device outsourcing market is estimated to reach over USD 312.61 billion by 2031, exhibiting a CAGR of 11.68% during the forecast period.
Significant medical contract manufacturers primarily design and produce medical equipment in addition to offering larger OEMs and medical device firms services like UV bonding, injection molding, and other manufacturing services. One of the main factors anticipated to push the development of the medical device manufacturing outsourcing market is the enormous rise in the geriatric population, growing global demand for life expectancy, and tremendously booming demand for technological advancements, particularly in the medical device industries. Throughout the projected period, the market is anticipated to be driven by expanding medical device demand, increased price competition, and the need to cut costs.
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The future of the market is also expected to be influenced by the increasing complexity of product engineering and the rising number of new players. A further important factor driving the market expansion is the growing elderly population and their increased vulnerability to disease. For instance, the U.S. Census Bureau estimates that more than 54 million Americans aged 65 and over were living in the country in 2019. Likewise, according to Eurostat, 20.3% of EU citizens were 65 years of age or older in 2019, making Italy the European nation with the highest proportion of senior citizens.
Recent Developments:
• In December 2021, Oscor Inc. was purchased by Integer Holdings, a US-based advanced medical device outsourcing business, for $220 million. By broadening the product selection in steerable sheaths and cardiac and neurostimulation leads and by introducing low-cost manufacturing capability to support expansion, this purchase of Oscor improves Integer's capabilities to service clients. Oscor is a US-based business that provides outsourcing services for medical devices.
List of Prominent Players in the Medical Device Outsourcing Market:
- SGS SA
- Laboratory Corporation of America Holdings
- Euro fins Scientific
- Pace Analytical Services, Inc.
- Intertek Group plc
- WuXiAppTec
- North American Science Associates, LLC
- TÜV SÜD
- Sterigenics U.S.
- LLC (GTCR, LLC)
- Charles River Laboratories
- Medical Device Testing Services
- RJR Consulting, Inc.
- Mandala International.
- Freyr
- Global Regulatory Partners
- PAREXEL International Corporation (EQT Private Equity and Goldman Sachs Asset Management)
- Emergo (UL LLC)
- Bioteknica
- Accell Clinical Research, LLC
- Genpact.; Criterium, Inc.
- Promedica International
- Med pace
- ICON plc.
- IQVIA Inc.
- Integer Holdings Corporation
- Tecomet Inc. (Charlesbank Capital Partners, LLC)
- Jabil Inc.
- FLEX LTD.
- Celestica Inc.
- Sanmina Corporation.
- Plexus Corp.
- Phillips Medisize (Molex, LLC)
- Cantel Medical Corp. (STERIS plc)
- West Pharmaceutical Services, Inc.
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Medical Device Outsourcing Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 117.78 Bn |
| Revenue forecast in 2031 | USD 312.61 Bn |
| Growth rate CAGR | CAGR of 11.68 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Service Outlook, Type, And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The growing need for medical testing and validation of medical devices as well as an increase in the use of analytical testing services like physical testing, sterility testing, and others, are key drivers propelling the growth of the medical device analytical testing outsourcing market. Increased demand for analytical testing services for medical devices has also contributed to expanding the market. Examples of these devices include cardiovascular, orthopedic, and dental implants.
Challenges:
The International Standard Organization's (ISO rigorous regulatory framework and supply chain management disruption caused by a pandemic restrain the growth of the global medical device outsourcing market. Conversely, the ageing population and increased usage of interventional medical devices (IMDs) present significant prospects for the worldwide medical device outsourcing business. The obstacles faced in the global market for outsourcing medical devices include the growth of service alternatives and issues with outsourcing compliance.
Regional Trends:
Asia Pacific medical device outsourcing market is expected to register a significant market share in terms of revenue and is projected to augment at an increased CAGR shortly. The market growth in this area is driven by the rising demand for medical devices due to the increasing incidence of chronic disorders. Another supporting aspect that is projected to propel this regional market is the presence of important companies and competitive pricing. The outsourcing medical device production market is expanding at the quickest rate in North America. The North American medical device manufacturing outsourcing market is predicted to rise due to the enormously increased demand for medical supplies and the rising investment in healthcare.
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Segmentation of Medical Device Outsourcing Market-
By Service-
- Quality Assurance
- Regulatory Affairs Services
- Clinical trials applications and product registrations
- Regulatory writing and 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 Class Type-
- Class I
- Class II
- Class III
By Application
- Cardiology
- Diagnostic imaging
- Orthopedic
- IVD
- Ophthalmic
- General and plastic surgery
- Drug delivery
- Dental
- Endoscopy
- Diabetes care
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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