Newark, July 31, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the medical device outsourcing market will grow to USD 97.73 billion in 2022 and reach USD 319.35 billion by 2032. In just ten years, the growing demand for novel technologies and the increasing need to make devices patient-friendly are helping to boost the market growth over the forecast period. Moreover, an increase in pressure on the manufacturers to decrease the overhead costs and operating expenses while preserving the quality of healthcare services is expected to propel market growth over the forecast period. ‘
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Key Insight of the Medical Device Outsourcing Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in medical device outsourcing. Key factors favouring the growth of the medical device outsourcing market in Asia Pacific include the rapid technological advancements in the medical sector & the highly developed health infrastructure expected to drive the market growth. Moreover, the rising demand for medical devices owing to the increasing patient population suffering from infectious & chronic diseases is anticipated to drive market growth.
The cardiology segment is expected to augment the medical device outsourcing market during the forecast period.
The application segment is divided into orthopedics and spine, cardiology, diagnostics, IVD, general medical devices, dentistry, and ophthalmology. The cardiology segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the high complexity of cardiovascular devices & the requirement for technical expertise.
The contract manufacturing segment market size was USD 30.47 billion in 2022
The type segment is divided into electronics, finished goods, contract manufacturing, and raw materials. The contract manufacturing segment market size was USD 30.47 billion in 2022 due to the increasing trend of pre-fillable syringe systems and advancement in medical technology.
The regulatory affairs segment is anticipated to dominate the market by 45.08% in 2032.
The services segment is divided into regulatory affairs, product design & development, supply chain management, and quality management. The regulatory affairs segment is anticipated to dominate the market in the forthcoming years due to the continuous expansion of the medical device industry.
The hospitals and clinics segment is anticipated to dominate the market by 59.12% in 2032.
The end-user segment is divided into hospitals and clinics, medical device companies, and research institutes. The hospitals and clinics segment is anticipated to dominate the market in the forthcoming years due to the growing demand for cost-effective healthcare services. Also, the high demand for advanced technologies and a need for personalized orphan drugs & medicines are expected to propel the segment's market growth.
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Market Dynamics
Driver: The mounting need for quality healthcare services:
The rising demand for medical devices, along with the mounting need for quality healthcare services, is the driving factor of the market growth. Moreover, the increasing difficulty of original equipment manufacturers to afford or find qualified expertise with medical device-specific skills for regulatory requirements propels the market growth during the forecast period. Apart from this, the increasing competition among manufacturers is leading to the development of products at lower costs are also helping to boost market growth.
Restraint: The security threat of confidential data:
A threat to the safety of the company's confidential information is the restraining factor of the market growth. Further, the growing number of pharmaceutical firms setting up manufacturing units is expected to restrain market growth.
Opportunity: The increasing geriatric population:
The increasing complexities in product engineering, coupled with the increasing number of new entrants, are also helping to boost market growth. Moreover, the introduction of stringent regulations by governments worldwide to ensure the availability of superior-quality medical devices is expected to propel market growth. Additionally, reducing production time provides early entry of products into the market, and the need to meet regular standards is helping to stimulate market growth. However, the different favourable government initiatives towards an equitable healthcare system are boosting the availability of innovative medical devices over the forecast period.
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Some of the major players operating in the medical device outsourcing market are:
• Pace Analytical Services LLC.
• Toxikon, INC.
• SGS SA
• Intertek Group PLC.
• Eurofins Scientific
• Sterigenics International LLC
• North American Science Associates, Inc.
• Tüv Süd AG
• Wuxi Apptec
• Charles River Laboratories International, Inc.
• American Preclinical Services
Key Segments cover in the market:
By Application:
• Orthopedics and Spine
• Cardiology
• Diagnostics
• IVD
• General Medical Devices
• Dentistry
• Ophthalmology
By Type:
• Electronics
• Finished Goods
• Contract Manufacturing
• Raw Materials
By Services:
• Regulatory Affairs
• Product Design & Development
• Supply Chain Management
• Quality Management
By End User:
• Hospitals and Clinics
• Medical Device Companies
• Research Institutes
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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