Westford, USA, July 03, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the medical device outsourcing market is poised for growth during the forecast period, fueled by the increasing demand for medical devices and the need to address price competition and cost reduction challenges. The healthcare industry continues to witness a surge in demand for advanced medical devices to cater to the evolving needs of patients and healthcare providers.
Browse in-depth TOC on the "Medical Device Outsourcing Market"
- Pages - 236
- Tables - 147
- Figures – 69
Medical device outsourcing market involves delegating manufacturing processes and tasks related to medical devices to external specialized companies. Medical device companies can leverage the expertise and resources of contract manufacturers to efficiently and effectively produce their products, by outsourcing these activities.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 127.4 billion |
| 2030 Value Projection | USD 270.3 billion |
| CAGR | 12.1% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Medical Device Outsourcing Market
- 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
- 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
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Cardiology is Expected to Grow in the Market Due to the High Prevalence of Various Cardiovascular Conditions
The cardiology emerged as the dominant segment in the medical device outsourcing market and is poised to maintain its leading position throughout the forecast period. This can be attributed to the high prevalence of various cardiovascular conditions, including angina pectoris, hypertensive heart disease, atrial fibrillation, and congenital heart disease. These conditions pose significant health challenges globally and require effective diagnosis, treatment, and management.
The markets in the North America is expected to experience the highest CAGR during the forecast period. This can be attributed to several factors. The region is homebased to several well-established manufacturing companies with extensive experience in producing medical devices. These companies benefit from advanced infrastructure, technological expertise, and robust supply chains, enabling them to meet the growing demand for high-end complex medical devices.
Contract Manufacturing Segment is Expected to Dominate the Market Due to the Growing Focus on Cost Reduction
The contract manufacturing segment emerged as the dominant force in the medical device outsourcing market, capturing a substantial market share. This can be attributed to the growing focus on cost reduction in the production of medical devices and the increasing complexity involved in the manufacturing processes. Companies are increasingly turning to contract manufacturers to benefit from their specialized expertise, infrastructure, and economies of scale, allowing them to streamline operations and optimize costs.
Regional markets in the Asia Pacific emerged as the dominant region in the medical device outsourcing market in 2022, capturing a significant market share. The region is poised to maintain its position during the forecast period. This can be attributed to several factors driving the market growth.
A comprehensive analysis of the major players in the medical device outsourcing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Medical Device Outsourcing Market
- Terumo Aortic, a leading medical device company, recently achieved a significant milestone with the receipt of approval from the U.S. Food and Drug Administration (FDA) for its Relay Pro Thoracic Stent-Graft System. This approval allows Terumo Aortic to market and sell the Relay Pro system in the United States.
- Laboratory Corporation of America Holdings (LabCorp), a prominent life sciences company, recently moved strategically by acquiring Toxikon Inc., a contract research organization (CRO). This acquisition aimed to enhance LabCorp's portfolio and capabilities by expanding its range of testing services.
Key Questions Answered in Medical Device Outsourcing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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