According to Precedence Research, the global medical device outsourcing market size is predicted to be worth around US$ 231 billion by 2027
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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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.
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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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.
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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).
Product Upgrade Services
Regulatory Affairs Services
Product Maintenance Services
Product Testing & Sterilization Services
Product Design and Development Services
Product Implementation Services
General and plastic surgery
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