Global Medical Device Outsourcing Market Size To Grow At A CAGR Of 11.80% In The Forecast Period Of 2023-2028
Medical Device Outsourcing Market Report and Forecast 2023-2028
The ‘Global Medical Device Outsourcing Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global medical device outsourcing market, assessing the market on the basis of its segments like service type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Medical Device Outsourcing Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 11.80%
Medical device outsourcing provides various benefits to medical manufacturing companies. These advantages include quickness, low demand for workforce, reduced risk of loss, cost savings, greater focus on domain, clarity about requirements, and enhanced efficiency. Hence, the increasing awareness pertaining to the greater profitability achieved by this process is leading to a heightened growth of medical device outsourcing market.
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The increasing demand for high-end medical devices, induced by the rising prevalence of chronic conditions such as cancer, diabetes mellitus, and high blood pressure, among others, is compelling medical manufacturers to increase their production capacity at low cost while maintaining high-quality. In addition, the increasing geriatric population and associated cases of cardiovascular and musculoskeletal diseases are further propelling the demand for medical equipment.
The growing competition between major medical manufacturing companies across the emerging economies is further boosting the scope of medical device outsourcing in order to cope with evolving demands of end-users. Over the forecast period, the anticipated increase in demand for regulatory affairs outsourcing services is expected to bolster the medical device outsourcing market. This can be attributed to the fact that regulatory affairs outsourcing can accelerate the rollout process of medical devices.
Medical Device Outsourcing Industry Definition and Major Segments
Medical device outsourcing is a form of contract manufacturing in which a third party company is utilised to carry out various business operations including product designing, prototyping, developing a medical instrument, manufacturing, testing, and implementation, among others. This form of outsourcing helps companies keep up-to-date with latest technologies in the evolving medical field without the expenses and challenges of setting up in-house teams.
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Based on service type, the market can be segmented into:
- Quality Assurance
- Regulatory Affairs Services
- Clinical Trials Applications and Product Registrations
- Regulatory Writing and Publishing
- Legal Representation
- Product Design and Development Services
- Designing and Engineering
- Contract Manufacturing
- Accessories Manufacturing
- Assembly Manufacturing
- Component Manufacturing
- Device Manufacturing
- Product Testing and Sterilisation
- Product Implementation
- Product Upgrade
- Product Maintenance
On the basis of application, the market can be divided into:
- Diagnostic Imaging
- General and Plastic Surgery
- Drug delivery
- Diabetes Care
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Medical Device Outsourcing Market Trends
The key trends in the global medical device outsourcing market include the growing research and innovations in the field of medical science leading a rapid development of new medical devices aimed towards improving patient care. Hence, a greater number of medical manufacturers are resorting to outsourcing in order to increase the speed and efficiency of development of new medical devices. In addition, favourable policies of various governments aimed towards improving the accessibility of innovative medical devices and products are further expanding the market opportunities.
Rapid development of hospitals and ambulatory surgical centres across the emerging economies are generating a high demand for medical devices which is further increasing the demand for medical device outsourcing companies. The increasing awareness about efficiency gains achieved by the process is another crucial driving factor of the medical device outsourcing market. Medical device outsourcing allows a medical manufacturing company to spend more time on research and development activities.
In geographical terms, North America holds a significant share in the medical device outsourcing market. Stringent policies of the government of strong economies such as the United States are driving the market growth. Well-established medical device manufacturing infrastructure is further providing impetus to the regional market.
Key Market Players
The major players in the medical device outsourcing market report are:
- Flex Ltd.
- Sterling Medical Devices
- Integer Holdings Corporation
- Eurofins Scientific
- Plexus Corp.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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