SAN FRANCISCO, Feb. 10, 2021 /PRNewswire/ -- The global medical device outsourcing market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.
Key suggestions from the report:
- The contract manufacturing segment led the market in 2020 with a revenue share of 55.4% and will retain its position throughout the forecast period
- This growth is due to the increasing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
- The quality assurance services segment is projected to exhibit the fastest CAGR over the forecast period
- Asia Pacific was the dominant regional market in 2020 owing to the easy availability of skilled human resources
Read 240 page research report with ToC on "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Service (Quality Assurance, Contract Manufacturing), By Application (Cardiology, General & Plastic Surgery), And Segment Forecasts, 2021 - 2028' at:https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Contract manufacturers in developed countries like the EU nations comply with the international standards for a quality management system, which makes them a preferred option as compared to the ones in developing countries like India and China. However, the regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the global market.
However, the current pandemic has put the MedTech industry at the center stage with unmatched demand for PPE, diagnostic tests, ventilators, and other critical supplies. Besides the ongoing extraordinary measures to promptly ramp up the manufacturing capacity & capabilities, Medtech leaders are seeking outside their boundaries of the normal sector to explore innovative solutions to supplement the capacity, such as open-source equipment design, as well as partnerships with firms outside the sector.
Grand View Research has segmented the global medical device outsourcing market on the basis of service, application, and region:
- Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2028)
- Quality Assurance Services
- Regulatory Affairs Service
- Clinical Trials Applications & Product Registrations
- Regulatory Writing & Publishing
- Legal Representation
- Other
- Product Design & 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
- Medical Device Outsourcing Application Outlook (Revenue, USD Million, 2016 - 2028)
- Cardiology
- Class I
- Class II
- Class III
- Diagnostic Imaging
- Class I
- Class II
- Class III
- Orthopedic
- Class I
- Class II
- Class III
- IVD
- Class I
- Class II
- Class III
- Ophthalmic
- Class I
- Class II
- Class III
- General & Plastic Surgery
- Class I
- Class II
- Class III
- Drug Delivery
- Class I
- Class II
- Class III
- Dental
- Class I
- Class II
- Class III
- Endoscopy
- Class I
- Class II
- Class III
- Diabetes Care
- Class I
- Class II
- Class III
- Others
- Class I
- Class II
- Class III
Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- France
- U.K.
- Germany
- Italy
- Spain
- The Netherlands
- Switzerland
- Sweden
- Belgium
- Russia
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Malaysia
- Singapore
- Korea
- Thailand
- Taiwan
- Australia
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Israel
- UAE
- Egypt
List of Key Players of Medical Device Outsourcing Market
- SGS SA
- IQVIA
- Toxikon, Inc.
- Eurofins Scientific SE
- Pace Analytical Services, Inc.
- Intertek Group plc
- WuXi AppTec, Inc.
- North American Science Associates, Inc.
- Charles River Laboratories International, Inc.
- PAREXEL International Corp.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Healthcare Contract Manufacturing Market - The global healthcare contract manufacturing market size was valued at USD 177.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028.
- Regulatory Affairs Outsourcing Market - The global regulatory affairs outsourcing market size was valued at 6.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028.
- U.S. Medical Device Outsourcing Market - The U.S. medical device outsourcing market size was valued at USD 13.4 billion in 2014.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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