BANGALORE, India, Feb. 10, 2022 /PRNewswire/ -- The Medical Device Outsourcing Market is Segmented by Type (Finished Goods, Electronics, Raw Materials), Application (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General and Plastic Surgery, Drug Delivery). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2022 to 2028.
The Medical Device Outsourcing market size is estimated to be valued at USD 74220 Million in 2021 and projected to reach USD 142960 Million by 2028, recording a CAGR of 9.7%.
Major Factors Driving The Growth Of The Medical Device Outsourcing Market :
The Medical Device Outsourcing market grows in lockstep with the medical device industry's growth. The medical device outsourcing market is experiencing strong growth, fueled by rising healthcare expenditures, rising disease incidences, and increased access to modern therapeutics.
Furthermore, benefits such as shorter time-to-market (TTM), higher return on investment, faster regulatory approvals, and lower costs are expected to propel the medical device outsourcing market forward.
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Trends Influencing The Growth Of The Medical Device Outsourcing Market:
The medical device outsourcing market is expected to grow in response to the need to reduce time to market. Rapid time-to-market (TTM), time-to-volume (TTV), and time-to-profit (TTP) are critical for manufacturer competitiveness and customer satisfaction in the medical device industry. Outsourcing medical device development can help companies reduce time-to-market and increase their return on investment (ROI).
OEMs will be able to take advantage of resources (human, materials, and machinery) that they would not be able to use if they kept them in-house. Outsourcing production, especially if operations and expertise of machinery can be better handled from outside, will ultimately be more cost-effective than bringing an expert into their headquarters and then training people on how to operate. This factor is expected to further propel the growth of the medical device outsourcing market.
The increasing need for outsourcing R&D is expected to drive the medical device outsourcing market. As buyer awareness has grown, manufacturers have been forced to stick to business strategies that include constant R&D investments and new product innovations. Outsourcing is used by businesses to cut costs, reduce business risks, and accelerate product market entry. Improved organizational effectiveness, shorter product development cycles, and greater access to high technology may all contribute to cost savings. Outsourcing can help a company become more effective by allowing it to focus on its core competencies while reducing its reliance on tangible resources.
Medical device manufacturers are constantly collaborating with a variety of regulatory compliance outsourcing firms in order to get their devices approved for sale in the global market. Medical device outsourcing firms assist in obtaining quick approval and timely launch of medical devices, resulting in a number of beneficial outcomes, including market penetration in emerging markets. This feature is expected to further increase the growth of the medical device outsourcing market.
In the coming years, the growing number of patients undergoing medical procedures in North America, Europe, and Japan, combined with improved diagnosis and screening in developing countries, will help propel the medical device outsourcing market forward.
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Medical Device Outsourcing Market Share Analysis :
Based on application, cardiology is expected to be the most lucrative segment. This is attributed to the rising incidence of chronic diseases and the pervasiveness of associated conditions. The IVD division is also expected to expand significantly during the forecast period.
Based on region, North America is expected to be the most lucrative region. This is due to well-established manufacturing hubs for high-end, consistent, and complex medical devices. Furthermore, the region's technologically advanced electronic sector is driving market growth in North America.
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Major Players in the Medical Device Outsourcing Market
- Cardinal Health Inc.
- Jabil
- Heraeus Holding GmbH
- Flex Ltd.
- TE Connectivity Ltd.
- Sanmina
- Celestica
- SGS SA
- Eurofins Scientific
- Intertek Group
- PPD
- Tecomet
- Integer
- Wuxi Apptec
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SIMILAR REPORTS
- The global Contract Development and Manufacturing Organization (CDMO) Outsourcing market size is projected to reach USD 159510 Million by 2027, from USD 79390 Million in 2020, at a CAGR of 10.0% during 2021-2027.
- The global Medical Device Manufacturing Outsourcing market size is projected to reach USD 124750 Million by 2028, from USD 77920 Million in 2021, at a CAGR of 6.8% during 2022-2028.
- The global Medical Device Analytical Testing Outsourcing market size is projected to reach USD 5480.8 Million by 2028, from USD 3403.1 Million in 2021, at a CAGR of 6.6% during 2022-2028.
- The global Healthcare CMO market size is projected to reach USD 160510 Million by 2027, from USD 80480 Million in 2020, at a CAGR of 9.9% during 2021-2027.
- The global Contract Research Organization Services (CROs) market size is projected to reach USD 46410 Million by 2028, from USD 34430 Million in 2021, at a CAGR of 4.3% during 2022-2028.
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-Global Healthcare Device Contract Manufacturing Market Insights and Forecast to 2028
-Global Medical Device Vigilance Market Size, Status and Forecast 2021-2027
To see the full list of related reports on the Medical Device Outsourcing
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