SEATTLE, March 4, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global medical devices outsourcing market is estimated to be valued at US$ 56,687.9 Million in 2021, and is expected to exhibit a CAGR of 12.4% over the forecast period (2021-2028).
Key Trends and Analysis of the Global Medical Devices Outsourcing Market:
Key trends in the market include increasing incidence of osteoarthritis and degenerative join disease, increasing launches and approvals of novel products, and increasing collaborations, partnerships, mergers, and acquisitions among key players. These key trends are expected to drive the growth of the global medical devices outsourcing market.
For instance, in 2019-20 according to Canadian Institute for Health Information, 63,496 hip replacement and knee replacement were performed in Canada.
Moreover, major players in the market are focusing on investing in R&D for the innovation of novel products. For instance, in June 2020, Integer Holdings Corporation started the Galway Research and Development (R&D) Innovation center in Ireland to enhance the ability to provide high quality medical devices and technologies.
Furthermore, key players operating in the global medical devices outsourcing market are focusing on adoption of inorganic growth strategies such as acquisitions, mergers, partnerships, and collaborations, in order to strengthen their market presence in the global market. For instance, in July 2021, BREATH and IQVIA collaborated to expedite the early diagnosis and treatment of respiratory conditions. This step of working together will improve the heath outcome and quality of life for people living with respiratory conditions in the U.K.
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Key Market Takeaways:
The global medical device outsourcing market is expected to exhibit a CAGR of 12.4% over the forecast period, owing to increase in product portfolios of major players of the industry. For instance, in January 2021, SGS SA received the U.S FDA approval to participate and provide services for third party 510(k) premarket submission for medical devices. Moreover, since the inception of pandemic Toxikon managed to operate safely and efficiently as a provider of preclinical safety and efficacy testing to ensure delivery of healthcare products to patients.
Among the application type, cardiovascular segment accounted for the largest market share in 2021, owing to increase in cardiovascular diseases population over the period of time. For instance, in September 2021, according to Center for Disease Control and Prevention about 18.2 million adults age 20 and older have cardiovascular disease in the U.S.
Key players operating in the global medical devices outsourcing market includes SGS SA, Intertek Group PLC, Wuxi Apptec, TüvSüd AG, Toxikon, INC., American Preclinical Services, Eurofins Scientific, Sterigenics International LLC, Pace Analytical Services LLC., Charles River Laboratories International, Inc., North American Science Associates, Inc., IQVIA, Accellent Inc., Celestica Inc., Benchmark Electronic Inc., Cadence Inc., Providien LLC, Thermo Fischer Scientific Inc., and West Pharmaceuticals Services Inc.
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Detailed Segmentation:
Global Medical Devices Outsourcing Market, By Product:
- Finished Goods
- Electronics
- Raw Material
Global Medical Devices Outsourcing Market, By Device Type:
- Class I Devices
- Class II Devices
- Class III Devices
Global Medical Devices Outsourcing Market, By Application:
- Orthopedics and Spine
- Cardiovascular
- Radiology
- General Medical Devices
- Others
Global Medical Devices Outsourcing Market, By Services:
- Prototype Development
- Finished Device Manufacturing
- Assembly & Packaging
- Testing & Regulatory Support Services
Global Medical Devices Outsourcings Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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