Medical Device Outsourcing Market Size Worth $227.1 Billion By 2028: Grand View Research, Inc.

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Feb 10, 2021, 04:05 ET

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 of 11.2%, 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

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.

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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SOURCE Grand View Research, Inc.