The Medical Device Outsourcing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Device Outsourcing Global Market Report 2024, The medical device outsourcing market size has grown rapidly in recent years. It will grow from $131.07 billion in 2023 to $148.57 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increasing complexity in medical devices, cost-effective manufacturing solutions, focus on core competencies, globalization of markets, rise in contract research and development (R&D).
The medical device outsourcing market size is expected to see rapid growth in the next few years. It will grow to $252.96 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to focus on core competencies, shortened time-to-market demands, cost-efficiency in production, demand for scalability and flexibility, growing complexity of medical devices. Major trends in the forecast period include rise in customization and personalization, focus on risk mitigation and compliance, growing demand for remote monitoring devices, increased emphasis on data security, innovation in wearable medical devices.
The prevalence of chronic diseases is expected to propel the growth of the medical device outsourcing market going forward. Chronic diseases are the conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living or both. The rising chronic diseases increase the demand for new quality medical products in less launch time thereby driving the growth of the medical devices outsourcing market. For instance, according to the UN Chronicle, a digital magazine of the United Nations, the global burden of chronic diseases is expected to reach about 56% by 2030. Therefore, the prevalence of chronic diseases will drive the growth of the medical device outsourcing market.
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The medical device outsourcing market covered in this report is segmented –
1) By Product: Finished Goods, Electronics, Raw Materials
2) By Device Type: Class I Devices, Class II Devices, Class III Devices
3) By Services: Quality Assurance, Regulatory Affair Services, Product Design Development, Product Testing And Sterilization, Product Implementation, Product Upgrade, Product Maintenance, Contract Manufacturing
4) By Application: Drug Delivery, Dental, Diabetes Care, Cardiology, Other Applications
Major companies operating in the medical device outsourcing market are focusing on innovative products, such as platforms for creating new medical devices, to better meet the needs of their existing consumers. The platform is intended to provide a quick path from design to device, allowing businesses to iterate in weeks rather than months and with minimal upfront expenditure. For instance, in March 2023, Science Corporation, a US-based biotechnology company, launched Science Foundry. Science Foundry is a platform that allows firms to use and build on Science’s internal infrastructure by providing access to more than 80 of the company’s products and services, such as thin-film electrode technology. The Science Foundry intends to assist startups working on equally ambitious concepts. Hodak anticipates demand from other neurotechnology businesses but also believes that other medical technology companies and even quantum computing startups provide growth prospects.
The medical device outsourcing market report table of contents includes:
1. Executive Summary
2. Medical Device Outsourcing Market Characteristics
3. Medical Device Outsourcing Market Trends And Strategies
4. Medical Device Outsourcing Market – Macro Economic Scenario
5. Global Medical Device Outsourcing Market Size and Growth
…..
32. Global Medical Device Outsourcing Market Competitive Benchmarking
33. Global Medical Device Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Device Outsourcing Market
35. Medical Device Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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