Overview and Scope
Medical device outsourcing is a process in which a company outsources the manufacturing process of a medical device to another company.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the medical device outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the medical device outsourcing market report are Cardinal Health Inc., Flex Ltd., Te Connectivity Ltd., Laboratory Corporation of America Holdings, IQVIA, Sanmina Corporation, ICON PLC, Celestica Inc., Eurofins Scientific SE, WuXi AppTec Inc., Phillips-Medisize LLC, Charles River Laboratories International Inc., Intertek Group PLC, Plexus Corp, Nipro Medical Corporation, Teleflex Incorporated, PAREXEL International Corporation, Integer Holdings Corporation, Mitutoyo Corporation, Cantel Medical Corp, Onex Corporation, Pace Analytical Services Inc., Sterigenics International LLC, Nortech Systems Incorporated, Toxikon Inc., Avail Medsystems Inc., North American Science Associates Inc., Active Implants, Omnica Corp, NAMSA, Tecomet Inc., Viant Medical
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
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31. Medical Device Outsourcing Market Other Major And Innovative Companies
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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