The global medical device outsourcing market size is expected to reach USD 231.2 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The growing incidence of chronic diseases is one of the major factors contributing to market growth. Regulatory bodies are mainly focusing on the quality of the healthcare devices provided to the public. Hence this is encouraging various players in the market to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.
The importance of regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and quality management systems (QMS), thereby contributing to market growth. Whereas, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the original equipment manufacturers (OEM). These factors are expected to boost medical device outsourcing to emerging countries like India and China.
In addition, increasing difficulties in product engineering along with new entrants in the market are anticipated to shape the future of the market for medical device outsourcing. Whereas rising prevalence of chronic diseases is boosting the demand for medical devices. This, in turn, is helping the market to grow during the forecast period. Various companies are shifting their focus to research and development of new medical devices and are therefore outsourcing these activities to launch efficient medical devices in the market.
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Further key findings from the report suggest:
Contract manufacturing accounted for the largest share in service segment in 2019, due to increasing trend of outsourcing, especially in emerging countries
The quality assurance segmentis expected to witness the highest CAGR over the forecast period
Asia Pacific dominated the medical device outsourcing market with the largest share in 2019. Increasing demand for new technologies along with advanced healthcare infrastructure are likely to facilitate the dominance of this region in the market for medical device outsourcing during the forecast period
North America is projected to witness the fastest growth during the forecast period owing to increasing prevalence of chronic diseases in this region
Some of the key market players are SGS SA; TOXIKON, INC.; EUROFINS SCIENTIFIC; and PACE ANALYTICAL SERVICES, LLC.
Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:
Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2027)
Regulatory Affairs Services
Clinical trials applications and product registrations
Regulatory writing and publishing
Product Design and Development Services
Designing & engineering
Product Testing & Sterilization Services
Product Implementation Services
Product Upgrade Services
Product Maintenance Services
Medical Device Outsourcing Application Outlook (Revenue, USD Million, 2016 - 2027)
General and plastic surgery
Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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