The global medical device outsourcing market size is expected to reach USD 292.93 billion by 2030, registering a CAGR of 12.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for advanced medical products and a growing trend of offshoring are fueling the growth of this market. Various initiatives by public organizations promoting testing for COVID-19 are also enhancing market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public that is becoming burdensome to handle. To meet the regulatory scenario, various services like regulatory consulting are being utilized by the industry players.
For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards. Contract manufacturers, especially in developed countries like the U.S., EU nations, and Japan, comply with the international standards for a quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in developing countries ensure compliance by contract manufacturers. The 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 market.
Owing to the COVID-19 pandemic, there was a decline in the number of diagnoses for other diseases like cancer and tuberculosis among others. The recovery of COVID-19 is expected to increase the demand for medical devices for diagnosing these diseases. Public organizations across the globe are taking initiatives to increase the production of medical equipment to prevent a future shortage. For instance, in January 2021, U.S. president Joseph Biden, in response to the pandemic preparedness, emphasized improving the gaps in the supply chain by improving the domestic manufacturing of PPE, test kits, and durable medical equipment.
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The contract manufacturing market dominated the global market in 2021 owing to the growing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
The segment of quality assurance services is projected to exhibit the fastest growth rate over the forecast period due to the increasing trend of outsourcing quality assurance services among emerging countries
Asia Pacific was the dominant regional market in 2021 owing to lower cost and availability of skilled human resources
The regional market is estimated to expand further at the second-fastest CAGR during the forecast period
North America also registered a significant share in 2021 due to well-established infrastructure for manufacturing complex medical devices
Grand View Research has segmented the global medical device outsourcing market based on service, application, class and region:
Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2018 - 2030)
Quality Assurance
Regulatory Affairs Services
Clinical Trials Applications & Product Registrations
Regulatory Writing & Publishing
Legal Representation
Other
Product Design and 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, 2018 - 2030)
Cardiology
Class I
Class II
Class III
Diagnostic Imaging
Class I
Class II
Class III
Orthopedic
Class I
Class II
Class III
IVD
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 Class Outlook (Revenue, USD Million, 2018 - 2030)
Class I
Class II
Class III
Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
France
U.K.
Italy
Germany
Spain
The Netherlands
Switzerland
Sweden
Belgium
Russia
Asia Pacific
Japan
China
India
Indonesia
Malaysia
Singapore
South Korea
Thailand
Taiwan
Australia
Philippines
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Israel
Egypt
List of Key Players of Medical Device Outsourcing Market
SGS SA
Labcorp
Eurofins Scientific
Pace Analytical Services, Inc.
Intertek Group Plc
WuXi AppTec, Inc.
North American Science Associates, Inc.
TUV SUD AG
American Preclinical Services
Sterigenics International LLC
Charles River Laboratories International, Inc.
Medical Device Testing Services
RJR Consulting, Inc.
Mandala International.
Freyr
Global Regulatory Partners, LLC
Parexel International Corporation
Emergo
Bioteknica
Accell Clinical Research
Genpact Ltd.
Criterium, Inc.
PRA Health Sciences
Promedica International
Medpace Holdings, Inc.
Icon PLC.
Iqvia Holdings Inc.
Integer Holdings Corporation
Tecomet Inc.
Jabil Inc.
Flex Ltd.
Celestica Inc.
Sanmina Corporation
Plexus Corp.
Phillips Medisize
Cantel Medical Corp.
West Pharmaceutical Services, Inc.
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