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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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)
Quality Assurance
Regulatory Affairs Services
Clinical trials applications and product registrations
Regulatory writing and 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, 2016 - 2027)
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 and 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 - 2027)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Spain
Italy
Netherlands
Belgium
Switzerland
Russia
Sweden
Asia Pacific
India
Japan
China
Australia
South Korea
Malaysia
Indonesia
Singapore
Philippines
Thailand
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Middle East & Africa
South Africa
Saudi Arabia
UAE
Israel
Egypt
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