The global medical device outsourcing market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of 11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.
Contract manufacturers in developed countries like the EU nations comply with the international standards for a quality management system, which makes them a preferred option as compared to the ones in developing countries like India and China. However, the regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. 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 global market.
However, the current pandemic has put the MedTech industry at the center stage with unmatched demand for PPE, diagnostic tests, ventilators, and other critical supplies. Besides the ongoing extraordinary measures to promptly ramp up the manufacturing capacity & capabilities, Medtech leaders are seeking outside their boundaries of the normal sector to explore innovative solutions to supplement the capacity, such as open-source equipment design, as well as partnerships with firms outside the sector.
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The contract manufacturing segment led the market in 2020 with a revenue share of 55.4% and will retain its position throughout the forecast period
This growth is due to the increasing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
The quality assurance services segment is projected to exhibit the fastest CAGR over the forecast period
Asia Pacific was the dominant regional market in 2020 owing to the easy availability of skilled human resources
Grand View Research has segmented the global medical device outsourcing market on the basis of service, application, and region:
Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2028)
Quality Assurance Services
Regulatory Affairs Services
Clinical Trials Applications & Product Registrations
Regulatory Writing & Publishing
Product Design & 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 - 2028)
General & Plastic Surgery
Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Medical Device Outsourcing Market
Eurofins Scientific SE
Pace Analytical Services, Inc.
Intertek Group plc
WuXi AppTec, Inc.
North American Science Associates, Inc.
Charles River Laboratories International, Inc.
PAREXEL International Corp.
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