Medical Device Outsourcing Market Size Worth $231.2 Billion By 2027

Medical Device Outsourcing Market Growth & Trends

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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Medical Device Outsourcing Market Report Highlights

• 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.

Medical Device Outsourcing Market Segmentation

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