MEDICAL DEVICE OUTSOURCING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2021 to 2028)

Medical device outsourcing is contracting with the third party for the product designing, manufacturing, packaging, validation, and prototyping of medical devices. Medical device outsourcing helps both manufacturer and the supply chain. It permits the original equipment manufacturers to focus on their primary operations, such as marketing and product innovation. It also helps in reducing the overall cost and time to enter the market.  Companies can save up 10-15% on production by outsourcing their products. Overall medical device outsourcing provides benefits such as early product launch into the market, reduced manufacturing time, and quality check approvals to match regulatory criteria.

Global medical devices outsourcing market is propelled by the increasing needs for quality healthcare services. Medical device manufacturers are majorly dependent on innovation as the product life cycles are short and increasing buyer awareness levels has forced manufacturers to adhere to business strategies involving persistent R&D investments and innovative product launch. Medical device Original Equipment Manufacturers (OEMs), adhering to outsourcing services as a cost effective curbing tool. Moreover, medical outsourcing services have benefited the OEMs by reducing cost and time as the medical device market has gained high competitiveness in the previous couple of years.

The rising geriatric population and their susceptibility to diseases is the vital factor that is propelling the market growth. For instance, according to the U.S census Bureau, there were more than 54 million citizens 65 years and older.

Market Dynamics

The rising research and development activities for the development of novel technologies, and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players operating in the market are the major factors that are expected to drive growth of the global medical device outsourcing market over the forecast period.

For instance, according to National Center for Biotechnology Information (NCBI), article published in April 2018, over one million cardiac pacemakers are published every year globally. Out of which 200,000 are implanted in the U.S alone.

Key features of the study:

• This report provides in-depth analysis of the global medical devices outsourcing market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global medical devices outsourcing market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
• Key companies covered as a part of this study include SGS SA, Intertek Group PLC, Wuxi Apptec, TüvSüd AG, Toxikon, INC., American Preclinical Services, Eurofins Scientific, Sterigenics International LLC, Pace Analytical Services LLC., Charles River Laboratories International, Inc., North American Science Associates, Inc., IQVIA, Accellent Inc., Celestica Inc., Benchmark Electronic Inc., Cadence Inc., Providien LLC, Thermo Fischer Scientific Inc., and West Pharmaceuticals Services Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global medical devices outsourcing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical devices outsourcing market

Detailed Segmentation:

• Global Medical Devices Outsourcing Market, By Product:
  • Finished Goods
  • Electronics
  • Raw Material
• Global Medical Devices Outsourcing Market, By Device Type:
  • Class I Devices
  • Class II Devices
  • Class III Devices
• Global Medical Devices Outsourcing Market, By Application:
  • Orthopedics and Spine
  • Cardiovascular
  • Radiology
  • General Medical Devices
  • Others
• Global Medical Devices Outsourcing Market, By Services:
  • Prototype Development
  • Finished Device Manufacturing
  • Assembly & Packaging
  • Testing & Regulatory Support Services
• Global Medical Devices Outsourcing Market, By Region:
  • North America
    • By Country
      • U.S.
      • Canada
  • Latin America
    • By Country
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region
      • South Africa
      • Central Africa
      • North Africa
• Company Profiles
  • SGS SA *
    • Company Overview
    • Material Portfolio
    • Financial Performance
    • Key Highlights
    • Market Strategies
  • Intertek Group PLC
  • Wuxi Apptec
  • TüvSüd AG
  • Toxikon, INC
  • American Preclinical Services
  • Eurofins Scientific
  • Sterigenics International LLC
  • Pace Analytical Services LLC
  • Charles River Laboratories International, Inc.
  • North American Science Associates, Inc.
  • IQVIA
  • Accellent Inc.
  • Celestica Inc.
  • Benchmark Electronic Inc.
  • Cadence Inc.
  • Providien LLC
  • Thermo Fischer Scientific Inc.
  • West Pharmaceuticals Services Inc.

“*” marked represents similar segmentation in other categories in the respective section.