Global Medical Device Outsourcing Market, by Product (Finished Goods, Electronics, and Raw Material), by Device Type (Class I Devices, Class II Devices, and Class III Devices), by Application (Orthopedics and Spine, Cardiovascular, Radiology, General Medical Devices, and Others), by Services (Prototype Development, Finished Device Manufacturing, Assembly & Packaging, and Testing & Regulatory Support Services), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 56,687.9 Million in 2021, and expected to exhibit a CAGR of 12.4% over the forecast period (2021-2028), as highlighted in the news report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in December 2021, Sound Life Sciences had received U.S. FDA 510(k) clearance for industry’s first contactless Sonar-bases respiratory monitor for smart devices. Moreover, it can be used at home or in clinics for the measurement of breathing for the patient who have chronic respiratory pulmonary disease (COPD), asthma, congestive heart failure, and anxiety.
Furthermore, in December 2021, Edwards Life Sciences had received approval from the U.S Food and Drug Administration (FDA) for the use of the Edwards SAPIEN 3 Trans catheter valve with the alterra adaptive present (SAPIEN 3 with alterra) for the patient with severe pulmonary regurgitation.
Global Medical Device Outsourcing Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 193 million cases and 4.1 million deaths due to Coronavirus (COVID-19) were reported up till July 25, 2021, across the globe.
The COVID-19 pandemic has done a severe disruption in the supply chain, which has subsequently caused severe reduction in production of medical devices. It has stressed the requirement for scalable manufacturing operations in the original equipment manufacturers (OEMs).
Browse 38 Market Data Tables and 26 Figures spread through 154 Pages and in-depth TOC on “Medical Device Outsourcing Market” - Global Forecast to 2028, by Product (Finished Goods, Electronics, and Raw Material), by Device Type (Class I Devices, Class II Devices, and Class III Devices), by Application (Orthopedics and Spine, Cardiovascular, Radiology, General Medical Devices, and Others), by Services (Prototype Development, Finished Device Manufacturing, Assembly & Packaging, and Testing & Regulatory Support Services), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global Medical Device Outsourcing Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-device-outsourcing-market-2641
Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance, in February 2020, Interger Holding Corporation, an international leader in medical device outsource manufacturing, declared acquisition of Income, an Israel based medical device manufacturer, to increase its worldwide footprint with new innovations in the medical device industry.
Key Takeaways of the Global Medical Device Outsourcing Market:
- The global Medical Device Outsourcing Market is expected to exhibit a CAGR of 12.4% over the forecast period, owing to rising in mergers and companies are increasing their portfolio. For instance, in April 2019, Cardinal Health acquired Scripts that provides engagement solutions and patient adherence through easy to use mobile and web based health management platforms.
- Among applications, cardiovascular segment is expected to account for largest market share during the forecast period, owing to an increase in prevalence of cardiovascular diseases. For instance, according to World Health Organisation, about 17.9 million people died from CVDs in 2019, representing 32% of all global deaths.
- Key players operating in the global Medical Device Outsourcing Market 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.
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