According to Vision Research Reports, the global medical device outsourcing market size is expected to surpass around USD 232 billion by 2028.
The global medical device outsourcing market size was valued at USD 105 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.5% from 2021 to 2028.
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.
On the basis of application, the market for medical device outsourcing is segmented into cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general and plastic surgery, drug delivery, dental, endoscopy, diabetes care, and others. Cardiology is estimated to be the fastest-growing segment over the forecast period.
Due to the rising incidence of chronic diseases the demand for medical device outsourcing is expected to increase in the future. This segment led the market for medical device outsourcing in 2020 and is likely to remain dominant throughout the forecast period owing to the growing prevalence of associated conditions. The IVD segment is also expected to grow significantly over the forecast period.
Based on service, the medical device outsourcing market is categorized into quality assurance, regulatory affairs services, product design and development services, product testing and sterilization services, product implementation services, product upgrade services, product maintenance services, and contract manufacturing.
Contract manufacturing holds the largest market share of 56 % in 2020 and is expected to dominate the market for medical device outsourcing over the forecast period. Whereas increasing focus on reducing the cost of medical devices is boosting segment growth. Alternatively, the quality assurance service segment is anticipated to register the fastest CAGR throughout the forecast period.
Asia Pacific dominated the market for medical device outsourcing in 2020 and is expected to remain dominant throughout the forecast period. This can be attributed to increasing R&D in this region, and increasing adoption of new technology in medical devices. Increasing availability of skilled human resources and lower cost of devices are also anticipated to drive the market for medical device outsourcing in the future. Owing to the increasing prevalence of chronic diseases the demand for medical device outsourcing is also rising. This factor is fueling the regional market growth over the forecast period. Whereas, North America accounted for sizeable market share in 2020 due to the technologically advanced electronic sector.
Some of the noteworthy players in the medical device outsourcing market include:
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