Global Medical Device Outsourcing Market to Reach US$ 199.6 Billion by 2028, Propelled by Increasing Demand for Medical Devices

According to the latest report by IMARC Group, titled “­­Medical Device Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global medical device outsourcing market size reached US$ 115.7 Billion in 2022. Medical device outsourcing refers to the practice of commissioning certain aspects of medical device development, manufacturing, testing, and regulatory compliance to external companies or organizations. It involves partnering with specialized firms, such as contract manufacturers, design and engineering firms, regulatory consultants, and testing laboratories, to streamline and optimize the production and distribution processes of medical devices. Medical device outsourcing can include a range of activities, including design and prototyping, materials sourcing, manufacturing, assembly, sterilization, packaging, quality control, regulatory submissions, post-market surveillance, and distribution. By outsourcing certain functions, medical device companies can leverage the capabilities and resources of external partners to enhance efficiency, scale production, save costs, reduce time to market, maintain regulatory compliance, and focus on core competencies.

Global Medical Device Outsourcing Market Trends:

The increasing incidences of chronic medical conditions, such as diabetes and cardiovascular disorders (CVDs), are fueling the need for high-quality medical devices, which represents the primary driver of the market growth. Moreover, the stringent regulatory requirements for medical devices have prompted market leaders to collaborate with regulatory compliance outsourcing firms to ensure that products meet regulatory standards and receive timely approval, thus creating a favorable outlook for the market. Besides this, an increasing number of manufacturers are outsourcing regulatory compliance to focus on their core competencies, enhance production efficiency and quality, and control costs, which, in turn, is strengthening the market growth. In addition to this, the escalating consumer awareness regarding health and wellness and a rising focus on patient safety and quality of care are presenting remunerative growth opportunities for the market. Concurrent with this, the surging demand for personalized medicine, the adoption of wearable medical devices, the shifting preference for minimally invasive surgical (MIS) procedures, and the emergence of home healthcare, telemedicine, and medical tourism are aiding in market expansion. Furthermore, the bolstering growth of the healthcare sector, the aging population, ongoing product innovations, significant advancements in medical device technology, and extensive investments in research and development (R&D) initiatives are strengthening the market growth. Looking forward, the market value is projected to reach US$ 199.6 Billion by 2028, expanding at a CAGR of 9% during 2023-2028.

Market Summary:

• On the basis of the service, the market has been segregated into regulatory consulting, product design and development, product testing and sterilization, product implementation, product upgrade, and product maintenance. At present, product design and development dominate the market, holding the largest share.
• Based on therapeutics, the market is categorized into cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general and plastic surgery, drug delivery, dental, endoscopy, and diabetes care. Among these, cardiology represents the biggest market segment.
• On the basis of the application, the market has been divided into class I, II, and III. Currently, class II accounts for the majority of the global share.
• Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Asia Pacific enjoys the leading position in the market.
• The competitive landscape of the market has also been examined, with some of the key players being Celestica Inc. (Onex Corporation), Charles River Laboratories International Inc., Flex Ltd., Freyr Inc., Heraeus Holding GmbH, ICON plc, Integer Holdings Corporation, IQVIA Inc., Plexus Corp., Sanmina Corporation, TE Connectivity, and West Pharmaceutical Services Inc.

Report Scope:

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