Medical Device Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Medical Device Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5468
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Market Overview:

The global medical device outsourcing market size reached US$ 115.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 199.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028. The rising demand for quality and affordable healthcare services, the increasing prevalence of medical ailments, and ongoing technological advancements in the industry represent some of the key factors driving the market.

Medical device outsourcing involves subletting the entire production task of medical devices to a third-party vendor on a contract basis. This, in turn, helps organizations reduce expenses, streamline the supply chain, and bring commercial products to market while adhering to industry standards and requirements. It also improves operational efficiency and product quality, minimizes business risks, accelerates products’ development cycles and market entry, and provides access to advanced technologies. Medical device outsourcing includes a range of services such as device assembly and packaging, as well as package testing and sterilization validation, recurring processing, and process improvement identification. In addition to this, many industry players offer specialized facilities, including on-site medical labs and cleanrooms, to ensure the contamination-free production of medical devices.

Global Medical Device Outsourcing Market

Medical Device Outsourcing Market Trends:

The increasing prevalence of medical ailments has facilitated the need for quality healthcare services, which represents the prime factor driving the market growth. This is further supported by the rising need to expand product portfolios through innovations and constant research and development (R&D) investments. Besides this, the cost-effectiveness associated with outsourcing medical device manufacturing and development is creating a favorable outlook for the market. Moreover, the increasing regulatory requirement for medical devices is prompting leading market players to collaborate with regulatory compliance outsourcing companies to ensure timely approval of their products while adhering to stringent government regulations on product safety. This, in turn, is presenting remunerative growth opportunities for the market. In line with this, outsourcing regulatory compliance allows manufacturers to focus on their core competencies and maintain production costs while addressing the needs of the emerging market, which is favoring the market growth. In addition to this, the bolstering growth of the healthcare sector, the rising geriatric population, and ongoing technological advancements in medical devices, combined with the escalating consumer awareness and the increasing focus on patient safety and quality of care, are aiding in market expansion. Furthermore, the surging demand for personalized medicine, the expanding adoption of wearable medical devices, the shifting popularity of minimally invasive surgical procedures, and the emerging trend of home healthcare, telemedicine, and medical tourism are contributing to the market growth.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global medical device outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, therapeutics and application.

Service Insights:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Regulatory Consulting
  • Product Design and Development
  • Product Testing and Sterilization
  • Product Implementation
  • Product Upgrade
  • Product Maintenance
     

The report has provided a detailed breakup and analysis of the medical device outsourcing market based on the service. This includes regulatory consulting, product design and development, product testing and sterilization, product implementation, product upgrade, and product maintenance. According to the report, product design and development represented the largest segment.

Therapeutics Insights:

  • Cardiology
  • Diagnostic Imaging
  • Orthopedic
  • IVD
  • Ophthalmic
  • General and Plastic Surgery
  • Drug Delivery
  • Dental
  • Endoscopy
  • Diabetes Care
     

A detailed breakup and analysis of the medical device outsourcing market based on therapeutics have also been provided in the report. This includes cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general and plastic surgery, drug delivery, dental, endoscopy, and diabetes care. According to the report, cardiology accounted for the largest market share.

Application Insights:

  • Class I
  • Class II
  • Class III
     

The report has provided a detailed breakup and analysis of the medical device outsourcing market based on the application. This includes class I, II, and III. According to the report, class II represented the largest segment.

Regional Insights:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, Asia Pacific was the largest market for medical device outsourcing. Some of the factors driving the Asia Pacific medical device outsourcing market included the rising prevalence of chronic diseases, the expanding geriatric population, and continuous technological advancements in medical devices.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global medical device outsourcing market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Service, Therapeutics, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the medical device outsourcing market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global medical device outsourcing market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the medical device outsourcing industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global medical device outsourcing market was valued at US$ 115.7 Billion in 2022.

We expect the global medical device outsourcing market to exhibit a CAGR of 9% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of medical device outsourcing for package testing validation and sterilization validation of the antigen testing kits for the coronavirus infection.

The increasing demand for medical device outsourcing services over traditional approaches, as they offer enhances efficiency, improves product quality, minimized business risks, etc., is primarily driving the global medical device outsourcing market.

Based on the service, the global medical device outsourcing market can be categorized into regulatory consulting, product design and development, product testing and sterilization, product implementation, product upgrade, and product maintenance. Currently, product design and development exhibits clear dominance in the market.

Based on the therapeutics, the global medical device outsourcing market has been segmented into cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general and plastic surgery, drug delivery, dental, endoscopy, and diabetes care. Among these, cardiology currently holds the largest market share.

Based on the application, the global medical device outsourcing market can be bifurcated into class I, class II, and class III. Currently, class II accounts for the majority of the total market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global medical device outsourcing market include 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.

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Medical Device Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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