Global Medical Device Outsourcing Market size is anticipated to reach USD 194.9 billion by 2025, with a healthy CAGR of 10.9% during the forecast period as the scope and its applications are rising enormously across the globe. Medical device outsourcing is the process of contracting a third party for several business purposes like supply chain management, manufacturing, prototyping, and product designing.
The factors that are playing a major role in the growth of the medical device outsourcing market are the growing occurrence of disorders, the growing geriatric population, the rising use of enhanced technology, and the high demand for medical devices from end-users. However, issues related to the reimbursement policy and the risk of loss of private information may restrain overall market growth in the years to come. The medical device outsourcing market is segmented based on service, therapeutic area, and region.
Contract manufacturing, quality assurance, product maintenance services, regulatory affairs services, product upgrade services, product design and development services, product implementation services, and product testing & sterilization services are the services that could be explored in medical device outsourcing in the forecast period.
The contract manufacturing sector comprises device, accessories, component, and assembly manufacturing. The regulatory affairs services sector comprises legal representation, clinical trials, and product registrations, regulatory writing and publishing, and others. The product design and development services sector comprises packaging, designing & engineering, molding, and machining. The contract manufacturing sector accounted for the significant market share of medical device outsourcing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be a reduction in the cost of production.
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Based on therapeutic areas, diabetes care, dental, general and plastic surgery, IVD, diagnostic imaging, endoscopy, drug delivery, ophthalmic, orthopedic, cardiology, and others could classify medical device outsourcing in the forecast period. The cardiology sector accounted for the substantial market share of medical device outsourcing and is estimated to continue its dominance in the years to come. The reason could be the growing number of patients suffering from associated conditions. Also, the general and plastic surgery sector is estimated to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the substantial market share of medical device outsourcing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, the growing number of patients suffering from chronic diseases, the developing R&D and manufacturing setup, and low labor costs. Developing countries like India and China are the major consumers of medical device outsourcing in this region.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second-largest region with a significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period. The key players of medical device outsourcing market are Wuxi Apptec, Integer, Freyr Solutions, Tecomet, PPD, Jabil, MAPI, Flextronics, Intertek Group, Celestica, Pace Analytical Services, Sanmina, Eurofins Scientific, Plexus, Toxikon Inc., and SGS SA. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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