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Medical Devices Outsourcing Market Report
The report on the Global Medical Devices Outsourcing Market is segmented by Device Class (Class I, Class II, Class III), By Service (Quality Assurance, Regulatory Affairs Services, Product Design and Development Services, Product Upgrade Services, Product Maintenance Services, Contract Manufacturing, Others), By Application...
The Global Medical Devices Outsourcing market is estimated to grow from USD 98.2 billion in 2020 to USD 182.7 billion by 2026 at a CAGR of over 10.9% during the forecast period.
Figure: Global Medical Devices Outsourcing Market Size, 2020-2026 (USD Billion)
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Medical Devices Outsourcing is regarded as a phenomenon that emphasizes contracting with a third party for product design, prototyping, verification, production, packaging, and validation of medical devices in a controlled and sterile environment for supply chain management. It mainly involves contracting with third-party organizations that excel in conceptualization, medical device prototyping, and related aspects.
Key players operating in the global medical devices outsourcing market are-
The rise in the pressure on the product manufacturers to reduce the overhead expenses and operational expenses while maintaining the quality of healthcare services spurs the industry growth. Also, the costs such as reduction of production time, which ensures early entry of product into the market coupled with the need to comply with the regulatory norms, further augment the market expansion. However, it poses a challenge to the security of the confidential information of the company, thus hampers the market growth.
Based on application, the global medical devices outsourcing market has been categorized into cardiology, neurology, radiology, anesthesia, orthopedic, ophthalmic, dental, and others.
By region, the Asia Pacific market held the largest market share of more than 40% in 2020 and is estimated to register a healthy CAGR during the forecast timeline due to the easy availability of skilled manpower.
Also, it can be attributed to rising incidence of chronic diseases, presence of key players, and competitive pricing, further proliferates the regional market growth.
The ongoing COVID-19 pandemic has positively impacted the medical devices outsourcing industry. Government bodies across the globe are focusing to curb the COVID-19 with important measures, such as nationwide lockdowns, social distancing, and quarantine to prevent the spread of the coronavirus. With Covid-19 infections rising across the globe, the apprehension regarding a shortage of essential life-saving devices and related essential medical supplies to curb the spread of this pandemic and offer proper care to the infected also widens thus stresses the need for outsourcing medical devices.
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Here is the list of the group of customers that the Medical Devices Outsourcing market hopes to have the greatest opportunity to convert-
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The medical devices outsourcing market size is expected to reach USD 182.7 billion in the foreseeable future.
SGS SA (Switzerland), Toxikon, Inc. (The U.S), Eurofins Scientific (Luxembourg), Pace Analytical Services, Inc. (The U.S), Intertek Group Plc (UK), WuXi AppTec, Inc. (China), North American Science Associates, Inc. (The U.S), TUV SUD AG (Germany), American Preclinical Services (The U.S) and Sterigenics International Llc (Italy) are among the key players in the medical devices outsourcing market.
The medical devices outsourcing market is expected to witness an impressive growth of 10.9% CAGR in the foreseeable future.
Asia-pacific accounted for the largest share of medical devices outsourcing market in 2020.
The cardiology segment held the highest share in medical devices outsourcing market in 2020.
Medical devices outsourcing companies, Hospitals, Cardiology centers, Ambulatory surgical centers, Research centers & organizations are the target audience in the medical devices outsourcing market.
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