Medical Devices Outsourcing Market Report

Market Insights

"The global medical devices outsourcing market size was estimated at USD 108.9 billion in 2021 and is likely to grow at a CAGR of 11.93% during 2022-2028 to reach USD 242 billion in 2028."

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Medical device 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.

Market Dynamics

Market Drivers

The rise in the pressure on product manufacturers to reduce 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.

COVID-19 Impact

The ongoing COVID-19 pandemic has positively impacted the medical devices outsourcing industry. Government bodies across the globe are focusing to curb 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.

Segment Analysis

Service Trends

"The contract manufacturing segment accounted for the largest market share."

The market is segmented as quality assurance, regulatory affairs services, product design and development services, product upgrade services, product maintenance services, contract manufacturing, and Others. The contract manufacturing segment seems to dominate the market during the assessment period. The growth of this segment is being bolstered by a growing emphasis on reducing production costs and the escalating intricacy of manufacturing processes. Medical device manufacturers are deeply invested in ensuring the production of high-quality and safe devices for patient care. However, this pursuit has led to the establishment of numerous layers of standards and regulations that demand high levels of inspection for developing medical devices. As a result, demand for manufacturing services is on the rise.

Application Trends

"The cardiology segment accounted for the largest market share."

The market has been categorized into cardiology, neurology, radiology, anesthesia, orthopedic, ophthalmic, dental, and others. The cardiology segment held the highest market share of more than 20% in 2021 and is estimated to register a healthy CAGR during the review period. The surging demand for cardiovascular devices, due to a high prevalence of related medical conditions, is further ascribed to the increased outsourcing of these devices, thereby augmenting the segment progress.

Regional Insights

"Asia Pacific accounted for the largest market share."

The Asia Pacific market held the largest market share of more than 40% in 2021 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 the rising incidence of chronic diseases, the presence of key players, and competitive pricing, which further proliferates regional market progress.

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Key Players

The following are the key players in the medical devices outsourcing market (arranged alphabetically).

• American Preclinical Services (The U.S),
• Eurofins Scientific (Luxembourg),
• Intertek Group Plc (UK),
• North American Science Associates, Inc. (The U.S),
• Pace Analytical Services, Inc. (The U.S),
• SGS SA (Switzerland),
• Sterigenics International Llc (Italy).
• Toxikon, Inc. (The U.S),
• TUV SUD AG (Germany), and
• WuXi AppTec, Inc. (China).

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories.

By Device Type

• Class I
• Class II
• Class III

By Service Type

• Quality Assurance
• Regulatory Affairs Services
• Product Design and Development Services
• Product Upgrade Services
• Product Maintenance Services
• Contract Manufacturing
• Others

By Application Type

• Cardiology
• Neurology
• Radiology
• Anesthesia
• Orthopedic
• Ophthalmic
• Dental
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s medical devices outsourcing market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.