The global medical device outsourcing market size is expected to reach USD 292.93 billion by 2030, registering a CAGR of 12.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for advanced medical products and a growing trend of offshoring are fueling the growth of this market.
Medical Device Outsourcing Market Report Highlights
- The contract manufacturing market dominated the global market in 2021 owing to the growing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
- The segment of quality assurance services is projected to exhibit the fastest growth rate over the forecast period due to the increasing trend of outsourcing quality assurance services among emerging countries
- Asia Pacific was the dominant regional market in 2021 owing to lower cost and availability of skilled human resources
- The regional market is estimated to expand further at the second-fastest CAGR during the forecast period
- North America also registered a significant share in 2021 due to well-established infrastructure for manufacturing complex medical devices
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Various initiatives by public organizations promoting testing for COVID-19 are also enhancing market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public that is becoming burdensome to handle. To meet the regulatory scenario, various services like regulatory consulting are being utilized by the industry players.
For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards. Contract manufacturers, especially in developed countries like the U.S., EU nations, and Japan, comply with the international standards for a quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in developing countries ensure compliance by contract manufacturers. The demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the market.
COVID-19 Impacts On Medical Device Outsourcing Industry:
The COVID-19 pandemic is a disrupter unlike any the global supply chain has seen, and with disruption comes increased risk. Companies have had to streamline and simplify operations more than ever before, which can impact quality assurance. Owing to the COVID-19 pandemic, there was a decline in the number of diagnoses for other diseases like cancer and tuberculosis among others. The recovery of COVID-19 is expected to increase the demand for medical devices for diagnosing these diseases. Public organizations across the globe are taking initiatives to increase the production of medical equipment to prevent a future shortage. For instance, in January 2021, U.S. president Joseph Biden, in response to the pandemic preparedness, emphasized improving the gaps in the supply chain by improving the domestic manufacturing of PPE, test kits, and durable medical equipment. High adoption of additive manufacturing/3D printing technology is enabling companies to shift their sourcing of parts to the company’s on-site production facilities parts from locations such as China. In July 2020, the European Medical Devices Regulation (EU MDR) application was postponed due to the pandemic in order to free up resources to address COVID-19 supply chain bottlenecks. This is turn will provide manufacturers with the must-needed time to catch up with the regulatory reforms needed. The entire process is expected to be in action by 2025.
Medical Device Outsourcing Market Insights By Geographical Regions:
On the basis of geographies, the global market has been divided into Asia Pacific, North America, Latin America, and MEA. Asia Pacific region dominated the global market. North America is also anticipated to register significant growth over the forecast period. This is owing to the well-established manufacturing hubs for high-end, consistent, and complex medical devices. The existence of the technologically advanced electronic sector is helping North America edge over other regions. Increasing demand for medical devices owing to the growing patient population suffering from chronic and infectious diseases is fueling the market
Market Share Analysis By Major Competitors:
Many new companies are anticipated to venture into this space due to the increasing demand for medical devices around the globe. This is projected to boost the competition level in the global arena. In addition, collaborations among existing players and niche service offerings to boost quality are likely to fuel market growth over the forecast period. Market players are also adopting the strategy of acquisition to enhance their service portfolio. Some prominent players in the global medical device outsourcing market include:
- SGS SA
- Labcorp
- Eurofins Scientific
- Pace Analytical Services, Inc.
- Intertek Group Plc
- WuXi AppTec, Inc.
- North American Science Associates, Inc.
- TUV SUD AG
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Medical Device Outsourcing Market Segmentation
Grand View Research has segmented the global medical device outsourcing market based on service, application, class and region:
Service Outlook
- Quality Assurance
- Regulatory Affairs Services
- Clinical Trials Applications & Product Registrations; Regulatory Writing & Publishing; Legal Representation; Other
- Product Design and Development Services
- Designing & Engineering; Machining; Molding; Packaging
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
- Accessories Manufacturing; Assembly Manufacturing; Component manufacturing; Device Manufacturing
Application Outlook
- Cardiology
- Diagnostic Imaging
- Orthopedic
- IVD
- Ophthalmic
- General & Plastic Surgery
- Drug Delivery
- Dental
- Endoscopy
- Diabetes Care
- Others
Class Outlook
- Class I
- Class II
- Class III
Regional Outlook
- North America
- S.; Canada
- Europe
- France; U.K.; Italy; Germany; Spain; The Netherlands; Switzerland; Sweden; Belgium; Russia
- Asia Pacific
- Japan; China; India; Indonesia; Malaysia; Singapore; South Korea; Thailand; Taiwan; Australia; Philippines
- Latin America
- Brazil; Mexico; Argentina; Colombia; Chile
- Middle East and Africa (MEA)
- South Africa; Saudi Arabia; UAE; Israel; Egypt
Research Methodology
We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. We utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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