The U.S. medical device outsourcing market size is expected to reach USD 59.0 billion by 2030, registering a CAGR of 11.2% over the forecast period, according to a new report by Grand View Research, Inc.
U.S. Medical Device Outsourcing Market Report Highlights
- The contract manufacturing segment dominated the market in 2021 owing to the increased focus on decreasing the cost of production
- The quality assurance services are projected to exhibit the fastest growth rate over the forecast period
- This is due to the necessity of maintaining an effective quality management system, which has become an integral part of the production of every medical device
- Mergers & acquisitions and capacity expansions are some of the common strategies adopted by companies to gain a competitive edge in the market
- For instance, in February 2020, Teleflex acquired HPC Medical Products (HPC), a company involved in medical tubing and wire components. The acquisition will help Teleflex to strengthen its catheter contract manufacturing capabilities
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Medical Design & Outsourcing covers the technical advancements, design, development & contract manufacturing aspects of medical devices. The COVID-19 pandemic has significantly impacted the market. During the crisis, medical devices and supplies played an important role in assisting COVID-19 patients and medical professionals. The diagnostic tests and kits were manufactured and played an important role in fighting the coronavirus. But the manufacturing was disrupted as few supplies were imported from other countries. This dependency hampered the timely availability of raw materials/consumables required for the manufacturing of medical devices.
The government authorities have escalated funds for the research & development of essential devices, thus driving the market. Major companies have solely relied on contract manufacturers to ramp up the production of COVID-19-related medical components, such as test kits, ventilators, and respirators. The major reasons for outsourcing amid the COVID-19 crisis include a streamlined supply chain and cost efficiencies. The market has started to recover as the manufacturing of medical devices used for other diseases has commenced. Furthermore, the barriers are reduced leading to smooth import of supplies. The growing complexity in product engineering and an increasing number of small-sized manufacturers are also anticipated to contribute to the market growth.
The medical device industry has always been highly competitive and categories, such as coronary stents, orthopedic devices, and wound care, are moving towards maturity. As high-impact scientific innovation in the above categories is difficult to achieve and is a time-consuming process, smaller companies are gaining market share by offering low prices and introducing innovative business models. Due to the convergence of mounting challenges and changing market dynamics, many medical device manufacturers have opted for outsourcing business models to reduce cost, manage business risks, and improve service delivery. This factor is also expected to propel market growth over the forecast period.
Industry Share Analysis By Major Companies:
The companies are constantly involved in providing a wide range of services and equipment, which can be an effective cost curbing tool for the recipient organization. Participants are also involved in mergers and acquisitions to increase their market share. The availability of high-quality service providers is expected to maintain the growth in outsourcing. Some of the players operating in the U.S. medical device outsourcing market are:
- Integer Holdings Corporation
- Avail Medsystems, Inc.
- Active Implants.
- Omnica Corporation
- Teleflex Incorporated
- Cantel Medical Corp. (STERIS plc)
- SGS SA
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U.S. Medical Device Outsourcing Market Segmentation
Grand View Research has segmented the U.S. medical device outsourcing market based on service:
Service Outlook
- Quality Assurance
- Regulatory Affairs Services
- Clinical trials applications and product registrations; Regulatory writing and 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 and plastic surgery
- Drug delivery
- Dental
- Endoscopy
- Diabetes care
- Others
Class Outlook
- Class I
- Class II
- Class III
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize 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 and 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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