Global Medical Device Outsourcing Market

Global Medical Device Outsourcing Market Size, Share, Growth Analysis, By Application(Cardiology, Diagnosis Imaging), By Service(Contract Manufacturing, Quality Assurance), By Class(Class I, Class II), By Product(Finished Goods, Electronics), By End User(Small Medical Device Company, Medium Medical Device Company) - Industry Forecast 2022-2028


Report ID: SQSG35D2045 | Region: Global | Published Date: December, 2022 | Pages: 157

Global Medical Device Outsourcing Market Insights

Global Medical Device Outsourcing Market was valued at USD 107.8 billion in 2021 and it is expected to reach a value of USD 241.31 billion by 2028, at a CAGR of 12.2% over the forecast period (2022-2028).

Rising demand for various types of medical devices coupled with the growing competition for price and need to reduce the cost of devices are the major factors projected to drive the growth of the global medical device outsourcing market during the forecast period. In addition, an extensive rise in the number of chronic disorders around the globe is also anticipated to boost the demand for these medical devices over the coming years. For instance, according to the British heart Foundation, there are nearly 7.4 million people, living with heart and circulatory diseases in the United Kingdom and around 170,000 deaths due to the several cardiac diseases that occur every year in the country.

Furthermore, presence of large manufacturers of original equipment and subcontractors mainly in developed countries including the US, France, Canada, and Japan, are projected to adopt these advanced devices at a high rate earlier than various developing nations. Additionally, major companies in the global market are shifting their focus on innovation in place of non-core activities to launch more improved and efficient devices to cater to the rising need across the globe.

Market snapshot

Global Market Size

USD 107.8 billion

Largest Segment

Cardiology

Fastest Growth

Diagnosis Imaging

Growth Rate

12.2% CAGR

Global Medical Device Outsourcing Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Medical Device Outsourcing Market Size By Application, 2021-2028 ($ Bn)
Global Medical Device Outsourcing Market Size By Application, 2021-2028 (%)

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Global Medical Device Outsourcing Market Segmental Analysis

Global medical device outsourcing market is segmented on the basis of application, product, class, product, end user, and region. By application, the market is sub-segmented into cardiology, diagnosis imaging, orthopedic, ophthalmic, and others. By service, the market is categorized into contract manufacturing, quality assurance, product maintenance services, and others. By product, the market is segmented into finished goods, electronics, and raw materials. By end user, the market is segmented into small medical device company, medium medical device company, large medical device company and others. By class, the market is classified into class I, class II, and class III. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Analysis by Application

By application, the cardiology segment held the largest market share in 2021, and is expected to maintain its dominance throughout the forecast period. The high prevalence of several types of conditions such as angina pectoris, hypertensive heart disease, atrial fibrillation, and congenital heart disease are the major key factors anticipated to drive the growth of the segment market over the coming years. According to the World Health Organization, cardiovascular diseases are one of the major factors of death worldwide, with around 17.9 million deaths every year. Moreover, high complexity of cardiovascular devices and growing need for expertise in technical field, is likely to result in high growth of these devices in the near future.

Analysis by Service

By service, the contract manufacturing segment dominated the market and accounted for a significant market share in 2021 owing to rise in focus on reduction of cost of production coupled with the increasing complexity in manufacturing process. Also, high level of product and devices inspection in innovated medical devices has created many layers of standards and regulations, which is fueling the demand for contract manufacturing services over the forecast period.

Global Medical Device Outsourcing Market By Application, 2021 (%)

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Global Medical Device Outsourcing Market Regional Insights

Globally, Asia Pacific dominated the medical device outsourcing market in 2021, with a healthy market share and is projected to retain its position over the forecast period. Continuously growing number of patient population suffering from various chronic and infectious diseases with the rising adoption of latest technologies is likely to be the major factors for the growth of the market in the region. According to our findings, it is anticipated that the proportion of population aged over 60 years in China will increase from 12.45 to around 28%. And, almost 80% of deaths in China of people aged over 60 years is expected to occur from chronic NCDs.

Furthermore, North America is witnessing fastest CAGR during the forecast period owing to presence of well-established manufacturing companies, consistent demand for high-end complex medical devices. And rising consumer awareness regarding health issues and concerns. In addition, the availability of highly advanced technology with the growing penetration for cardiovascular diseases, is fostering the demand for medical device outsourcing devices in the region over the coming years.

Global Medical Device Outsourcing Market By Geography, 2021-2028
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  • Fastest

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Global Medical Device Outsourcing Market Dynamics

Drivers

  • Growing Prevalence of Cardiovascular Diseases and Increasing R&D Investments to Drive Market Growth
  • Continuously growing prevalence of various types of cardiovascular diseases like bradycardia is expected to be the major factor driving the growth of the global medical device outsourcing market over the forecast period. For instance, according to the National Centre for Biotechnology Information, more than 1 million pacemakers are being implanted each year globally. Out of which, about 200,000 are implanted in the United States alone.
  • Increasing research & development related activities for enhancing the cardiovascular diseases treatment techniques is also projected to drive the global market at a strong growth rate over the coming years.

Restraint

  • Strict Government Regulations to Hamper Market Growth
  • Stringent government regulations regarding medical devices certification and approval process is likely to be the key factor restraining the growth of the global medical device outsourcing market during the forecast period. Around 60% of global suppliers have an ISO 9001:2000 certification, and only 20% of them have ISO 13485:2003 certification, which is anticipated to have a negative impact on the global market.

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Global Medical Device Outsourcing Market Competitive Landscape

The global medical device outsourcing market is fragmented with the presence of many well-known international and local companies operating around the globe. The major players of the global market are applying various business development strategies like acquisitions, mergers, collaborations, new product launches, and high technological advancements for expanding their market reach and product portfolio.

Top Player’s Company Profiles

Recent Developments

  • In October 2022, Labcorp, a leading global life sciences company, announced today the completion of transactions that establish a long-term laboratory relationship with Ascension, one of the nation's leading non-profit and Catholic health systems.
  • In March 2022, The Sotera Health Academy ("Academy") was launched today by Sotera Health Company, a leading global provider of mission-critical end-to-end sterilization solutions, lab testing, and advisory services for the healthcare industry. The Academy combines content curated by industry thought leaders from Sotera Health's three businesses—Nelson Labs, Sterigenics, and Nordion—to assist companies in mitigating regulatory risk and accelerating product launch.

Global Medical Device Outsourcing Key Market Trends

  • Rising proliferation of advanced robotics among various medical devices and technology manufacturers across the globe has paved the way for new lucrative opportunities for the medical devices outsourcing market. In the recent years, the demand for specialized robotics system in several applications in medical device manufacturing is propelling the market growth at a significant pace.

Global Medical Device Outsourcing Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the global medical device outsourcing market is witnessing a high growth over the forecast period owing to presence of advanced technology, increasing per capita income of consumers, and increasing penetration of various types of chronic disorders. Moreover, a rapid growth in industrialization and growing government efforts on the development of healthcare infrastructure in emerging economies such as India, China, and Indonesia are expected to contribute significantly to the market growth in the near future. However, a large part of global population is price sensitive and belong to low-medium class economy, therefore, they can’t afford highly expensive outsourcing devices, which is hampering the growth of the market throughout the forecast period.

Report Metric Details
Market size value in 2021 USD 107.8 billion
Market size value in 2028 USD 241.31 billion
Growth Rate 12.2%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Cardiology, Diagnosis Imaging, Orthopedic, Ophthalmic, Others
  • Service
    • Contract Manufacturing, Quality Assurance, Product Maintenance Services, others
  • Class
    • Class I, Class II, Class III
  • Product
    • Finished Goods, Electronics, Raw Materials
  • End User
    • Small Medical Device Company, Medium Medical Device Company, Large Medical Device Company, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Medical Device Outsourcing Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Medical Device Outsourcing Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Medical Device Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Device Outsourcing Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Device Outsourcing Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Medical Device Outsourcing Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Medical Device Outsourcing Market was valued at USD 107.8 billion in 2021 and it is expected to reach a value of USD 241.31 billion by 2028, at a CAGR of 12.2% over the forecast period (2022-2028).

The global medical device outsourcing market is fragmented with the presence of many well-known international and local companies operating around the globe. The major players of the global market are applying various business development strategies like acquisitions, mergers, collaborations, new product launches, and high technological advancements for expanding their market reach and product portfolio. 'Eurofins Scientific','Labcorp','Intertek Group Plc','American Preclinical Services','Mandala International','Iqvia Holdings Inc.','Plexus Corporation','Medpace Holdings Inc.','Genpact Ltd.','Icon PLC.','Sterigenics International LLC'

Growing Prevalence of Cardiovascular Diseases and Increasing R&D Investments to Drive Market Growth

Rising proliferation of advanced robotics among various medical devices and technology manufacturers across the globe has paved the way for new lucrative opportunities for the medical devices outsourcing market. In the recent years, the demand for specialized robotics system in several applications in medical device manufacturing is propelling the market growth at a significant pace.

Globally, Asia Pacific dominated the medical device outsourcing market in 2021, with a healthy market share and is projected to retain its position over the forecast period. Continuously growing number of patient population suffering from various chronic and infectious diseases with the rising adoption of latest technologies is likely to be the major factors for the growth of the market in the region. According to our findings, it is anticipated that the proportion of population aged over 60 years in China will increase from 12.45 to around 28%. And, almost 80% of deaths in China of people aged over 60 years is expected to occur from chronic NCDs.

Speak With Our Analyst

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