Medical Device Outsourcing Market Size, Share, Growth Analysis, By Application(Cardiology, Diagnosis Imaging, Orthopedic, Ophthalmic), By Service(Contract Manufacturing, Quality Assurance, Product Maintenance Services, and others), By Class(Class I, Class II, and Class III), By Product(Finished Goods, Electronics, Raw Materials), By End User(Small Medical Device Company, Medium Medical Device Company, Large Medical Device Company and Others), By Region - Industry Forecast 2024-2031

Medical Device Outsourcing Market size was valued at USD 125 billion in 2019 and is poised to grow from USD 127.4 billion in 2023 to 270.3 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

The 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 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 2022 accounting for a healthy market share and is projected to retain its position in the forecast period. As the patient cases for various diseases is growing in Asia Pacific, the need for better medical equipment is largely anticipated. The market size for Asia Pacific is likely to grow beyond 40 billion by 2030 owing to increase in healthcare needs for paediatric and geriatric population. For instance, the regional markets in Asia Pacific significantly witnessed a need for CT scanners to detect lung infection and pneumonia during the initial phases of COVID-19 pandemic.