[Newly Launched] Medical Device Outsourcing Market is estimated to be US$ 134.89 billion by 2030 with a CAGR of 11.50% during the forecast period – By PMI
Prophecy Market Insights latest research report on the Medical Device Outsourcing Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina , Sept. 08, 2023 (GLOBE NEWSWIRE) — The demand for Medical Device Outsourcing Market accounted for US$ 50.11 billion in 2020 and is estimated to be US$ 134.89 billion by 2030 and is anticipated to register a CAGR of 11.50%. This is according to the most recent research report.
What is Medical Device Outsourcing Market?
Outsourcing provides advantages such as a reduction in investment risks, expert knowledge, advance tools and technology, increasing productivity and efficiency, reducing labor work, and ideal for startups and small businesses which has given rise in demand for outsourcing services.
Growing prevalence of chronic diseases has given rise in demand for medical devices which in turn facilitate the demand for target market growth. Rising prevalence of cardiac diseases needs technical expertise and high cost of equipment which has given rise in outsourcing of medical devices in turn, boost the demand for Medical Device Outsourcing market growth over the forecast period.
Key Developments in the Medical Device Outsourcing Market:
- In July 2023, Arterex a medical device contract manufacturer acquired NextPhase Medical Devices from Kidd & Company. This acquisition will enable Arterex to expand its business portfolio of medical devices in market.
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Look through the detailed TOC for Medical Device Outsourcing Market:
- Format: PDF
- No Of Pages:168
- Base Year: May 2022
|Base year for estimation||2020|
|Accounted in 2020||US$ 50.11 billion|
|Estimated to be in 2030||US$ 134.89 billion|
|Market representation||Revenue in USD Million & CAGR from 2020-2030|
|Market Segmentation|| By Type – Product (Raw Materials, Electronics, and Finished Goods), Device Type (Class I, II, and III Devices)
By Application – Orthopedic & Spine, Cardiovascular, Radiology, and General Medical Devices
By Service – Prototype Development, Finished Device Manufacturing, Assembly & Packaging, and Testing & Regulatory Support Services
|Regional scope|| North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
Presence of major players and new product launch in medical devices has driven market growth. Expansion of research and development activities in manufacturing advanced medical devices has further, enhanced the market growth. Growing strategic acquisition among companies to expand product portfolio in market is expected to fruitful the demand for Medical Device Outsourcing market growth.
Outsourcing Trends for Cost Effectiveness:
The medical device outsourcing market has been evolving to meet the increasing demand for cost-effective solutions while maintaining high-quality standards. Here are some outsourcing trends specific to the medical device industry that aim to enhance cost-effectiveness:
- Focus on Core Competencies: Medical device companies are increasingly outsourcing non-core functions like manufacturing, assembly, and supply chain management to specialized outsourcing partners. This allows them to concentrate on research, development, and innovation, ultimately reducing costs associated with non-essential activities.
- Nearshoring: While offshoring to low-cost regions has been a prevalent strategy, some companies are opting for nearshoring, where they outsource to geographically closer partners. This can reduce shipping costs, lead times, and the complexity associated with managing distant supply chains.
- Digital Transformation: The integration of digital technologies, such as IoT, AI, and data analytics, into medical device manufacturing processes can improve efficiency, reduce waste, and lower operational costs. Outsourcing digital transformation initiatives to specialized providers can be cost-effective.
- Regulatory Expertise Outsourcing: Given the complexity of regulatory compliance in the medical device industry, companies often outsource regulatory affairs and quality assurance functions. This ensures that products meet stringent regulatory requirements while optimizing costs.
- Contract Manufacturing Organizations (CMOs): Collaborating with CMOs has been a trend in the medical device industry for several years. CMOs offer specialized expertise in manufacturing processes, cost optimization, and scalability, which can lead to cost savings for the original equipment manufacturer (OEM).
Rising Demand for Reprocessed Devices:
The demand for reprocessed medical devices was indeed rising in the medical device outsourcing market. Reprocessing involves cleaning, sterilizing, and refurbishing single-use medical devices (SUDs) for reuse, which can provide several benefits, including cost savings and environmental sustainability. Here are some key points to consider regarding the rising demand for reprocessed devices in the medical device outsourcing market:
- Cost Savings: One of the primary drivers for the increased demand for reprocessed devices is cost savings. Reprocessing allows healthcare facilities to reduce expenses related to purchasing new single-use devices. This can be particularly significant in healthcare systems looking to control costs.
- Sustainability: Reprocessing contributes to environmental sustainability by reducing the amount of medical waste generated. It aligns with the broader trend in healthcare toward environmentally responsible practices and reducing the carbon footprint of medical facilities.
- Regulatory Compliance: Reprocessing companies must adhere to strict regulatory standards to ensure the safety and efficacy of reprocessed devices. The demand for these services is bolstered by the confidence that healthcare providers have in the regulatory-compliant processes followed by outsourcing partners.
- Quality Assurance: To meet regulatory requirements, reprocessed devices must undergo rigorous quality control and testing. Outsourcing partners often specialize in quality assurance processes, ensuring that reprocessed devices meet or exceed industry standards.
- Technology Advancements: Advancements in cleaning, sterilization, and testing technologies have improved the safety and efficacy of reprocessed devices. Outsourcing partners often invest in these technologies to offer high-quality reprocessing services.
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The major players in the Medical Device Outsourcing Market:
- SGS SA
- Intertek Group PLC
- Wuxi Apptec, TüvSüd AG
- Toxikon, INC.
- American Preclinical Services
- Eurofins Scientific
- Sterigenics International LLC
- Pace Analytical Services LLC.
- Charles River Laboratories International, Inc.
- North American Science Associates, Inc.
- IQVIA, Accellent Inc.
- Celestica Inc.
- Benchmark Electronic Inc.
- Cadence Inc.
- Providien LLC
- Thermo Fischer Scientific Inc.
- West Pharmaceuticals Services Inc.
The medical device outsourcing market is experiencing significant growth, driven by a multitude of factors and shaped by emerging trends and innovations. Companies in the healthcare industry are increasingly turning to outsourcing partners to enhance their competitiveness, accelerate time-to-market, and leverage advanced technologies and materials.
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Key Questions Answered in Medical Device Outsourcing Market Report:
- What are the expected growth prospects for the medical device outsourcing market over the forecast period?
- What are the main challenges faced by medical device outsourcing companies?
- How does the regulatory landscape impact the medical device outsourcing market?
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