The prevalence of chronic diseases is expected to boost the growth of medical device outsourcing. Chronic diseases are ailments that last for a year or longer, restricting daily activities and necessitating continuing medical care. The demand for new, high-quality medical products with shorter launch times is growing, which is driving the sector for outsourced medical devices to grow.
For instance,
according to the UN Chronicles, a digital journal produced by the United Nations, the burden of chronic diseases is expected to increase globally and reach almost 56% by 2030. As a result of the rise in chronic diseases, the market for medical device outsourcing will grow.
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Data Bridge Market Research analyses that the Medical Device Outsourcing Market is expected to grow at a CAGR of 12.4% in the forecast period of 2021 to 2028 and is expected to reach USD 46,676.11 million in 2020 from USD 114,131.09 million by 2028.
Key Findings of the Study
Rising demand for cardiovascular disease expected to drive the market
According to the World Health Organization, 17.9 billion people died from cardiovascular disease in 2019, accounting for 32% of all global deaths. This is because of conditions such as angina pectoris, myocardial infarction, hypertensive heart disease, rheumatic heart disease, atrial fibrillation, and congenital heart disease are so common. The global prevalence of CVDs is driving up demand for cardiovascular devices. Furthermore, the high complexity of cardiovascular devices and the need for technical expertise and manufacturing of these devices may result in high costs to OEMs, leading to increased outsourcing of these devices.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2019
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Historic Years
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2018 (Customizable to 2013 - 2018)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Services (Quality Assurance, Regulatory Affairs Services, Product Design and Development Services, Product Testing & Sterilization Services, Product Implementation Services, Product Upgrade Services, Product Maintenance Services, Raw Material Services, Medical Electrical Equipment Services, Contract Manufacturing, Materials & Chemical Characterization), Product (Finished Goods, Electronics, Raw Materials), Device Type (Class I, Class II, Class III), Application (Cardiology, Diagnostic Imaging, Orthopaedic, IVD, Ophthalmic, General and Plastic Surgery, Drug Delivery, Dental, Endoscopy, Diabetes Care and Others), End User (Small Medical Device Company, Medium Medical Device Company, Large Medical Device Company and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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SGS SA (France), Labcorp (U.S.), Pace Analytical Services, LLC (a subsidiary of Laboratory Corporation of America Holdings) (U.S.), Intertek Group plc (U.K.), WuXi App Tech (China), North American Science Associates, Inc. (U.S.), American Preclinical Services, LLC (U.S.), Sterigenics U.S., LLC – A Sotera Health company (U.S.), Charles River Laboratories (U.S.), Celestica Inc. (Canada), Creganna (Ireland), FLEX LTD. (Singapore), Heraeus Holding, Integer Holdings Corporation (U.S.), Nortech Systems, Inc. (U.S.), Plexus Corp (U.S.), Sanmina Corporation (U.S.), Eurofins Scientific (Luxembourg), Parexel International Corporation (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
Global medical device outsourcing market is categorized into five notable segments which are based on the services, product, device type, application and end user.
- On the basis of services, the global medical device outsourcing market is segmented into quality assurance, regulatory affairs services, product design and development services, product testing & sterilization services, product implementation services, product upgrade services, product maintenance services, raw material services, medical electrical equipment services, contract manufacturing and materials & chemical characterization.
Contract manufacturing segment is expected to dominate the global medical device outsourcing market
Contract manufacturing segment is expected to dominate the global medical device outsourcing market with the market share of 26.01% due to the non-availability of machines, manpower, facilities and high expenditure for the manufacturing of medical devices in different regions across the globe.
- On the basis of product, the global medical device outsourcing market is segmented into finished goods, electronics and raw materials.
Finished goods segment is expected to dominate the global medical device outsourcing market
- Finished goods segment is expected to dominate the global medical device outsourcing market with the market share of 71.85% due to the rising demand for medical devices across the globe to treat the patients.
- On the basis of device type, the global medical device outsourcing market is segmented into class I, class II and class III. The class I segment is expected to dominate the global medical device outsourcing market with the market share of 67.65% owing to the rising demand for medical devices across the globe to treat the patients with chronic diseases.
- On the basis of application, the global medical device outsourcing market is segmented into cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general and plastic surgery, drug delivery, dental, endoscopy, diabetes care and others. The cardiology segment is expected to dominate the global medical device outsourcing market with the market share of 35.15% because of the rising demand for cardiology medical devices across the globe to treat patients with CVD.
- On the basis of end user, the global medical device outsourcing market is segmented into small medical device company, medium medical device company, large medical device company and others. The small medical device company segment is expected to dominate the global medical device outsourcing market with the market share of 70.00% due to the rising number of small medical device companies in a developing country.
Major Players
Data Bridge Market Research recognizes the following companies as the major medical device outsourcing market players in medical device outsourcing market are SGS SA (France), Labcorp (U.S.), Pace Analytical Services, LLC (a subsidiary of Laboratory Corporation of America Holdings) (U.S.), Intertek Group plc (U.K.), WuXi App Tech (China), North American Science Associates, Inc. (U.S.), American Preclinical Services, LLC (U.S.), Sterigenics U.S., LLC – A Sotera Health company (U.S.), Charles River Laboratories (U.S.), Celestica Inc. (Canada), Creganna (Ireland), FLEX LTD. (Singapore), Heraeus Holding, Integer Holdings Corporation (U.S.), Nortech Systems, Inc. (U.S.), Plexus Corp (U.S.), Sanmina Corporation (U.S.), Eurofins Scientific (Luxembourg), Parexel International Corporation (U.S.)
Market Development
- In 2021, BREATHE, and IQVIA collaborated to accelerate the early diagnosis and treatment of respiratory disorders. This calculated move to collaborate in order to enhance health outcomes and quality of life for those coping with respiratory illnesses in the UK would boost the market.
- In 2020, Eurofins announced that its laboratories in Europe, the United States, and Asia are providing worldwide service offering for inspection, and regulatory services focused on medical gowns as well as respiratory protective devices and equipment, its component & materials, to meet the increasing demand caused by the pandemic.
- In 2021, Laboratory Corporation of America Holdings, a life sciences company, acquired a CRO, Toxikon Inc., to expand its offerings by providing testing services for medical devices, pharmaceuticals, and other industries. Furthermore, since the start of COVID-19, players have worked tirelessly to serve the industry during the pandemic.
Regional Analysis
Geographically, the countries covered in the medical device outsourcing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in medical device outsourcing market in the forecast period 2021 - 2028
North America is dominating due to product lifespans which are short, rising medical device R&D outsourcing, portable medical equipment, patient-centric approaches, robotic check-ups, and robotic surgery are among the market developments. These innovations frequently result in improved performance, increased production, higher quality and decreased WIP (work in progress), as well as reduced production risks and faster product market access.
Asia-Pacific is estimated to be the fastest-growing region in medical device outsourcing market in the forecast period 2021 - 2028
Asia-Pacific is expected to dominate the global medical device outsourcing market because the growing patient population suffering from chronic and infectious diseases is driving demand for medical devices, fueling market growth in this region. For instance, during the first wave of COVID-19, there was a growing demand in India for CT scanners to detect pneumonia.
COVID-19 Impact Analysis
The COVID-19 pandemic had an impact on healthcare workflows. Numerous businesses, including parts of the healthcare industry, have been forced to close their doors immediately, due to the disease. Nonetheless, interest in product sterilization services has increased as a result. Countries were forced to close their production facilities and create quarantine zones to control the spread, which harmed medical device manufacturers due to an increase in COVID-19 cases worldwide. The global supply chain has never seen a disruption such as the COVID-19 epidemic and with disruption comes increased risk. Businesses have reduced and simplified their processes more than ever before, which may have an impact on quality assurance. As a result, the market for medical device outsourcing suffers.
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