Asia-Pacific Medical Device Outsourcing Market, By 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, Orthopaedics, 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),Country (Japan, China, Australia, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines & Rest of Asia-Pacific) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Asia-Pacific Medical Device Outsourcing Market
The medical device outsourcing market is expected to gain market growth in the forecast period of 2020 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.4% in the forecast period of 2021 to 2028 and is expected to reach USD 114,131.09 million by 2028 from USD 46,676.11 million in 2020. The rising incidence of chronic infections, acceptance to use non-invasive device and rise in healthcare expenditure are likely to be the major drivers which propel the demand of the market in the forecast period.
The mounting need for quality healthcare services is driven by the global medical devices outsourcing market. Medical device contract manufacturing is the outsourced assembly of a medical device for the medical marketplace. In order to accomplish recurring manufacturing, contract manufacturing partners can be utilized by medical device companies and benefit from costing efficiencies, streamlined supply chain, logistical alignment and many more all of which to ensure that all industry requirement are met while allowing them to deliver commercial products to market.
As product lifecycles are short, medical device manufacturers are dependent profoundly on innovation and advanced technologies to grow in the super trending market. Some of the innovations in the medical device outsourcing markets include medical device outsourced R&D, wearable medical devices, patient-centric approach, robotic check-ups & robotic surgery which often leads to enhanced effectiveness, yield improvement, improved quality and reduced WIP (work in progress) along with reduces reduced business risks and hasten product market entry. Medical device outsourcing market augmented in a rapid rate which resulted to improve organizational effectiveness, shorter product development cycles and greater access to high technology.
However, the factors such as the changes International Standard Organization (ISO): 13485, strict regulatory framework, disruption in the supply chain management due to a pandemic hinders the global medical device outsourcing market growth. On the other hand, rise in the geriatric population, rise in the use of Interventional Medical Devices (IMDs) acts as opportunities for the growth of the global medical device outsourcing market. The rise in the services alternatives and compliance issue with outsourcing are the challenges faced in the global medical device outsourcing market.
The medical device outsourcing market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Medical Device Outsourcing Market Scope and Market Size
The medical device outsourcing market is segmented on the basis of services, product, device type, application and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of services, the 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 material & chemical characterization. In 2021, the contract manufacturing segment is expected to dominate the global medical device outsourcing market 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 medical device outsourcing market is segmented into finished goods, electronics and raw materials. In 2021, the finished goods segment is expected to dominate the global medical device outsourcing market as due to the rising demand for medical devices across the globe to treat the patients.
- On the basis of device type, the medical device outsourcing market is segmented into class I, class II and class III. In 2021, the class I segment is expected to dominate the global medical device outsourcing market owing to the rising demand for medical devices across the globe to treat the patients with chronic diseases.
- On the basis of application, the medical device outsourcing market is segmented into cardiology, diagnostic imaging, orthopaedic, IVD, ophthalmic, general & and plastic surgery, drug delivery, dental, endoscopy, diabetes care and others. In 2021, the cardiology segment is expected to dominate the global medical device outsourcing market because of the rising demand for cardiology medical devices across the globe to treat patients with CVD.
- On the basis of end user, the medical device outsourcing market is segmented into small medical device company, medium medical device company, and large medical device company and others. In 2021, the small medical device company segment is expected to dominate the global medical device outsourcing market due to the rising number of small medical device companies in a developing country.
Asia-Pacific Medical Device Outsourcing Market Country Level Analysis
The medical device outsourcing market is segmented on the basis of services, product, device type, application and end user.
The countries covered in the medical device outsourcing market report are China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, and rest of Asia-Pacific.
Japan is dominating the global medical device outsourcing in the Asia Pacific region due to increased awareness regarding the treatment of chronic diseases such as cancer and cardiac diseases and rise of healthcare expenditure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
The Growth Potential for Medical Device Outsourcing in Emerging Economies and the Strategic Initiatives by Market Players Are Creating New Opportunities in the Global Medical Device Outsourcing Market
The medical device outsourcing market also provides you with detailed market analysis for every country growth in particular industry with wound debridement device sales, impact of advancement in the medical device outsourcing and changes in regulatory scenarios with their support for the medical device outsourcing market. The data is available for historic period 2011 to 2020.
Competitive Landscape and Medical Device Outsourcing Market Share Analysis
The medical device outsourcing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to the medical device outsourcing market.
The major companies dealing in the medical device outsourcing are SGS SA , TOXIKON, Pace Analytical, Intertek Group plc, WuXi AppTec, North American Science Associates, Inc., American Preclinical Services, LLC., Sterigenics U.S., LLC – A Sotera Health company, Charles River Laboratories, Celestica Inc., Creganna, FLEX LTD., Heraeus Holding, Integer Holdings Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation, EUROFINS SCIENTIFIC, TE Connectivity, ICON plc, Parexel International Corporation, Labcorp Drug Development, Tecomet, Inc., IQVIA, Jabil Inc. Syneos Health, PROVIDIEN LLC., Cekindo Business International East/West Industries, Inc., TÜV SÜD among others.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of medical device outsourcing market.
For instance,
- In July 2021, BREATHE and IQVIA collaborated to accelerate the early diagnosis and treatment of respiratory conditions. This strategic step of working together to improve health outcomes and quality of life for people living with respiratory conditions in the U.K. would ramp up the market.
Collaboration, joint ventures and other strategies by the market players is enhancing the company in the medical device outsourcing market which also provides the benefit for organisation to improve their offering for treatment products.
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