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Medical Device Outsourcing Market to Reach $210.5 Billion by 2026 | Established Companies are Expected to Broaden their Portfolio & Provide One-stop Solutions to Withstand Aggressive Competition

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Medical Device Outsourcing Market to Reach $210.5 Billion by 2026 | Established Companies are Expected to Broaden their Portfolio & Provide One-stop Solutions to Withstand Aggressive Competition

February 14
13:50 2020
Medical Device Outsourcing Market to Reach $210.5 Billion by 2026 | Established Companies are Expected to Broaden their Portfolio & Provide One-stop Solutions to Withstand Aggressive Competition

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global medical device outsourcing market size was valued at USD 94.2 billion in 2018. It is expected to witness a CAGR of 10.5% over the forecast period

The global medical device outsourcing market size is expected to reach USD 210.5 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.5% during the forecast period. Rising demand for advanced products and the trend of offshoring is fueling the growth.

Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.

Contract manufacturers, especially in developed countries like U.S., European Union (EU) nations, and Japan, comply with international standard for quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Emphasis on regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and Quality Management Systems (QMS), thereby contributing to the growth of global medical device outsourcing market.

Request a Sample Copy of the Global Medical Device Outsourcing Market Research Report @ www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market/request/rs1

Also, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the Original Equipment Manufacturers (OEM). This trend is expected to boost the medical device outsourcing to emerging countries like India and China. Export infrastructure, low cost labor, artificially low currency value, and government incentives for local manufacturers, especially in China; are some of the benefits offered by the contract manufacturers in emerging countries.

U.S. medical device outsourcing market size, by service, 2015 - 2026 (USD Billion)

Further key findings from the study suggest: 

  • Contract manufacturing led the service segment in 2018 owing to the growing trend of outsourcing by OEM to third-party manufacturers, especially in emerging countries
  • Based on service, quality assurance is projected to exhibit the fastest CAGR over the forecast period
  • Asia Pacific led the medical device outsourcing market in 2018 owing to lower cost and increased availability of skilled human resources
  • North America commanded a cumulative market share in 2018 due to well-established infrastructure for manufacturing complex medical devices
  • Some of the key companies present in the market are Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer; Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD; Intertek Group; Flextronics; Tecomet; and Sanmina.

Global medical device outsourcing market share, by region, 2018 (%)

Have Any Query? Ask Our Experts @ www.grandviewresearch.com/inquiry/713/ibb

Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:

Medical Device Outsourcing Service Outlook (Revenue, USD Billion, 2015 – 2026)

  • Quality Assurance
  • Regulatory Affairs Services
    • Clinical Trials Applications and Product Registrations
    • Regulatory Writing and Publishing
    • Legal Representation
    • Other
  • Product Design and Development Services
    • Designing & Engineering
    • Machining
    • Molding
    • Packaging
  • Product Testing & Sterilization Services
  • Product Implementation Services
  • Product Upgrade Services
  • Product Maintenance Services
  • Contract Manufacturing
    • Accessories Manufacturing
    • Assembly Manufacturing
    • Component Manufacturing
    • Device Manufacturing

Medical Device Outsourcing Application Outlook (Revenue, USD Billion, 2015 – 2026)

  • Cardiology
    • Class I
    • Class II
    • Class III
  • Diagnostic imaging
    • Class I
    • Class II
    • Class III
  • Orthopedic
    • Class I
    • Class II
    • Class III
  • IVD
    • Class I
    • Class II
    • Class III
  • Ophthalmic
    • Class I
    • Class II
    • Class III
  • General and plastic surgery
    • Class I
    • Class II
    • Class III
  • Drug delivery
    • Class I
    • Class II
    • Class III
  • Dental
    • Class I
    • Class II
    • Class III
  • Endoscopy
    • Class I
    • Class II
    • Class III
  • Diabetes care
    • Class I
    • Class II
    • Class III
  • Others
    • Class I
    • Class II
    • Class III

Medical Device Outsourcing Regional Outlook (Revenue, USD Billion, 2015 – 2026)

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • U.K.
    • Italy
    • Spain
    • Netherlands
    • Switzerland
    • Sweden
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Malaysia
    • Singapore
    • Korea
    • Thailand
    • Taiwan
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Israel

Browse Related Report:

Powered Surgical Instruments Market: www.grandviewresearch.com/industry-analysis/powered-surgical-instruments-market

Open MRI Systems Market: www.grandviewresearch.com/industry-analysis/open-mri-systems-market

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market