Medical Device Outsourcing Market Set to Register a CAGR of 11.8% and Reach US$ 704 Billion by 2031 – Growth Plus Reports

Newark, New Castle, USA, April 04, 2023 (GLOBE NEWSWIRE) -- A recent report by Growth Plus Reports estimated the global medical device outsourcing market to be worth US$ 258 billion in 2022. From 2023 to 2031, market revenue is expected to grow at a CAGR of 11.8%, reaching US$ 704 billion. The most successful strategies, market trends, the competitive environment, significant drivers and opportunities, statistical data, market size, and revenue are all included in the report. 

Key Takeaways:

• The rising geriatric population is driving the market revenue growth. 
• The growth in the revenue share is due to an increase in chronic diseases and their novel therapeutics. 
• The acceptance of using the non-invasive device is accelerating the market revenue share.

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Medical Device Outsourcing Market Scope

Market Drivers: 
The rise in the geriatric population and chronic diseases drives the global medical device outsourcing market revenue share. Furthermore, innovative and novel therapeutics are expanding the market revenue share. However, the quality and risk of intellectual property theft or infringement related to medical outsourcing are expected to limit revenue growth.

Market Segmentation: 
Growth plus reports have analyzed the global medical device outsourcing market from perspectives such as service, class type, application, and region. 

Service Segmentation: 
Based on the service, 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, and contract manufacturing.
The contract manufacturing segment accounts for the largest market revenue share. This large revenue share is attributed to cost-effectiveness, product facilities, skilled personnel, and advanced technologies. 

Class Type Segmentation: 
Based on the class type, the global medical device outsourcing market is segmented into classes I, II, and III. 
The class II segment accounts for the highest revenue share in the global market. This high revenue share is attributed to the significant expertise for moderate to high regulatory control and resources for developing and manufacturing products such as surgical gloves, infusion pumps, and cardiac monitors. 

Application Segmentation: 
Based on the application, the global medical device outsourcing market is segmented into cardiology, diagnostic imaging, orthopedic, IVD, ophthalmic, general & plastic surgery, drug delivery, dental, endoscopy, diabetes care, and others.

The cardiology segment accounts for a significant market revenue share due to the rising demand for medical devices for diagnoses, treatment, and managing cardiovascular diseases. 

Regional Growth Dynamics: 
Based on region, the global medical device outsourcing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a significant market revenue share due to its established medical device market, including many leading medical device companies and a strong supplier ecosystem. 

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Competitive Landscape:
The prominent players operating in the global medical device outsourcing market are:

• Laboratory Corporation of America Holdings
• SGS SA
• Eurofins Scientific
• Celestica Inc.
• Pace Analytical Services, Inc.
• Intertek Group plc
• Charles River Laboratories International, Inc.
• North American Science Associates, LLC
• Benchmark Electronic Inc.
• Accellent Inc. 

New product releases and higher R&D spending are two main techniques used by significant players to get a larger market revenue share. Both domestic and international companies for medical device outsourcing are concentrating on launching unique products while expanding their R&D efforts and monitoring the entry of new competitors. 

Recent Developments: 

• In March 2023, Formlabs unveiled TPU 90A Powder, a strong elastomer powder, as their newest material for Fuse Series printers. With excellent tear strength and elongation, this novel material provides components that are robust, practical, and skin-safe. 

• In October 2023, Gerresheimer AG and Merck created a digital twin solution to provide more traceability and confidence in critical points throughout the pharmaceutical supply chain. The proof of concept seeks to revolutionize the pharmaceutical supply chain by developing digital twins for primary packaging.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources 
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL MEDICAL DEVICE OUTSOURCING MARKET - ANALYSIS & FORECAST, BY SERVICE
   1. Quality Assurance
   2. Regulatory Affairs Services
      1. Clinical Trials Applications and Product Registrations
      2. Regulatory Writing and Publishing
      3. Legal Representation
      4. Other
   3. Product Design and Development Services
      1. Designing & Engineering
      2. Machining
      3. Molding
      4. Packaging
   4. Product Testing & Sterilization Services
   5. Product Implementation Services
   6. Product Upgrade Services
   7. Product Maintenance Services
   8. Contract Manufacturing
      1. Accessories Manufacturing
      2. Assembly Manufacturing
      3. Component Manufacturing
      4. Device Manufacturing
6. GLOBAL MEDICAL DEVICE OUTSOURCING MARKET - ANALYSIS & FORECAST, BY CLASS TYPE
   1. Class I
   2. Class II
   3. Class III

MEDICAL DEVICE OUTSOURCING MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• 'Business Profile' of Key Players

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