In terms of revenue, the Global Medical Device Outsourced Manufacturing Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 14.5% from 2023 to 2030.
The Medical Device Outsourced Manufacturing market is driven by several factors. The increasing demand for advanced medical devices, such as implants, prosthetics, and diagnostic equipment, is propelling the market growth. Outsourcing manufacturing processes allows companies to focus on research and development, accelerating innovation. Additionally, increasing healthcare expenditures and the need for cost-effective solutions drive companies to outsource manufacturing operations to reduce costs. Furthermore, stringent regulations and quality standards imposed by regulatory bodies also play a crucial role in driving the growth of this market. Outsourcing manufacturing can help companies comply with these regulations and meet the required quality standards. Moreover, the growing trend of outsourcing non-core activities in the healthcare sector contributes to the market's growth. Overall, the Medical Device Outsourced Manufacturing market is poised for significant growth due to these drivers.
Key Highlights from the Report
· Among the segment Device Type, the IVD devices market segment is anticipated to dominate the Medical Device Outsourced Manufacturing market with the largest market share in the forecast period considering the increasing prevalence of chronic diseases and the growing demand for diagnostic tests.
· By Service Type, the Device Development & Manufacturing Services segment accounted for the maximum CAGR during the forecast period because they offer a wide range of services, including device design, prototyping, testing, and manufacturing.
· Based on Class of Device, the Class II Medical Devices market segment dominated the Medical Device Outsourced Manufacturing market. It is anticipated to continue because of its wide range of applications in various medical procedures.
· In terms of Region, North America held the major market share in 2022 and is likely to be the most gainful market. Elements, including the region's strong emphasis on research and development activities and the presence of key industry players in the market, are aiding this market expansion.
The Medical Device Outsourced Manufacturing market refers to the practice of outsourcing the manufacturing processes for medical devices to third-party contract manufacturing organizations (CMOs). This includes various activities such as product design, prototyping, production, assembly, packaging, and quality control. The market for Medical Device Outsourced Manufacturing has been growing rapidly in recent years due to several factors. One of the main drivers is the increasing complexity and specialization of medical devices, which require advanced manufacturing capabilities that may only be available in some medical device companies. Outsourcing these processes to specialized CMOs allows companies to access the necessary expertise and streamline manufacturing operations.
Additionally, outsourcing manufacturing can provide cost savings for medical device companies. By leveraging the scale and expertise of CMOs, companies can often achieve economies of scale and optimize their production processes. This can result in lower manufacturing costs and improved efficiency. Another factor driving the growth of the Medical Device Outsourced Manufacturing market is the increasingly stringent regulatory environment in the healthcare industry. CMOs specializing in medical device manufacturing are typically well-versed in regulatory compliance and can ensure that devices meet the necessary quality standards and regulations.
Despite the numerous benefits, the Medical Device Outsourced Manufacturing market faces some challenges. Quality control and regulatory compliance are key concerns for manufacturers outsourcing their production. Ensuring that outsourced manufacturing facilities meet the necessary quality standards and regulatory requirements can be a complex task.
North America Medical Device Outsourced Manufacturing market is expected to witness a noteworthy development with a significant growth rate over the analysis period. The region's strong emphasis on research and development activities, coupled with the presence of key industry players, contributes to the dominance of North America in this market. Additionally, the region's favorable government regulations and reimbursement policies further support the growth of medical device outsourcing. The rising demand for medical devices, coupled with cost-related benefits of outsourcing, is expected to continue driving the growth of the Medical Device Outsourced Manufacturing market in North America in the coming years.
The Global Medical Device Outsourced Manufacturing Market is Segmented as follows
- Device Type
- IVD Devices
- Diagnostic Imaging Devices
- Cardiovascular Devices
- Drug Delivery Devices
- Orthopedic Devices
- Ophthalmology Devices
- Diabetes Care Devices
- Dental Devices
- Respiratory Care Devices
- Surgical Devices
- Genecology/ Urology Devices
- Personal Care
- Neurology Devices
- Other Devices
- Service Type
- Device Development & Manufacturing Services
- Quality Management Services
- Packaging & Assembly by Type
- Other Services
- Class of Device
- Class II Medical Devices
- Class I Medical Devices
- Class III Medical Devices
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Medical Device Outsourced Manufacturing Market is
SGS SA (Switzerland), Laboratory Corporation of America Holdings (U.S.), Euro fins Scientific (Luxembourg), Pace Analytical Services Inc. (U.S.), Intertek Group PLC (UK), WuXiAppTec (China), North American Science Associates LLC (U.S.), TUV SUD (Germany), Sterigenics U.S. LLC (GTCR LLC) (U.S.), Charles River Laboratories (U.S.), Medical Device Testing Services (U.S.), RJR Consulting Inc. (U.S.), Mandala International (France), FreyrGlobal Regulatory Partners (U.S.), PAREXEL International Corporation (U.S.), Emergo (UL LLC) Bioteknica (U.S.), Accell Clinical Research LLC (U.S.), Genpact (U.S.), Criterium Inc. (U.S.), Promedica International (U.S.), Med Pace (U.S.), ICON PLC (Ireland), IQVIA Inc. (U.S.), Integer Holdings Corp. (U.S.), Tecomet Inc. (Charlesbank Capital Partners LLC) (U.S.), Jabil Inc. (U.S.), FLEX Ltd. (Singapore), Celestica Inc. (Canada), Sanmina Corp. (U.S.), Plexus Corp. (U.S.), Phillips Medisize (Molex, LLC) (U.S.), Cantel Medical Corp. (STERIS PLC) (U.S.), West Pharmaceutical Services Inc. (U.S.)
The Global Medical Device Outsourced Manufacturing Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|