Medical Device Outsourcing Market Pegged to Surpass US$ 208.36 Billion Valuation by End of - 2026 With Top Players Are Toxikon Inc., Jabil, Wuxi Apptec, PPD, Intertek Group, Flextronics, etc.

According to the current analysis of Reports and Data, the global medical device outsourcing market was valued at USD 96.64 Billion in 2018 and is expected to reach USD 208.36 Billion by the year 2026, at a CAGR of 10.1%. Medical devices outsourcing is the process of contracting a third party for business purposes, which includes manufacturing, product designing, prototyping, and supply chain management. This process enables the original equipment manufacturers to reduce the labor cost and production time-scale, thus increasing its demand in the market. Outsourcing mainly allows companies to focus on core activities, which results in industrial development. However, the threat of loss of confidential information is expected to dampen industrial growth.

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Companies considered and profiled in this market study

Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer; Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD; Intertek Group; Flextronics; Tecomet; and Sanmina.

Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. The budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors which help to increase the adoption of cost containment measures by the Original Equipment Manufacturers and thus is expected to boost this industryto emerging countries like India and China. More focus on research and development is one of the key growth models that companies receiving outsourced services in the global medical devices outsourcing industry are employing for business development. The threat of loss of confidential information and inadequate reimbursement policies can be a restraint to this industry.

Further key findings from the report suggest

1. Based on service, Quality assurance is projected to exhibit the fastest CAGR of 12.5% over the forecast period.

2. The geriatric population is more prone to chronic and age-related diseases as well as musculoskeletal injuries, hence the considerable increase in geriatric population is creating demand for medical device outsourcing products.

3. Asia Pacific region is showing the fastest growing segment, which is expected to reach 42.8 billion in 2026 with CAGR of 9.9% due to lower cost and increased availability of skilled human resources.

4. The major factor leading to the growth of the medical device outsourcing industry is the need to curb the rising cost of medical equipment and high-quality products that clears the stringent regulatory requirements.

5. The medical device outsourcing market has shown growth by Class II equipment that primarily includes non-invasive and include x-ray machines, PACS, infusion pumps, powered wheelchairs, surgical needles, and suture material, surgical drapes, and acupuncture needles.

6. Product testing and sterilization are valued at 11.9 billion in 2018 and expected to reach 24.7 billion in 2026.

7. 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.

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For the purpose of this report, Reports and Data has segmented the medical device outsourcing market on the basis of product, applications, services and region:

Product (Revenue, USD Million; 2016-2026)

Finished goods
Electronics
Raw Materials

Devices (Revenue, USD Million; 2016-2026)

Class I Devices
Class II Devices
Class III Devices

Application (Revenue, USD Million; 2016-2026)

Cardiology
Diagnostic imaging
Orthopedic
IVD
Ophthalmic
General and plastic surgery
Drug delivery
Dental
Endoscopy
Diabetes care
Others

Services (Revenue, USD Million; 2016-2026)

Contract manufacturing
Quality Assurance
Regulatory Affairs Services
Product Design and Development Services
Product Testing & Sterilization Services
Product Implementation Services
Product Upgrade Services
Product Maintenance Services

Regional Outlook (Revenue in USD Million; 2016-2026)

North America
urope
Asia-Pacific
LAMEA

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