Medical Device Outsourcing Market Size To Reach USD 208.36 Billion By 2026 | Top Key Players Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI

Increasing demand for medical devices combined with rising price competition and the requirement to reduce cost, high prevalence of chronic disorders, availability of low-cost labor and comparative less expensive infrastructure cost are key factors contributing to high CAGR during the forecast period.

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.

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.

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Market Overview:

The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.

The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.

The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Medical Device Outsourcing market in these key regions.

Further key findings from the report suggest

• In August 2016, Cirtec Medical completed the acquisition of Stellar Technologies, Inc., a healthcare machining and component manufacturer, based in Minnesota, the U.S. The acquisition was made to enhance the technology, specifically for the customers in the high-growth neuromodulation industry.

• 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.

• 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.

• 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.

• The landscape of manufacturing has rapidly changed over the past few years, as major OEMs have combined complementary skills to gain greater market share. OEMs are choosing to outsource technical and production services to trusted partners to reduce their manufacturing footprint. Outsourcing the production of various allows manufacturers to be more dynamic and cost-effective in their production.

• 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 of 12.5% over the forecast period.

• In the long‐term, firms expect growth opportunities to be driven by aging populations around the world. This fundamental change in population demographics will increase the need for healthcare and healthcare-related procedures, as people are living longer and are demanding a higher quality of life. Furthermore, although overall growth in more established markets in the U.S. and Europe has slowed, the emerging 'BRIC' countries of Brazil, Russia, India and China, and their growing numbers of middle‐class, are now ramping up demand for med‐tech products and services. All of these factors are contributing to a positive outlook for the medical device outsourcing industry.

• 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.

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

• 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.

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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
o U.S.
o Canada
o Mexico
• Europe
o France
o Germany
o UK
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o Rest of Asia-Pacific
• LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA

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