Medical Devices Outsourcing Market to Reach the Value of US$ 232.8 Bn by the End of 2028

Medical Devices Outsourcing Market: Overview

• According to Transparency Market Research's latest report on the global medical devices outsourcing market for the historical period 2017-2019 and forecast period 2021-2028, increase in geriatric population and rise in demand for upgrade of various medical devices are key factors projected to drive the global medical devices outsourcing market during the forecast period

Report Overview: https://www.transparencymarketresearch.com/medical-devices-outsourcing-market.html

Medical Devices Outsourcing Market

The global medical devices outsourcing market was valued at US$ 102.6 Bn in 2020
• It is estimated to expand at a CAGR of 11.2% from 2021 to 2028

• The global medical devices outsourcing market is expected to reach the value of US$ 232.8 Bn by the end of 2028

Outsourcing Aids in Leveraging External Expertise: Key Driver

• Growing trend of using intelligent devices and smart systems in healthcare has increased the use of embedded software. For instance, infusion pumps capable of automatically controlling the flow of liquids depend on the accuracy of the embedded software. This has increased the trend of outsourcing software design and testing services to firms with extensive domain specific knowledge. Companies such as HCL, Wipro, and ALT Software have been developing such systems. Their services have helped in improving the end-user experience significantly, thereby optimizing the quality of healthcare services delivered.

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M&As Help Develop Patient-centric Devices and Software Outsourcing Platforms
Companies in the medical devices outsourcing market are entering into mergers & acquisitions (M&As) to unlock incremental opportunities, owing to the constant demand for vascular treatment devices. In addition, efforts are being made to develop patient-centric drug devices.

The growing influx of intelligent devices and smart systems in healthcare has driven the use of embedded software. For instance, infusion pumps capable of automatically controlling the flow of liquids depend on the accuracy of the embedded software. This has increased the trend of outsourcing software design and testing services to firms with extensive domain-specific knowledge.

Tech giants in the medical devices outsourcing market are taking keen interest in developing such systems. Their services have helped in improving the end user experience significantly, thereby optimizing the quality of healthcare services delivered.

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Increase in Demand to Lower Healthcare Costs to Boost Market Growth

• Governments across the globe are under significant pressure to reduce the soaring healthcare expenditure, fueled by population growth and rise in demand for quality healthcare services in order to make quality services available and affordable for all citizens

• The U.S., for instance, spends around 16% of its GDP on healthcare, and this figure is expected to increase to 20% by 2020. Devices such as CT scanners, MRI machines, implantable pacemakers, and dialysis machines add to the cost of overall healthcare expenditure.

• This has, in turn induced manufacturers to look for alternate resources to meet the rising demand within the resource-restraints exerted by economic forces. This increases the demand for low cost medical devices.

High Quality Medical Devices Necessary for Diagnosis of Chronic Diseases

The high prevalence of chronic diseases has led to the demand for better diagnosis, early prevention, and other healthcare services. The quality of healthcare delivered to patients depends on the quality of diagnostic devices. Cutthroat competition in the healthcare industry had made the quality of a medical device a major factor of differentiation, driving device manufacturers to outsource technology services from third parties. The rise in demand for various medical devices is likely to fuel the expansion of the global medical devices outsourcing market.

Lack of Awareness to Hamper Market Growth

• Medical devices is a highly regulated market. Outsourcing service providers need to have ISO 13485:2003, ISO 9001:2000, ISO 14971, and 21 CFR part 820 certification in order to operate effectively. However, a number of smaller outsourcing service providers lack the proper certifications required for consulting class II and III medical device manufacturers. Around 60% of suppliers have an ISO 9001:2000 certification, but only 20% of these have an ISO 13485:2003 certification. The latter has been made mandatory by governments across the globe for both medical device manufacturers and the service-providers catering to these manufacturers. Lack of partners with proper certifications hampers the growth of the global medical devices outsourcing market.

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Medical Devices Outsourcing Market: Competition Landscape

• This report profiles major players in the global medical devices outsourcing market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

• The global medical devices outsourcing market is highly fragmented, with the presence of a number of international as well as regional players
• Leading players operating in the global medical devices outsourcing market are

o Accellent, Inc.
o Active Implants Corporation
o Cirtec Medical Systems ll
o MDMI Technologies, Inc.
o Micro Systems Engineering GmbH
o Creganna-Tactx Medical
o Avail Medical Products, among others

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