Partnerships and Chronic Disease Surge Drive Rapid Growth in Medical Device Outsourcing Market, Expected to Reach $252.96 Billion by 2028

The medical device outsourcing market size has grown rapidly in recent years. It will grow from $131.07 billion in 2023 to $148.57 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increasing complexity in medical devices, cost-effective manufacturing solutions, focus on core competencies, globalization of markets, rise in contract research and development (R&D).

The medical device outsourcing market size is expected to see rapid growth in the next few years. It will grow to $252.96 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to focus on core competencies, shortened time-to-market demands, cost-efficiency in production, demand for scalability and flexibility, growing complexity of medical devices. Major trends in the forecast period include rise in customization and personalization, focus on risk mitigation and compliance, growing demand for remote monitoring devices, increased emphasis on data security, innovation in wearable medical devices.

Market Overview -
Medical device outsourcing is a process in which a company outsources the manufacturing process of a medical device to another company.

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Surge In Chronic Diseases Drives Growth Of The Medical Device Outsourcing Market
The prevalence of chronic diseases is expected to propel the growth of the medical device outsourcing market going forward. Chronic diseases are the conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living or both. The rising chronic diseases increase the demand for new quality medical products in less launch time thereby driving the growth of the medical devices outsourcing market. For instance, according to the UN Chronicle, a digital magazine of the United Nations, the global burden of chronic diseases is expected to reach about 56% by 2030. Therefore, the prevalence of chronic diseases will drive the growth of the medical device outsourcing market.

Competitive Landscape -
Major companies operating in the medical device outsourcing market report are Cardinal Health Inc., Flex Ltd., Te Connectivity Ltd., Laboratory Corporation of America Holdings, IQVIA, Sanmina Corporation, ICON plc, Celestica Inc., Eurofins Scientific SE, WuXi AppTec Inc, Phillips-Medisize LLC, Charles River Laboratories International Inc, Intertek Group plc, Plexus Corp, Nipro Medical Corporation, Teleflex Incorporated, PAREXEL International Corporation, Integer Holdings Corporation, Mitutoyo Corporation, Cantel Medical Corp, Onex Corporation, Pace Analytical Services Inc., Sterigenics International LLC, Nortech Systems Incorporated, Toxikon Inc., Avail Medsystems Inc., North American Science Associates Inc, Active Implants, Omnica Corp, NAMSA, Tecomet Inc., Viant Medical

Medical Device Outsourcing Market Embrace Partnerships And Collaborations For Enhanced Solutions
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the medical device outsourcing market. Major companies operating in the market are focusing on partnerships and collaborations to lead the market. For instance, in December 2021, Labcorp, a US-based laboratory testing company acquired Toxikon Corporation for an undisclosed amount. This acquisition would extend Labcorp's portfolio of full-service drug development and medical device solutions from discovery to market approval. Toxikon Corporation is a US-based contract manufacturing company that provides outsourcing services for medical devices. Furthermore, In July 2023, Medical Device, Inc., a US-based contract manufacturing company of medical devices, acquired NextPhase Medical Devices LLC, for an undisclosed amount. Through the acquisition, NextPhase doubled the group's size and established it as an elite global medical device contract maker, with 70% of its revenue earned in the United States. The United Group has seven highly-capitalised end-to-end production sites spread across North America, Europe, and North Africa, as well as a diverse variety of manufacturing capabilities and substantial end-market exposure in international markets. NextPhase Medical Devices, LLC is a Mexico-based manufacturing company of medical devices.

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Key Segments -
The medical device outsourcing market covered in this report is segmented -
1) By Product: Finished Goods, Electronics, Raw Materials
2) By Device Type: Class I Devices, Class II Devices, Class III Devices
3) By Services: Quality Assurance, Regulatory Affair Services, Product Design Development, Product Testing And Sterilization, Product Implementation, Product Upgrade, Product Maintenance, Contract Manufacturing
4) By Application: Drug Delivery, Dental, Diabetes Care, Cardiology, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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