Medical Device Outsourcing Market Report 2024: Industry Growth and Future Outlook

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Medical Device Outsourcing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $252.96 billion In 2028 At A CAGR Of 14.2% :

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.

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Medical Device Outsourcing Market Major 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 Driver - 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.

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Prominent Trend - 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.

Medical Device Outsourcing Market Players
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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the medical device outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Device Outsourcing Market Report Structure
3. Medical Device Outsourcing Market Trends And Strategies
4. Medical Device Outsourcing Market - Macro Economic Scenario
5. Medical Device Outsourcing Market Size And Growth
…..
27. Medical Device Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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