Medical Device Outsourcing Market Top Players - SGS SA; Laboratory Corporation of America Holdings; Euro fins Scientific; Pace Analytical Services, Inc.; Intertek Group plc.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Therapeutic Area (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General And Plastic Surgery, Drug Delivery, Dental, Endoscopy, Diabetes Care), By Class (Class I, Class II, And Class III)- Market Outlook And Industry Analysis 2034"

The global medical device outsourcing market is estimated to reach over 439.36 billion by the year 2034, exhibiting a CAGR of 11.8% during the forecast period.

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Leading medical contract manufacturers play a pivotal role in the healthcare industry by not only designing and producing medical devices but also by providing critical services such as UV bonding, injection molding, and various other manufacturing processes to major original equipment manufacturers (OEMs) and medical device companies.

The global medical device manufacturing outsourcing market is expected to witness substantial growth, primarily driven by the rapidly increasing geriatric population, a rising global emphasis on life expectancy, and surging demand for technological advancements in the medical device sector. Additional growth drivers include the escalating demand for medical devices, intensifying price competition, and the growing necessity among manufacturers to reduce operational costs.

Furthermore, the increasing complexity of product engineering and the entry of new market participants are anticipated to shape the industry's future trajectory. The aging population continues to be a significant contributor to market expansion, given the higher incidence of age-related health conditions. For example, data from the U.S. Census Bureau indicates that over 54 million Americans were aged 65 or older as of 2019. Similarly, Eurostat reported that 20.3% of the European Union's population was aged 65 or above in the same year, with Italy having the highest proportion of elderly citizens. These demographic trends underscore the growing demand for outsourced medical device manufacturing services in the years ahead.

List of Prominent Players in the Medical Device Outsourcing Market:
• SGS SA
• Laboratory Corporation of America Holdings
• Euro fins Scientific
• Pace Analytical Services, Inc.
• Intertek Group plc
• WuXiAppTec
• North American Science Associates, LLC
• TÜV SÜD
• Sterigenics U.S.
• LLC (GTCR, LLC)
• Charles River Laboratories
• Medical Device Testing Services
• RJR Consulting, Inc.
• Mandala International.
• Freyr
• Global Regulatory Partners
• PAREXEL International Corporation (EQT Private Equity and Goldman Sachs Asset Management)
• Emergo (UL LLC)
• Bioteknica
• Accell Clinical Research, LLC
• Genpact.; Criterium, Inc.
• Promedica International
• Med pace
• ICON plc.
• IQVIA Inc.
• Integer Holdings Corporation
• Tecomet Inc. (Charlesbank Capital Partners, LLC)
• Jabil Inc.
• FLEX LTD.
• Celestica Inc.
• Sanmina Corporation.
• Plexus Corp.
• Phillips Medisize (Molex, LLC)
• Cantel Medical Corp. (STERIS plc)
• West Pharmaceutical Services, Inc.

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Market Dynamics
Drivers:
The growth of the medical device analytical testing outsourcing market is primarily driven by the increasing need for medical testing and device validation. The rising utilization of analytical testing services-such as physical testing, sterility testing, and other critical evaluations-continues to accelerate market expansion. This trend is further supported by growing demand for testing services across various medical device categories, including cardiovascular, orthopedic, and dental implants.

Challenges:
The expansion of the global medical device outsourcing market faces several constraints. These include the stringent regulatory requirements established by the International Organization for Standardization (ISO) and the supply chain disruptions caused by global pandemics. Additionally, the increasing complexity of outsourcing compliance and the proliferation of diverse service offerings pose further challenges to market players. However, the aging global population and the growing adoption of interventional medical devices (IMDs) present significant opportunities for market development.

Regional Trends:
The Asia-Pacific region is expected to capture a substantial share of the medical device outsourcing market, with projections indicating robust revenue growth and an accelerated compound annual growth rate (CAGR) in the coming years. This regional expansion is primarily driven by the increasing prevalence of chronic diseases and a corresponding rise in demand for medical devices. Competitive pricing and the presence of key industry players further enhance the region's growth prospects.

In contrast, North America is witnessing the most rapid expansion in the outsourcing of medical device manufacturing. The region's growth is fueled by the surging demand for medical supplies and increased investment in healthcare infrastructure, positioning North America as a critical hub for outsourced medical device production.

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Recent Developments:
• In December 2021, Oscor Inc. was purchased by Integer Holdings, a US-based advanced medical device outsourcing business, for $220 million. By broadening the product selection in steerable sheaths and cardiac and neurostimulation leads and by introducing low-cost manufacturing capability to support expansion, this purchase of Oscor improves Integer's capabilities to service clients. Oscor is a US-based business that provides outsourcing services for medical devices.

Segmentation of Medical Device Outsourcing Market-
By Service-
• Quality Assurance
• Regulatory Affairs Services
o Clinical trials applications and product registrations
o Regulatory writing and publishing
o Legal representation
o Other
• Product Design and Development Services
o Designing & Engineering
o Machining
o Molding
o Packaging
• Product Testing & Sterilization Services
• Product Implementation Services
• Product Upgrade Services
• Product Maintenance Services
• Contract Manufacturing
o Accessories Manufacturing
o Assembly Manufacturing
o Component Manufacturing
o Device Manufacturing
By Class Type-
• Class I
• Class II
• Class III
By Application
• Cardiology
• Diagnostic imaging
• Orthopedic
• IVD
• Ophthalmic
• General and plastic surgery
• Drug delivery
• Dental
• Endoscopy
• Diabetes care
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.