6-August-2019: The global medical
device outsourcing market size is expected to reach USD 210.5 billion by 2026,
according to a new report by Grand View Research, Inc. It is anticipated to
progress at a CAGR of 10.5% during the forecast period. Rising demand for
advanced products and the trend of offshoring is fueling the 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. For example, the European Medical Device Regulation undertake
special spontaneous inspection of outsourced products to test the quality as
well as conformity with standards.
Contract
manufacturers, especially in developed countries like U.S., European Union (EU)
nations, and Japan, comply with international standard for quality management
system, which makes them a preferred option as compared with contract
manufacturers in India and China. However, regulatory changes anticipated in
the developing countries ensure compliance by contract manufacturers. Emphasis
on regulatory compliance is expected to boost the growth of consulting services
such as remediation, compliance, and Quality Management Systems (QMS), thereby
contributing to the growth of global medical device outsourcing market.
Also, the budget
scrutiny in developed countries, pricing pressure, and changes in reimbursement
schemes are some of the major factors anticipated to increase the adoption of
cost containment measures by the Original Equipment Manufacturers (OEM). This
trend is expected to boost the medical device outsourcing to emerging countries
like India and China. Export infrastructure, low cost labor, artificially low
currency value, and government incentives for local manufacturers, especially
in China; are some of the benefits offered by the contract manufacturers in
emerging countries.
In
depth research report on Medical Device Outsourcing Market
Further key findings from the report suggest:
·
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 over the forecast period
·
Asia Pacific led the medical device outsourcing market in
2018 owing to lower cost and increased availability of skilled human resources
·
North America commanded a cumulative market share in 2018 due
to well-established infrastructure for manufacturing complex medical devices
·
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.
Grand View Research
has segmented the global medical device outsourcing market based on service,
application, and region:
Medical Device Outsourcing Service Outlook (Revenue, USD
Billion, 2015 - 2026)
·
Quality Assurance
·
Regulatory Affairs Services
·
Clinical Trials Applications and Product Registrations
·
Regulatory Writing and Publishing
·
Legal Representation
·
Other
·
Product Design and Development Services
·
Designing & Engineering
·
Machining
·
Molding
·
Packaging
·
Product Testing & Sterilization Services
·
Product Implementation Services
·
Product Upgrade Services
·
Product Maintenance Services
·
Contract Manufacturing
·
Accessories Manufacturing
·
Assembly Manufacturing
·
Component Manufacturing
·
Device Manufacturing
Medical Device Outsourcing Application Outlook (Revenue, USD
Billion, 2015 - 2026)
·
Cardiology
·
Class I
·
Class II
·
Class III
·
Diagnostic imaging
·
Class I
·
Class II
·
Class III
·
Orthopedic
·
Class I
·
Class II
·
Class III
·
IVD
·
Class I
·
Class II
·
Class III
·
Ophthalmic
·
Class I
·
Class II
·
Class III
·
General and plastic surgery
·
Class I
·
Class II
·
Class III
·
Drug delivery
·
Class I
·
Class II
·
Class III
·
Dental
·
Class I
·
Class II
·
Class III
·
Endoscopy
·
Class I
·
Class II
·
Class III
·
Diabetes care
·
Class I
·
Class II
·
Class III
·
Others
·
Class I
·
Class II
·
Class III
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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