Health & Fitness

Medical Device Outsourcing Market Analysis To Reach $194.9 Billion By 2025

San Francisco, 3 December 2018 – According to a report by Grand View Research, Inc.; the global medical device outsourcing market is anticipated to reach around USD 88.2 billion by 2025. Growing requirement for reduced production cost is expected to propel market over the forecast period (2018 to 2025). In addition, growing complexities in product designing coupled with increasing number of entrant manufacturers can fuel demand.

Rising geriatric population is anticipated to drive demand for medical devices globally. This, in turn, is expected to push manufacturing companies to subcontract activities such as packaging, assembling, and others. Rising number of new entrants adopting outsource device designing to get technologically advanced products can further fuel market. Stringent regulations regarding device quality and rising consumer demand can augment growth over next few years.

Medical-device-outsourcing-market

The worldwide medical device outsourcing market is segmented on the basis of application, service, therapeutic, and region. Based on application, the market can be categorized into class I, class II, and class III. Class I is likely to dominate with around 48% market share over the forecast period. Maximum number of medical devices including wheelchairs, infusion pumps, surgical drapes, and x-ray machines fall in this category. Growing number of surgical procedures and complexity of device designing are expected to further fuel growth.

Class II medical devices can be outsourced for manufacturing, designing, sales and marketing, clinical and advisory services, and after-sale services. In addition, advantages such as cost efficiency, core competency, and accelerated time to market can positively influence outsourcing. All these factors are anticipated to propel global market over the forecast period.

Based on service, the market can be classified into product testing, regulatory consulting, product implementation, design and development, and upgrade and maintenance. Regulatory consulting services are anticipated to witness substantial rise in demand over the forecast period. Rising awareness regarding timely filling and auditing of regulatory documents are projected to propel demand in the forthcoming years.

Product design and development segment held around 15% of total market share in 2016. It is expected to witness significant growth during the forecast period attributed to high demand from device manufacturers. By opting for this service, manufacturers can speeding up time to market and gain lucrative return on investment. This factor is anticipated to bode well for overall expansion of the market for medical device outsourcing in near future.

Browse Research Report On Medical Device Outsourcing Market :
www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market

Based on therapeutics, the market can be divided into orthopedic, drug delivery, cardiology, diagnostic imaging, in-vitro diagnostic (IVD), dental, general and plastic surgery, endoscopy, ophthalmic, and diabetes care. Cardiology is estimated to witness significant growth during the forecast period owing to high prevalence of various cardiovascular diseases. General and plastic surgery is expected to witness steady CAGR during the forecast period owing to prevalence of joint and tissue injuries and increasing incidences of chronic conditions.

On the basis of regions, medical device outsourcing market is divided into Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. In 2014, Asia Pacific dominated the market and accounted for around 40% revenue share. Improving healthcare infrastructure, high prevalence of diabetes, and rising disposable income are anticipated to fuel regional market over the forecast period.

In terms of source country, North America is expected to dominate the market attributed to presence of strong manufacturing hubs for complex, reliable, and high-end medical devices. Consequently, Original Equipment Manufacturers (OEMs) are likely to move towards electronics manufacturing service providers to efficiently handle rising volume of electronic content in existing products.

Some of the leading companies operating in the global medical device outsourcing market are GE Healthcare, CFI Medical, Omnica Corporation, NSF International, and Infinity Plastics Group. The market is highly dynamic and competitive in nature. It is expected to witness substantial growth attributed to steep decline in duration for product commercialization by companies to gain competitive edge.

In addition, numerous companies are entering the market attributed to rising demand for medical devices across the globe. This, in turn can raise level of competition in near future. Moreover, collaborations between existing market players and niche service offerings to improve quality and competency within market are anticipated to create growth opportunities in the years to come.

Grand View Research has segmented the global medical device outsourcing market on the basis of service, therapeutic area, and region:

Medical Device Outsourcing Service Outlook (Revenue, USD Million, 2014 – 2025)

  • 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 Therapeutic Area Outlook (Revenue, USD Million, 2014 – 2025)

  • 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

Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

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