Global Medical Device Outsourcing Market to Register Significant Growth Globally

Posted by Rashi Pande on November 13th, 2019

Global Medical Device Outsourcing Market By Service (Quality Assurance, Regulatory Affairs Services, Product Design and Development Services, Product Testing & Sterilization Services, Product Implementation Services, Product Upgrade Services, Product Maintenance Services, Contract Manufacturing), Application (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General and Plastic Surgery, Drug delivery, Dental, Endoscopy, Diabetes Care, Others), Product (Finished Goods, Electronics, Raw Materials), Device Type (Class I Devices, Class II Devices, Class III Devices), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Medical Device Outsourcing Market

Global medical device outsourcing market is set to witness a healthy CAGR of 10.43% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Affordable outsourcing facilities and rising outsourcing opportunities are the factor for the market growth.

Market Definition: Global Medical Device Outsourcing Market

Medical devices outsourcing is the practice of hiring a third party for different business purposes such as manufacturing, supply chain management, prototyping, and product designing. They help the OEM to decrease their production time and labor cost. Outsourcing of medical devices is comparatively a new concept to concentrate on the core skills of the business, such as technological and clinical advances. They have the ability to provide different services such as regulatory affair services, product testing, product maintenance services, product design & development, product maintenance services, and contract manufacturing.

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Market Drivers

• Rising aging population will drive the market growth
• Increasing cases of different health disorders also accelerates the growth of this market
• Increasing compliance with quality standards acts as a market driver
• Growing product marketing will also propel the market growth

Market Restraints

• Rising data security concern will restrain the market growth
• Unfavorable reimbursement policies will also hamper the market

Key Developments in the Market:

• In September 2019, Heraeus Holding announced the acquisition of Via Biomedical. This investment extends the current capabilities of Heraeus in the growing market for interventional devices. By combing the Via Biomedical strength with the Heraeus global reach and excellence in high-volume manufacturing, customers of OEM medical devices will be able to shorten development cycles and get quicker marketing of innovative products
• In December 2018, Cirtec announced the acquisition of Metrigraphics, LLC. The micron-component expertise of Metrigraphics further extends the design, development and manufacturing capabilities of Cirtec, establishing one of the industry's most integrated outsourcing companies for medical devices. This acquisition is important part of their strategy of expanding their minimally invasive interventional therapeutic products

Competitive Analysis:

Global medical device outsourcing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical device outsourcing market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:

Few of the major competitors currently working in the global medical device outsourcing market are SGS SA; TOXIKON; Eurofins Scientific; Pace Analytical Services, LLC.; Intertek Group plc; WuXi AppTec; Sterigenics U.S., LLC; West Pharmaceutical Services, Inc; Cantel Medical.; Phillips-Medisize; Plexus Corp.; Sanmina Corporation; Jabil Inc.; Integer Holdings Corporation; Covance Inc; ONEX Corporation; Heraeus Holding; ICON plc; Criterium Inc; among others.