The global Medical Device Outsourcing Market size is expected to reach USD 231.2 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The growing incidence of chronic diseases is one of the major factors contributing to market growth. Regulatory bodies are mainly focusing on the quality of the healthcare devices provided to the public. Hence this is encouraging various players in the market 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.
The
importance of regulatory compliance is expected to boost the growth of
consulting services such as remediation, compliance, and quality management
systems (QMS), thereby contributing to market growth. Whereas, 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). These
factors are expected to boost medical device outsourcing to emerging countries
like India and China.
In
addition, increasing difficulties in product engineering along with new
entrants in the market are anticipated to shape the future of the market for
medical device outsourcing. Whereas rising prevalence of chronic diseases is
boosting the demand for medical devices. This, in turn, is helping the market
to grow during the forecast period. Various companies are shifting their focus
to research and development of new medical devices and are therefore
outsourcing these activities to launch efficient medical devices in the market.
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Outsourcing Market Report
Medical
Device Outsourcing Market Report Highlights
- Contract manufacturing accounted for the largest share in service
segment in 2019, due to increasing trend of outsourcing, especially in
emerging countries
- The quality assurance segmentis expected to witness the highest
CAGR over the forecast period
- Asia Pacific dominated the medical device outsourcing market with
the largest share in 2019. Increasing demand for new technologies along
with advanced healthcare infrastructure are likely to facilitate the
dominance of this region in the market for medical device outsourcing
during the forecast period
- North America is projected to witness the fastest growth during the
forecast period owing to increasing prevalence of chronic diseases in this
region
- Some of the key market players are SGS SA; TOXIKON, INC.; EUROFINS
SCIENTIFIC; and PACE ANALYTICAL SERVICES, LLC.
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View Research, Inc. is a U.S. based market research and consulting company,
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company provides syndicated research reports, customized research reports, and
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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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