The global Medical Device Outsourcing Market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of 11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.
Contract
manufacturers in developed countries like the EU nations comply with the
international standards for a quality management system, which makes them a
preferred option as compared to the ones in developing countries like India and
China. However, the regulatory changes anticipated in the developing countries
ensure compliance by contract manufacturers. Demand for regulatory compliance
is expected to boost the growth of consulting services, such as remediation,
compliance, and QMS, thereby contributing to the growth of the global market.
However,
the current pandemic has put the MedTech industry at the center stage with
unmatched demand for PPE, diagnostic tests, ventilators, and other
critical supplies. Besides the ongoing extraordinary measures to promptly ramp
up the manufacturing capacity & capabilities, Medtech leaders are seeking
outside their boundaries of the normal sector to explore innovative solutions
to supplement the capacity, such as open-source equipment design, as well as
partnerships with firms outside the sector.
Related Press
Release @ Medical
Device Outsourcing Market Report
Medical Device Outsourcing Market Report Highlights
- The contract
manufacturing segment led the market in 2020 with a revenue share of 55.4%
and will retain its position throughout the forecast period
- This growth
is due to the increasing trend of outsourcing by OEMs to third-party
manufacturers, especially in emerging countries
- The quality
assurance services segment is projected to exhibit the fastest CAGR over
the forecast period
- Asia Pacific
was the dominant regional market in 2020 owing to the easy availability of
skilled human resources
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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