The Allied Market Research published a report on Medical Device Outsourcing Market, Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). The global medical device outsourcing market size was valued at $59,723.42 million in 2020, and is projected to reach $137,948.92 million by 2030, registering a CAGR of 8.9% from 2021 to 2030.
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Medical device outsourcing involves taking the assistance of third-party companies to manufacture medical devices. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as spine disorders, diabetes, and cardiovascular diseases, are expected to drive the market growth. Moreover, outsourcing also allows the companies to focus on their core activities, which in turn boosts the market growth. However, threat of loss of confidential information is expected to impede the market growth.
Moreover, the client company gets hold of the services provided by the supplier as per the contract terms. Medical device manufacturers sometimes hire a contact manufacturer to perform contact manufacturing services such as product prototype, production, injection molding, silicone compression molding, wielding, assembly, and packaging in a controlled environment, cleanroom, and other auxiliary services such as metal machining.
The medical device outsourcing market is segmented on the basis of product, device type, application, services, and region. On the basis of product, the market is divided into finished goods, electronics, and raw materials. On the basis of product, the finished goods segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to the rising disease prevalence, life expectancy, and the geriatric population.
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Key Findings of Study:
- By product, the finished goods segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to rising disease prevalence, life expectancy, and the geriatric population.
- By device type, the class II device segment dominated the global medical device outsourcing market in 2020 and is anticipated to be dominant in the market owing to the rising demand for surgical instruments and test kits.
- By application, the general medical devices segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to growing prevalence of chronic devices, and the increasing emphasis of healthcare agencies towards early diagnosis and treatment.
- By services, the finished device manufacturing segment dominated the global medical device outsourcing market in 2020 and is anticipated to be dominant in the market owing to unprecedented demand for technical support pertaining to raw material and finished product testing.
- On the basis of region, in 2020, America dominated the market in 2020, owing to highly developed health care sector, increase in awareness among healthcare professionals about medical devices, and the continuous evolution of technology. However, Asia-Pacific region is expected to witness considerable medical device outsourcing market growth during the forecast period, due to low cost of products and labor for manufacturing.
The major companies profiled in the report include Celestica, Inc., Creganna,, Flextronics International Ltd., Heraeus Holding, Integer Holdings Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation, Tecomet, Inc., and West Pharmaceutical Services, Inc.
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