According to a new report published by Allied Market Research, titled, “Medical Device Outsourcing Market by Product, Device Type, Application, and Services: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global medical 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.
On the basis of device type, the market is classified into class I devices, class II devices, and class III devices. The class II devices 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.
On the basis of application, the market is divided into orthopedics and spine, cardiovascular, radiology, general medical devices, and others. The general medical devices segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to the growing prevalence of chronic devices, and the increasing emphasis of healthcare agencies towards early diagnosis and treatment.
On the basis of services, the market is classified into prototype development, finished device manufacturing, assembly & packaging, and testing & regulatory support 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.
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Key Findings of the Medical Device Outsourcing Market:
- 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.
North America accounted for a majority of the global medical device outsourcing market share in 2020 and is anticipated to highly develop 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 market growth during the forecast period, due to low cost of products and labor for manufacturing.
The major companies profiled in the report include Cardinal health, Inc. Onex Corporation, TE Connectivity Ltd., Flex Ltd., Heraeus Holding GmBH, Integer Holdings Corporation, Nortech Systems Incorporated, Plexus Corp, Sanmina Corporation, and West Pharmaceutical Services, Inc.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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