USD 125 billion
Global Medical Device Outsourcing Market Size, Share, Growth Analysis, By Application(Cardiology, Diagnosis Imaging), By Service(Contract Manufacturing, Quality Assurance), By Class(Class I, Class II), By Product(Finished Goods, Electronics), By End User(Small Medical Device Company, Medium Medical Device Company) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2067 |
Region:
Global |
Published Date: February, 2024
Pages:
236
|
Tables:
147 |
Figures:
69
Global Medical Device Outsourcing Market Insights
Medical Device Outsourcing Market size was valued at USD 125 billion in 2019 and is poised to grow from USD 127.4 billion in 2023 to 270.3 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).
With an increasing demand for various types of medical equipment and devices followed by the increasing competition among major outsourcing vendors to provide state-of-the-art medical devices is largely witnessed across the global market. Additionally, the use of automation and artificial intelligence in detecting health disorders is likely to increase the need for medical devices in the healthcare industry. Owing to this, outsourcing vendors in the healthcare industry have gripped various opportunities that have resulted in developing the market substantially.
Furthermore, presence of large manufacturers of original equipment and subcontractors mainly in developed countries including the US, France, Canada, and Japan, are projected to adopt these advanced devices at a high rate earlier than various developing nations. Additionally, major outsourcing companies in the global market are shifting their focus on innovation to launch enhanced and efficient devices to cater to the rising healthcare need across the globe.
US Medical Device Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cardiology
Fastest Growth
Diagnosis Imaging
Growth Rate
12.1% CAGR
Global Medical Device Outsourcing Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Medical Device Outsourcing Market Size By Application, 2021-2028 ($ Bn)
Global Medical Device Outsourcing Market Size By Application, 2021-2028 (%)
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Global Medical Device Outsourcing Market Segmental Analysis
Global medical device outsourcing market is segmented on the basis of application, product, class, product, end user, and region. By application, the market is sub-segmented into cardiology, diagnosis imaging, orthopedic, ophthalmic, and others. By service, the market is categorized into contract manufacturing, quality assurance, product maintenance services, and others. By product, the market is segmented into finished goods, electronics, and raw materials. By end user, the market is segmented into small medical device company, medium medical device company, large medical device company and others. By class, the market is classified into class I, class II, and class III. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Medical Device Outsourcing Market Analysis by Application
By application, the cardiology segment held the largest market share in 2021, and is expected to maintain its dominance throughout the forecast period. The high prevalence of several types of conditions such as angina pectoris, hypertensive heart disease, atrial fibrillation, and congenital heart disease are the major key factors anticipated to drive the growth of the segment market over the coming years. According to the World Health Organization, cardiovascular diseases are one of the major factors of death worldwide, with around 17.9 million deaths every year. Moreover, high complexity of cardiovascular devices and growing need for expertise in technical field, is likely to result in high growth of these devices in the near future.
Medical Device Outsourcing Market Analysis by Service
By service, the contract manufacturing segment dominated the market and accounted for a significant market share in 2021 owing to rise in focus on reduction of cost of production coupled with the increasing complexity in manufacturing process. Also, high level of product and devices inspection in innovated medical devices has created many layers of standards and regulations, which is fueling the demand for contract manufacturing services over the forecast period.
Global Medical Device Outsourcing Market By Application, 2021 (%), 2023 (%)
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Global Medical Device Outsourcing Market Regional Insights
Globally, Asia Pacific dominated the medical device outsourcing market in 2022 accounting for a healthy market share and is projected to retain its position in the forecast period. As the patient cases for various diseases is growing in Asia Pacific, the need for better medical equipment is largely anticipated. The market size for Asia Pacific is likely to grow beyond 40 billion by 2030 owing to increase in healthcare needs for paediatric and geriatric population. For instance, the regional markets in Asia Pacific significantly witnessed a need for CT scanners to detect lung infection and pneumonia during the initial phases of COVID-19 pandemic.
Furthermore, North America is likely to witness a fastest CAGR during the forecast period owing to the presence of well-established manufacturing companies, consistent demand for high-end complex medical devices owing to the rising consumer awareness regarding health issues and concerns. In addition, the availability of highly advanced technology with the growing penetration for cardiovascular diseases is fostering the demand for medical device outsourcing devices in the region over the coming years.
Global Medical Device Outsourcing Market By Geography, 2021-2028, 2024-2031
- Largest
- Fastest
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Global Medical Device Outsourcing Market Dynamics
Medical Device Outsourcing Market Drivers
- Growing Prevalence of Cardiovascular Diseases and Increasing R&D Investments to Drive Market Growth
- Continuously growing prevalence of various types of cardiovascular diseases like bradycardia is expected to be the major factor driving the growth of the global medical device outsourcing market over the forecast period. For instance, according to the National Centre for Biotechnology Information, more than 1 million pacemakers are being implanted each year globally. Out of which, about 200,000 are implanted in the United States alone.
- Increasing research & development related activities for enhancing the cardiovascular diseases treatment techniques is also projected to drive the global market at a strong growth rate over the coming years.
Medical Device Outsourcing Market Restraints
- Stringent government regulations regarding medical devices certification and approval times are likely to be the key factor restraining the growth of the global medical device outsourcing market during the forecast period
- Lack of access to medical facilities in the remote areas has resulted in the dearth of healthcare logistics which is expected to lessen the market competition
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Global Medical Device Outsourcing Market Competitive Landscape
The global medical device outsourcing market is fragmented with the presence of many well-known international and local companies operating around the globe. The major players of the global market are applying various business development strategies like acquisitions, mergers, collaborations, new product launches, and high technological advancements for expanding their market reach and product portfolio.
Medical Device Outsourcing Market Top Player’s Company Profiles
- Eurofins Scientific
- Labcorp
- Intertek Group Plc
- American Preclinical Services
- Mandala International
- Iqvia Holdings Inc.
- Plexus Corporation
- Medpace Holdings Inc.
- Genpact Ltd.
- Icon PLC.
- Sterigenics International LLC
Medical Device Outsourcing Market Recent Developments
- Labcorp, a leading global life sciences company, announced the completion of transactions that establish a long-term laboratory relationship with Ascension, one of the nation's leading non-profit and Catholic health systems.
- The Sotera Health Academy ("Academy") was launched by Sotera Health Company, a leading global provider of mission-critical end-to-end sterilization solutions, lab testing, and advisory services for the healthcare industry. The Academy combines content curated by industry thought leaders from Sotera Health's three businesses—Nelson Labs, Sterigenics, and Nordion—to assist companies in mitigating regulatory risk and accelerating product launch.
Global Medical Device Outsourcing Key Market Trends
- Rising proliferation of advanced robotics among various medical devices and technology manufacturers across the globe has paved the way for new lucrative opportunities for the medical devices outsourcing market. In the recent years, the demand for specialized robotics system in several applications in medical device manufacturing is propelling the market growth at a significant pace
- The emergence of immersive technologies in healthcare is expected to augment outlook for the medical devices. Medtronic is a leading player in the medical device industry and accounts for a major market share. The company plans to invest significantly in the medtech software and outsourcing
Global Medical Device Outsourcing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global medical device outsourcing market is witnessing a high growth over the forecast period owing to presence of advanced technology, increasing per capita income of consumers, and increasing penetration of various types of chronic disorders. Moreover, a rapid growth in industrialization and growing government efforts on the development of healthcare infrastructure in emerging economies such as India, China, and Indonesia are expected to contribute significantly to the market growth in the near future. However, a large part of global population is price sensitive and belong to low-income groups therefore, affordability is a constraint for these groups, which is hampering the growth of the market throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 125 billion |
| Market size value in 2031 | USD 127.4 billion |
| Growth Rate | 12.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Device Outsourcing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Device Outsourcing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medical Device Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Device Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Device Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Device Outsourcing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Device Outsourcing Market Report Snapshots
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