USD 107.8 billion
Report ID: SQSG35D2045 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Medical Device Outsourcing Market was valued at USD 107.8 billion in 2021 and it is expected to reach a value of USD 241.31 billion by 2028, at a CAGR of 12.2% over the forecast period (2022-2028).
Rising demand for various types of medical devices coupled with the growing competition for price and need to reduce the cost of devices are the major factors projected to drive the growth of the global medical device outsourcing market during the forecast period. In addition, an extensive rise in the number of chronic disorders around the globe is also anticipated to boost the demand for these medical devices over the coming years. For instance, according to the British heart Foundation, there are nearly 7.4 million people, living with heart and circulatory diseases in the United Kingdom and around 170,000 deaths due to the several cardiac diseases that occur every year in the country.
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 companies in the global market are shifting their focus on innovation in place of non-core activities to launch more improved and efficient devices to cater to the rising need across the globe.
Global Market Size
USD 107.8 billion
Largest Segment
Cardiology
Fastest Growth
Diagnosis Imaging
Growth Rate
12.2% CAGR
To get more reports on the above market click here to Buy The Report
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.
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.
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.
To get detailed analysis on other segments, Request For Sample Report
Globally, Asia Pacific dominated the medical device outsourcing market in 2021, with a healthy market share and is projected to retain its position over the forecast period. Continuously growing number of patient population suffering from various chronic and infectious diseases with the rising adoption of latest technologies is likely to be the major factors for the growth of the market in the region. According to our findings, it is anticipated that the proportion of population aged over 60 years in China will increase from 12.45 to around 28%. And, almost 80% of deaths in China of people aged over 60 years is expected to occur from chronic NCDs.
Furthermore, North America is witnessing fastest CAGR during the forecast period owing to presence of well-established manufacturing companies, consistent demand for high-end complex medical devices. And 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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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.
Top Player’s Company Profiles
Recent Developments
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-medium class economy, therefore, they can’t afford highly expensive outsourcing devices, which is hampering the growth of the market throughout the forecast period.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 107.8 billion |
Market size value in 2028 | USD 241.31 billion |
Growth Rate | 12.2% |
Base year | 2021 |
Forecast period | 2022-2028 |
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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTGet lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQSG35D2045