Dublin, June 10, 2021 (GLOBE NEWSWIRE) -- The "Medical Devices Outsourcing Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global medical devices outsourcing market was valued at US$ 51.66 Bn in 2020 and expected to grow at compound annual growth rate (CAGR) of 10.6% during the forecast period from 2021 to 2029.
Outsourcing of medical devices manufacturing has become a pervasive aspect of medical device industry with every company are choosing outsourcing over in-house manufacturing. This has led the companies to focus on their core competencies and new product development. The trend of outsourcing medical devices R&D is also increasing.
Outsourcing has become the favorite option for the companies as it reduces costs, accelerate market entry of products and curtails business risks. The cost reduction is a result of enhanced organization effectiveness, greater access to advanced technology and shorter product development cycle.
Moreover, regulatory compliance outsourcing is rapidly gaining momentum due to constant partnerships and collaborations between medical devices manufacturers and regulatory compliance outsourcing services providers. This helps the manufacturing companies for swift approval and launch of products in the market with reduced cost.
The contract manufacturers in North America, Europe and Japan work in compliance with the international standards for quality management system. However, the service providers in Asia Pacific are rapidly improving the quality standards to match the international standards.
Contract Manufacturing Segment Accounted for the Largest Share by Service Type
The medical devices outsourcing market is segmented in to quality assurance, regulatory affairs, product design and development, product testing and sterilization, product upgrade services, product maintenance and contract manufacturing.
In 2020, contract manufacturing held the largest share in the global medical devices outsourcing market and projected to be the dominant marker during the forecast period. High demand for outsourcing manufacturing process to curb OEM production cost and focus on core competencies is the major driver for the market.
Report Scope by Segments
The medical devices outsourcing market is studied to understand the current and future trends and dynamics. The study scope includes market size and forecast for all considered segments studied in the report for the period from 2019 to 2029, along with compound annual growth rate (CAGR) for forecast period from 2021 to 2029, 2020 being the considered as the base year.
The key players currently engaged in medical devices outsourcing market include Covance, Inc., Pharmaceutical Product Development, LLC. (PPD), Charles River Laboratories International, Inc., Laboratory Corporation of America, ICON plc., inVentiv Health, Parexel International, Eurofins Scientific, Toxikon, Inc. and Pace Analytical Services, LLC.
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Medical Devices Outsourcing (MDO): Market Dynamics and Outlook
3.1. Market Overview
3.2. Drivers
3.3. Challenges
3.4. Opportunities
3.5. Attractive Investment Proposition, by Geography, 2020
3.6. Competitive Analysis: Global MDO Market, by Key Players, 2020
Chapter 4. Global Medical Devices Outsourcing (MDO) Market, by Services Type, 2016-2029 (US$ Bn)
4.1. Overview
4.2. Quality Assurance
4.3. Regulatory Affairs Services
4.4. Product Design And Development
4.5. Product Testing And Sterilization
4.6. Product Upgrade Services
4.7. Product Maintenance Services
4.8. Contract Manufacturing
Chapter 5. Global MDO Market, by Application, 2016-2029 (US$ Bn)
5.1. Overview
5.2. Cardiology
5.3. Diagnostic Imaging
5.4. Orthopedic
5.5. Diagnostic Testing Systems
5.6. Ophthalmic
5.7. Drug Delivery
5.8. General & Plastic Surgery
5.9. Dental
5.10. Endoscopy
5.11. Diabetes Care
Chapter 6. Global Medical Devices Outsourcing (MDO) Market, by Geography, 2019 - 2029 (US$ Bn)
Chapter 7. Company Profiles
7.1. Business Description
7.2. Financial Information (Subject to Data Availability)
7.3. Product Portfolio
7.4. News Coverage
- Covance Inc.
- Pharmaceutical Product Development LLC. (PPD)
- Charles River Laboratories International Inc.
- Laboratory Corporation of America
- ICON plc.
- inVentiv Health
- Parexel International
- Eurofins Scientific
- Toxikon Inc.
- Pace Analytical Services LLC.
For more information about this report visit https://www.researchandmarkets.com/r/ti2dgv