Pune, India, July 12, 2021 (GLOBE NEWSWIRE) -- The global medical device outsourced manufacturing market has been estimated to reach USD 43.2 million in 2021 and is projected to grow at a CAGR of 14.6% during the forecast period. Medical device outsourcing is a method of contracting a process or product to a third party for conducting activities like manufacturing, supply chain management, product designing, and prototyping. Outsourcing comprises internal and domestic contracting and relocating a specific business service.
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The changing lifestyle and increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases are expected to drive the medical device outsourced manufacturing market growth during the forecast period. In addition, the high production rate and cost-effectiveness of medical devices are other major factors driving the market growth.
The risk of manufacturers’ and patients’ data breaches is expected to hinder the market growth during the forecast period. However, the rising demand for advanced technology-enriched medical equipment from emerging economies is expected to create new opportunities in the medical device outsourced manufacturing market during the forecast period.
The trend toward outsourcing manufacturing operations has become vital as it reduces direct expenditures and modernizes supply chains, and balancing rising operating expenditures is expected to drive market growth.
Key companies in the medical device outsourced manufacturing market are focused on accepting M&A strategies to increase their product portfolio. For example, in April 2019, Cardinal Health acquired a company that delivers engagement solutions and patient adherence through easy-to-use mobile and web-based health management platforms, named scripts.
Some Significant Market Developments Considered in the Report:
- In February 2020, Integer Holdings Corporation, a global leader in medical device outsource manufacturing company named, declared acquisition of Income, an Israel-based medical device manufacturer to increase its global footprint with new innovations in the medical technology business.
COVID-19 Impact on the Global Medical Device Outsourced Manufacturing Market
The COVID-19 pandemic has caused a severe disruption in the supply chain, which has led to a lack and a severe reduction of production of medical device. It has stressed the requirement for scalable manufacturing operations among original equipment manufacturer (OEMs), mainly those undertaking manufacturing associated with diagnostic systems and test kits. It has negatively impacted the medical devices manufacturing companies.
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Medical Device Outsourced Manufacturing Market, by Device Type:
Based on device type, the medical device outsourced manufacturing market is segmented into In vitro diagnostic (IVD) devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopaedic devices, ophthalmology devices, diabetes care devices, dental devices, endoscopy devices, respiratory care devices, surgical devices, gynecology/urology devices, personal care, neurology devices, and other devices.
The IVD devices segment is estimated to account for largest share of the medical device outsourced manufacturing market. The large share of this segment can be attributed to the increasing availability of IVD reagents and kits in the market, increasing volume of IVD tests performed globally, a growing number of clinical laboratories and hospitals in emerging nations, and advances in life science research.
Medical Device Outsourced Manufacturing Market, by Service Type:
Based on service type, the medical device outsourced manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly, and other services.
The device development and manufacturing services segment is expected to dominate the medical device outsourced manufacturing market. The increasing acceptance of contract manufacturing services in the medical device industry, improving manufacturing capabilities and device development, and development in the medical devices market (particularly in the single-use disposable medical devices market) are the key factors contributing to segment growth.
Medical Device Outsourced Manufacturing Market, by Class of Device:
Based on the class of device, the medical device outsourced manufacturing market is segmented into class I medical devices, class II medical devices, and class III medical devices. The class II medical device segment is expected to hold a large market share.
The Class II medical devices segment is estimated to account for the largest share of the medical device outsourced manufacturing market. The large share of this segment can be attributed to the utilization of a higher volume of these devices by end-users, the large number of medical devices outsourced that fall under this class II device class, and caregivers in the healthcare industry.
Medical Device Outsourced Manufacturing Market, by Process Evaluation:
Based on process evaluation, the medical device outsourced manufacturing market is segmented design for manufacturing, prototyping, validation, project management, pilot production, production, assembly, and packaging.
The production segment is expected to dominate the market during the forecast period. The dominance can be attributed to the growing number of medical device companies outsourcing their production tasks to reduce production costs.
Medical Device Outsourced Manufacturing Market, by Region:
Based on region, the global medical device outsourced manufacturing market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Asia-Pacific is expected to hold a high market share during the forecast period. The growth can be attributed to the availability of skilled human resources in the region. In Asia-Pacific, China is expected to significantly contribute to market growth` due to the lower cost of raw materials and labor in the country than in established economies.
Some Major Findings of the Medical Device Outsourced Manufacturing Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global medical device outsourcing market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global medical device outsourced manufacturing market, which include SGS SA, IQVIA, Toxikon, Inc., North American Science Associates, Inc., Charles River Laboratories International, Inc., PAREXEL International Corp., Eurofins Scientific SE, Pace Analytical Services, Inc., Intertek Group plc, and Wuxi AppTec, Inc.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global medical device outsourcing market
- Impact of COVID-19 on the global medical device outsourced manufacturing market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Medical Device Outsourced Manufacturing Market, by Device Type (IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Ophthalmology Devices, Diabetes Care Devices, Dental Devices, Endoscopy Devices, Respiratory Care Devices, Surgical Devices, Gynecology/Urology Devices, Personal Care, Neurology Devices, Other Devices), Service Type (Device Development and Manufacturing Services, Quality Management Services, Packaging and Assembly, Other Services), Class of Device (Class I Medical Devices, Class II Medical Devices, Class III Medical Devices), Process Evaluation (Design For Manufacturing, Prototyping, Validation, Project Management, Pilot Production, Production, Assembly, and Packaging), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Industry Trends and Forecast to 2030” in depth analysis along with the table of contents (ToC).
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