New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Device Outsourcing Global Market Report 2022" - https://www.reportlinker.com/p06285812/?utm_source=GNW
The global medical device outsourcing market is expected to grow from $102.20 billion in 2021 to $114.32 billion in 2022 at a compound annual growth rate (CAGR) of 11.9%. The medical device outsourcing market is expected to reach $175.09 billion in 2026 at a CAGR of 11.2%.
The medical device outsourcing market consists of sales of medical device outsourcing by entities (organizations, sole traders, and partnerships) that refers to a type of contract between the manufacturer and the third party performing the business such as prototype, product design, supply chain management, and medical equipment or part of a comprehensive product manufacturing.
The main types of products in medical device outsourcing are finished goods, electronics, and raw materials.Products that have passed or completed the production process but have not yet been sold or dispersed to the ultimate consumer are referred to as finished goods.
The various device types are class I devices, Class II devices, and class III devices that provide services such as quality assurance, regulatory affair services, product design development, product testing, and sterilization, product implementation, product upgrade, product maintenance, and contract manufacturing. It has various applications including drug delivery, dental, diabetes care, cardiology, endoscopy, IVD, ophthalmic, diagnostic imaging, orthopedics, and general and plastic surgery.
North America was the largest region in the medical device outsourcing market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The prevalence of chronic diseases is expected to propel the growth of the medical device outsourcing market going forward.Chronic diseases are the conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living or both.
The rising chronic diseases increase the demand for new quality medical products in less launch time thereby driving the growth of the medical devices outsourcing market.For instance, according to the UN Chronicle, a digital magazine of the United Nations, the global burden of chronic diseases is expected to reach about 56% by 2030.
Therefore, the prevalence of chronic diseases will drive the growth of the medical device outsourcing market.
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the medical device outsourcing market.Major companies operating in the market are focusing on partnerships and collaborations to lead the market.
For instance, in December 2021, Labcorp, a US-based laboratory testing company acquired Toxikon Corporation for an undisclosed amount.This acquisition would extend Labcorp’s portfolio of full-service drug development and medical device solutions from discovery to market approval.
Toxikon Corporation is a US-based contract manufacturing company that provides outsourcing services for medical devices.Furthermore, in February 2020, Integer Holdings, a US-based advanced medical device outsourcing company acquired Inomec for an undisclosed amount.
This acquisition of Inomec will allow Integer to establish a research and development and sales center in Israel, in addition to optimizing its catheter design, clinical, and pilot manufacturing capabilities. Income is an Israel-based medical device outsourcing company.
In December 2021, Integer Holdings, a US-based advanced medical device outsourcing company acquired Oscor Inc. for an amount of $220 million. This acquisition of Oscor strengthens Integer’s ability to serve the customers by expanding the product offering in steerable sheaths and cardiac and neurostimulation leads and adding low-cost manufacturing capacity to support growth. Oscor is a US-based company that operates in medical device outsourcing services.
The countries covered in the medical device outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06285812/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
