The growing prevalence of chronic disorders and regulatory framework pertaining to a medical device are few of the major factors in the market. Apart from this, constant cost pressures could affect the growth rate of the market.
JERSEY CITY, N.J., Oct. 18, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Medical Device Outsourcing Market" By Service (Contract Manufacturing, Quality Assurance, Regulatory Affairs Services, Product Design and Development Services), By Application (Cardiology, Diagnostic imaging, Orthopedic, IVD, Ophthalmic, General and plastic surgery), and By Geography. According to Verified Market Research, the Global Medical Device Outsourcing Market size was valued at USD 109.7 Billion in 2020 and is projected to reach USD 234.80 Billion by 2028, growing at a CAGR of 10.03 % from 2021 to 2028.
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Global Medical Device Outsourcing Market Overview
Medical device outsourcing helps both manufacturers and the supply chain. It allows device makers to focus on their primary operations, such as product innovation and marketing. It also helps to reduce the overall cost and time it takes for a product to enter the market. Companies may save up to 10-15% on production expenses by outsourcing devices, allowing them to compete in the market. Overall, medical device outsourcing provides advantages such as reduced manufacturing time, early product introduction into the market, and quality check approvals to match regulatory criteria. Increase in pressure on the manufacturers to decrease the overhead expenses and operating costs while maintaining quality of healthcare services drives the market growth. However, this poses a threat to the security of the confidential information of the company, which obstructs the market growth.
The rising prevalence of chronic diseases such as cancer is expected to propel the growth of the global medical devices outsourcing market over the forecast period. Over the past couple of decades, the prevalence of cancer has drastically increased. For instance, according to the International Agency for Research on Cancer statistics, about 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. The most common types of cancer in males include lip, oral cavity, lung, stomach, colorectal, and esophagus, while in females it includes breast, lip, oral cavity, cervix, lung, and gastric cancers.
The increasing geriatric population and their susceptibility to diseases is another key element that is propelling the market growth. For instance, according to the U.S. Census Bureau, there were more than 54 million U.S. residents 65 years and older in 2019. Likewise, as per the Eurostat, in 2019, more than one fifth (20.3%) of the EU population was aged 65 & over and Italy was the European country with the largest share of the elderly population.
Key Developments in Medical Device Outsourcing Market
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In November 2020, Nipro Corporation has acquired Venari Medical's exclusive sales rights for a vascular treatment device developed by Venari Medical in Japan and overseas.
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In October 2020, Nemera (France) acquired Copernicus (Poland) to become a leading patient-centric drug device combination solutions company. This acquisition will bolster the company's production capabilities and expand its product portfolio
The major players in the market are Eurofins Scientific, Integer, Plexus, Pace Analytical Services, Tecomet, Intertek Group, Flextronics, Celestica, Nemera and Nipro Corporation.
Verified Market Research has segmented the Global Medical Device Outsourcing Market On the basis of Service, Application, and Geography.
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Medical Device Outsourcing Market, By Service
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Medical Device Outsourcing Market, By Application
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Medical Device Outsourcing Market by Geography
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