|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 13.10 Billion||USD 37.63 Billion||14.1%||2020|
Medical Device Outsourced Manufacturing Market
The Global Medical Device Outsourced Manufacturing Market accounted for USD 13.10 Billion in 2020 and is expected to reach USD 37.63 Billion by 2028, growing at a CAGR of 14.1% from 2021 to 2028. A medical Device can be defined as an apparatus, machine, or instrument which is intended to affect the structure or any function of the body of the man or animal and which is mainly intended for the use of diagnosis of a disease, treatment, or prevention of disease in man or other animals. Due to increasing healthcare costs, there has been immense pressure on medical device companies to reduce the time required to bring a medical device to the market and carry out other streamlining processes.
Therefore, outsourcing the manufacturing of medical devices has been helpful for the industry as it takes into account all the factors right from the development of the device to bringing it to the market. The market is primarily driven by the increasing demand for medical devices along with the rising price competition. The number of healthcare providers offering telemedicine services during the COVID-19 pandemic has increased in order to reduce unnecessary in-person visits. Also, manufacturers are increasingly adopting robotics and automated solutions to help manage increasing labor costs and difficulties in recruiting medical manufacturing workers.
The COVID-19 pandemic has significantly affected the Medical Device Outsourced Manufacturing market. The pandemic has caused major disruption in the supply chain market which has led to shortages and slowing of the production of medical devices. This has led to the need for scalable manufacturing operations among OEMs, for those undertaking the production of test kits and diagnostic systems. But the current pandemic was a booster for the product sterilization services. As long as the pandemic continues, the demand to sterilize single-use medical instruments and Personal Protective Equipment will remain high.
The increasing demand for medical devices along with the rising price competition is one of the major reasons for the demand for the Medical Device Outsourced Market. The rising number of manufacturers and the growing difficulties in product engineering are the factors fueling the demand.
The rising prevalence of chronic diseases is increasing the demand for Medical devices. This is helping the market as Implantable Medical Devices (IMDs) are used widely to improve patients’ medical outcomes. This makes the designers of IMDs balance reliability, power consumption, costs, and complexity. This has led to companies shifting towards innovation and manufacturing well-designed medical devices. The changes in the ISO standards are expected to increase the demand for quality assurance and regulatory affairs across the globe while manufacturing Medical devices.
This is estimated to dominate the market due to the increasing focus on decreasing the cost of production. The increasing complexity in manufacturing is also contributing to the contract manufacturing segment. Medical device manufacturers concentrate on manufacturing high-quality and safe devices for patient care. The increasing layers of standards and regulations combined with a high level of inspection in developing medical devices have created the demand for manufacturing devices.
The availability of competent outsourcing firms who are capable of manufacturing medical devices for surgery and their compliance with the regulatory requirements has boosted the demand for this segment. Also, there has been the introduction of various invasive and non-invasive procedures which has increased the number of surgeries performed every year. Due to this, there has been a rising demand for innovative and procedure-specific devices.
The high prevalence of cardiovascular conditions is boosting the demand for the increased outsourcing of cardiovascular devices. There is also a great need for technical expertise in cardiovascular devices, which has led to the increasing outsourcing of this kind of device. Also, the associated complexity of cardiovascular devices has increased its overall outsourcing.
The increasing diabetic population and the rising awareness of diabetes treatment are major drivers for this segment. Also, there have been favorable national healthcare strategies that have been promoting the use of such devices. The growing technological innovations and connected diabetes care devices are also the factors responsible to boost the demand for Medical devices for the diabetes segment.
|Report Attributes||Report Details|
|Report Name||Pharmaceutical Unit Dose Packaging Market Research Report|
|Market Size in 2020||USD 13.10 Billion|
|Market Forecast in 2028||USD 37.63 Billion|
|Growth Rate||CAGR of 14.1%|
|Number of Pages||140|
|Key Companies Covered||Iqvia, Toxikon, Inc., SGS SA, Eurofins Scientific SE, Pace Analytical Services, WuXi AppTec, Inc., Intertek Group plc, North American Science Associates, Paraxel International Corp, Charled River Laboratories International Inc., Jabil Circuit Inc., Plexus Corp, Sanmina Corporation, Nortech Systems, TE Connectivity, Celestica Inc., Flextronics International Ltd, Onex Corporation, West Pharmaceutical Services, Inc. and Cardinal Health Inc among others.|
|Segments Covered||By Service, By Application, By Device Type, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2020|
|Forecast Year||2020 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America held a share of 37% in 2020. This is due to the factors such as well-established manufacturing hubs for complex medical devices and the technologically developed electronic sector. There are also many medical device companies present in this region that are outsourcing part of their regulatory functions to regulatory service providers, thus increasing the overall demand of the market.
Asia-Pacific is expected to have a CAGR of 17.3% from 2021 to 2028 and is the leading region for the Medical Device Outsourced Manufacturing market. The demand is due to the easy availability of skilled human resources. Also, there are many key companies present in this region also the competitive pricing factor is contributing to the high demand in this market in this region. The increasing number of chronic diseases is also fueling the overall demand in this region. The increasing inclination towards home care and the growing expenditure on healthcare infrastructure are also factors contributing to the growth in this region.
Some of the key players in the Medical Device Outsourced Manufacturing market include
The Global Medical Device Outsourced Manufacturing Market is segmented as follows:
The Global Medical Device Outsourced Manufacturing Market was valued at USD 13.10 Billion in 2020.
The Global Medical Device Outsourced Manufacturing Market is expected to reach USD 37.63 Billion by 2028, growing at a CAGR of 14.1% between 2021 to 2028.
Some of the key factors driving the Global Medical Device Outsourced Manufacturing Market growth are the increasing demand for the medical devices along with the rising price competition , the rising number of manufacturers and the growing difficulties in the product engineering.
Asia-Pacific is expected to have the CAGR of 17.3% from 2021 to 2028. The demand is due to the easy availability of skilled human resources. Also, there are many key companies present in this region also the competitive pricing factor is contributing to high demand of this market in this region. The increasing number of chronic diseases is also fueling the overall demand in this region. The increasing inclination towards homecare and the growing expenditure towards healthcare infrastructure are the also factors contributing the growth in this region.
Some of the key players in the Medical Device Outsourced Manufacturing market include Iqvia, Toxikon, Inc., SGS SA, Eurofins Scientific SE, Pace Analytical Services, WuXi AppTec, Inc., Intertek Group plc, North American Science Associates, Paraxel International Corp, Charled River Laboratories International Inc., Jabil Circuit Inc., Plexus Corp, Sanmina Corporation, Nortech Systems, TE Connectivity, Celestica Inc., Flexitronics International Ltd, Onex Corporation, West Pharmaceutical Services, Inc. and Cardinal Health Inc among others.