Precedence Research recently published a report on “Medical Device Outsourcing Market (By Application: Diagnostic Imaging, Cardiology, Orthopedic, IVD, Drug Delivery, Ophthalmic, Dental, and Endoscopy; By Services: Regulatory Affairs Services, Quality Assurance, Product Design and Development Services, Product Testing and Sterilization Services, Product Maintenance Services, Product Implementation Services, Product Upgrade Services and Contract Manufacturing) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”. Amid the COVID-19 crisis, the global medical device outsourcing market size is projected to reach USD 231 billion by 2027 from an estimated USD 102.3 billion in 2019, at a CAGR of 9.98% during the forecast period 2020 – 2027.
The market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This research report evaluates medical device outsourcing market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global medical device outsourcing market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2027 along with a forecast from 2020 to 2027 based on value.
Global medical device industry is under persistent pressure to control expenses without compromising research development, protection and timeline. New technologies, process progressions and elderly population have led explosive growth within the market since past few years. With its development, guidelines progress and become more severe and difficult and competition more extreme. Medical device original equipment manufacturers (OEMs) with the help of outsourcing some of the tasks, can take benefit of lowered operation prices, augmented agility, a decline in time-to-market and a improvement on their return of investment (ROI). In turn, OEMs can renovate their businesses into tactical investments reasonably than simply cost centers. Contract manufacturers have positively profited from this growth of the medical device sector. Nevertheless, growth of the outsourced medical manufacturing sector is outpacing that of the device industry as a whole, demonstrating a trend near the augmented practice of outsourcing.
Scope of the Study
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Growth Factors
Continuously, rising occurrence of chronic ailments is one of the foremost factors subsidizing to the growth of medical device outsourcing market. Regulatory bodies are mostly concentrating on the quality of the healthcare devices delivered to the public. Therefore this is inspiring numerous companies in the market to bid numerous services such as regulatory consulting. For instance, the European Medical Device Regulation commences special impulsive inspection of outsourced products to test the quality along with conformity with standards.
The vital influencer of medical device outsourcing market is the profitable and swift manufacturing of products. Manufacturers subcontract the production of their goods to decrease time and cost. Furthermore, as a replacement for fetching in equipment to manufacture medical devices, it is desirable for the producers to subcontract the production operations completely to contract manufacturing organizations (CMOs) based in China, Taiwan, and South Korea, and numerous other nations in order to competently handle maintenance and quality.
Report Highlights
Regional Snapshots
In 2019, North America emerged as one of the major markets for medical device outsourcing services. This growth is on account of existence of great number of medical device companies, and easy accessibility of high-end medical devices in the region.
Asia Pacific medical device outsourcing market is anticipated to exhibit the firmest growth in demand and is foreseen to propagate at a strong CAGR throughout the estimate period. This growth is credited to low cost of labor and relatively less costly infrastructure price than other established economies across the globe. Tremendous growth in the Asia Pacific region is also augmented by the existence of a enormous patient pool undergoing from chronic disorders and upsurge in the requirement for reasonable medical devices.
Multiple significant participants in the medical device outsourcing market are anticipated to observe abundant growth prospects in established countries. The numerous international medical device establishments select to manufacture their devices in emergent nations of Asia Pacific because of small labor costs and great quality. For example, labor cost is quite less in India, Vietnam, and Indonesia in comparison with other countries. However, China has observed noteworthy increase in labor cost in the latest few years. Numerous Asian nations produce medical device products including rubber gloves, drainage bags and surgical tapes in great number, on account of less overhead for utilities, cheap raw materials, equipment, rent, and medical device components. In addition, companies there also create sophisticated Class III medical devices, like drug-eluting stents.
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Key Players:
This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the medical device outsourcing market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the medical device outsourcing market include:
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of service, application and region as follows:
By Service
By Application
By Regional
Key Takeaways
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Medical Device Outsourcing Market, By Service
7.1. Medical Device Outsourcing Market, by Service Type, 2020-2027
7.1.1. Product Upgrade Services
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Regulatory Affairs Services
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Quality Assurance
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Product Maintenance Services
7.1.4.1. Market Revenue and Forecast (2016-2027)
7.1.5. Product Testing & Sterilization Services
7.1.5.1. Market Revenue and Forecast (2016-2027)
7.1.6. Product Design and Development Services
7.1.6.1. Market Revenue and Forecast (2016-2027)
7.1.7. Product Implementation Services
7.1.7.1. Market Revenue and Forecast (2016-2027)
7.1.8. Contract Manufacturing
7.1.8.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Medical Device Outsourcing Market, By Application
8.1. Medical Device Outsourcing Market, by Application, 2020-2027
8.1.1. Drug Delivery
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Dental
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Diabetes care
8.1.3.1. Market Revenue and Forecast (2016-2027)
8.1.4. Cardiology
8.1.4.1. Market Revenue and Forecast (2016-2027)
8.1.5. Endoscopy
8.1.5.1. Market Revenue and Forecast (2016-2027)
8.1.6. IVD
8.1.6.1. Market Revenue and Forecast (2016-2027)
8.1.7. Ophthalmic
8.1.7.1. Market Revenue and Forecast (2016-2027)
8.1.8. Diagnostic imaging
8.1.8.1. Market Revenue and Forecast (2016-2027)
8.1.9. Orthopedic
8.1.9.1. Market Revenue and Forecast (2016-2027)
8.1.10. General and plastic surgery
8.1.10.1. Market Revenue and Forecast (2016-2027)
8.1.11. Others
8.1.11.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Medical Device Outsourcing Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Service (2016-2027)
9.1.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Service (2016-2027)
9.2.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Service (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Service (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Service (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Service (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Service (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Service (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Service (2016-2027)
9.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Service (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Service (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Application (2016-2027)
Chapter 10. Company Profiles
10.1. Intertek Group PLC
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. TüvSüd AG
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Wuxi Apptec
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. SGS SA
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Toxikon, INC.
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Eurofins Scientific
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. American Preclinical Services
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Sterigenics International LLC
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Pace Analytical Services LLC.
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. North American Science Associates, Inc.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
10.11. Charles River Laboratories International, Inc.
10.11.1. Company Overview
10.11.2. Product Offerings
10.11.3. Financial Performance
10.11.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
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