Medical Device Outsourcing Market: Current Analysis and Forecast (2021-2027)
Description
Medical Device Outsourcing Market: Current Analysis and Forecast (2021-2027)
The medical device outsourcing market is expected to register a CAGR of around 10% over the period of 2021-2027. Medical device outsourcing is a type of contract manufacturing in which a company contracts with a third party to perform business functions such as prototyping, product design, and supply chain management. and manufacture of medical devices or parts of finished products. Contract manufacturing helps medical companies keep pace with technological developments in medical devices and deliver new and desired products with greater performance, speed, and cost-effectiveness. The growing adoption of medical device outsourcing can be attributed to the rising prevalence of various chronic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Owing to this demand for medical devices is rising which in turn boosts the medical device outsourcing market globally. Furthermore, the medical device outsourcing market is anticipated to grow on account of the rapid time-to-market (TTM), time-to-volume (TTV), and time-to-profit (TTP) are critical for manufacturer competitiveness and customer satisfaction in the medical device industry which ensures early entry of product into the market, increasing needs for quality healthcare services, increasing buyer awareness level, and various advantages associated with the medical device outsourcing such as reduction of production time, devices are under regulatory standards, etc. However, some of the restraints in the market including regulatory and legal compliance and lack of skilled labor are impeding the growth of this market all over the world.
Cardinal Health, Inc., Onex Corporation, TE Connectivity Ltd., Flex Ltd., Heraeus Holding GmBH, Integer Holdings Corporation, Nortech Systems Incorporated, Plexus Corp., Sanmina Corporation, West Pharmaceutical Services Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Product, the finished goods category accounted for the majority share in the market in 2020”
Based on product, the medical device outsourcing market is segmented into finished goods, electronics, and raw materials. The finished goods segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe due to maintaining budgets without sacrificing quality, short deadlines, and safety turning. In addition, the life expectancy of finished goods also rises due to outsourcing the goods also boosting the segment as well as the market.
“Among Devices Type, the class 2 devices is expected to witness highest CAGR during the forecast period”
Based on device type, the medical device outsourcing market is segmented into class 1 devices, class 2 devices, and class 3 devices. The class 2 devices segment occupied the major share of the medical device outsourcing market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. Class II medical devices are those devices that have a moderate to high risk to the patient and/or user. Around 43% of medical devices fall under this category such as powdered wheelchairs. Thus, the high demand for class 2 devices contributes to the growth of this segment. Moreover, the rise in demand for surgical instruments and test kits that falls under this category is also driving the segment of the medical device outsourcing market.
"Amongst Applications, the general medical devices category accounted for the majority share in the market in 2020”
Based on application, the market is fragmented into orthopedics and spine, cardiovascular, and radiology, general medical devices, and others. The general medical devices segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to an increase in demand for general medical devices such as thermometers, diagnosing HIV/AIDS, and many more, among layperson, paramedical staff, and clinician. For instance, according to WHO, as of 2021, there are an estimated 2 million different kinds of medical devices on the world market, categorized into more than 7000 generic device groups. Moreover, the increasing emphasis of healthcare agencies on early diagnosis and treatment also drives the segment of the market.
"Amongst Services, the finish device manufacturing category accounted for the majority share in the market in 2020”
Based on services, the market is fragmented into prototype development, finish device manufacturing, assembly and packaging, and testing & regulatory support services. The finish devices manufacturing segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due to the unprecedented demand for technical assistance in the testing of raw materials and finished products. Moreover, this is due to equipment manufacturers (OEMs) in the medical device industry seeking support for medical device testing and certification services to meet regulatory standards.
"North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the medical device outsourcing market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the medical device outsourcing market industry in 2020 owing to strong healthcare infrastructure and growing adoption of medical device outsourcing in the region.
Reasons to buy this report:
The medical device outsourcing market is expected to register a CAGR of around 10% over the period of 2021-2027. Medical device outsourcing is a type of contract manufacturing in which a company contracts with a third party to perform business functions such as prototyping, product design, and supply chain management. and manufacture of medical devices or parts of finished products. Contract manufacturing helps medical companies keep pace with technological developments in medical devices and deliver new and desired products with greater performance, speed, and cost-effectiveness. The growing adoption of medical device outsourcing can be attributed to the rising prevalence of various chronic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Owing to this demand for medical devices is rising which in turn boosts the medical device outsourcing market globally. Furthermore, the medical device outsourcing market is anticipated to grow on account of the rapid time-to-market (TTM), time-to-volume (TTV), and time-to-profit (TTP) are critical for manufacturer competitiveness and customer satisfaction in the medical device industry which ensures early entry of product into the market, increasing needs for quality healthcare services, increasing buyer awareness level, and various advantages associated with the medical device outsourcing such as reduction of production time, devices are under regulatory standards, etc. However, some of the restraints in the market including regulatory and legal compliance and lack of skilled labor are impeding the growth of this market all over the world.
Cardinal Health, Inc., Onex Corporation, TE Connectivity Ltd., Flex Ltd., Heraeus Holding GmBH, Integer Holdings Corporation, Nortech Systems Incorporated, Plexus Corp., Sanmina Corporation, West Pharmaceutical Services Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Product, the finished goods category accounted for the majority share in the market in 2020”
Based on product, the medical device outsourcing market is segmented into finished goods, electronics, and raw materials. The finished goods segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe due to maintaining budgets without sacrificing quality, short deadlines, and safety turning. In addition, the life expectancy of finished goods also rises due to outsourcing the goods also boosting the segment as well as the market.
“Among Devices Type, the class 2 devices is expected to witness highest CAGR during the forecast period”
Based on device type, the medical device outsourcing market is segmented into class 1 devices, class 2 devices, and class 3 devices. The class 2 devices segment occupied the major share of the medical device outsourcing market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. Class II medical devices are those devices that have a moderate to high risk to the patient and/or user. Around 43% of medical devices fall under this category such as powdered wheelchairs. Thus, the high demand for class 2 devices contributes to the growth of this segment. Moreover, the rise in demand for surgical instruments and test kits that falls under this category is also driving the segment of the medical device outsourcing market.
"Amongst Applications, the general medical devices category accounted for the majority share in the market in 2020”
Based on application, the market is fragmented into orthopedics and spine, cardiovascular, and radiology, general medical devices, and others. The general medical devices segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to an increase in demand for general medical devices such as thermometers, diagnosing HIV/AIDS, and many more, among layperson, paramedical staff, and clinician. For instance, according to WHO, as of 2021, there are an estimated 2 million different kinds of medical devices on the world market, categorized into more than 7000 generic device groups. Moreover, the increasing emphasis of healthcare agencies on early diagnosis and treatment also drives the segment of the market.
"Amongst Services, the finish device manufacturing category accounted for the majority share in the market in 2020”
Based on services, the market is fragmented into prototype development, finish device manufacturing, assembly and packaging, and testing & regulatory support services. The finish devices manufacturing segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due to the unprecedented demand for technical assistance in the testing of raw materials and finished products. Moreover, this is due to equipment manufacturers (OEMs) in the medical device industry seeking support for medical device testing and certification services to meet regulatory standards.
"North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the medical device outsourcing market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the medical device outsourcing market industry in 2020 owing to strong healthcare infrastructure and growing adoption of medical device outsourcing in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Table of Contents
189 Pages
- 1 MARKET INTRODUCTION
- 1.1 Market Definitions
- 1.2 Limitation
- 1.3 Stakeholders
- 1.4 Currency used in Report
- 2 RESEARCH METHODOLOGY OR ASSUMPTION
- 2.1 Research Process of the Medical Device Outsourcing Market
- 2.2 Research Methodology of the Medical Device Outsourcing Market
- 2.3 Forecasting Method
- 2.4 Respondent Profile
- 2.5 Main Objective of the Medical Device Outsourcing Market Study
- 3 MARKET SYNOPSIS
- 4 EXECUTIVE SUMMARY
- 5 COVID-19 IMPACT
- 6 GLOBAL MEDICAL DEVICE OUTSOURCING MARKET REVENUE
- 7 MARKET INSIGHTS BY PRODUCT
- 7.1. Finished Goods
- 7.2. Electronics
- 7.3. Raw Materials
- 8 MARKET INSIGHTS BY DEVICE TYPE
- 8.1. Class 1 Devices
- 8.2. Class 2 Devices
- 8.3. Class 3 Devices
- 9 MARKET INSIGHTS BY APPLICATION
- 9.1. Orthopedic and Spine
- 9.2. Cardiovascular
- 9.3. Radiology
- 9.4. General Medical Devices
- 9.5. Others
- 10 MARKET INSIGHTS BY SERVICES
- 10.1. Prototype Development
- 10.2. Finish Device Manufacturing
- 10.3. Assembly and Packaging
- 10.4. Testing and Regulatory Support Services
- 11 MARKET INSIGHTS BY REGION
- 11.1 NORTH AMERICA MEDICAL DEVICE OUTSOURCING MARKET
- 11.1.1 United States
- 11.1.2 Canada
- 11.1.3 Rest of North America
- 11.2 EUROPE MEDICAL DEVICE OUTSOURCING MARKET
- 11.2.1 Germany
- 11.2.2 France
- 11.2.3 United Kingdom
- 11.2.4 Spain
- 11.2.5 Italy
- 11.2.6 Rest of Europe
- 11.3 ASIA PACIFIC MEDICAL DEVICE OUTSOURCING MARKET
- 11.3.1 China
- 11.3.2 Japan
- 11.3.3 India
- 11.3.4 Australia
- 11.3.5 Rest of Asia Pacific
- 11.4 REST OF THE WORLD MEDICAL DEVICE OUTSOURCING MARKET
- 12 MEDICAL DEVICE OUTSOURCING MARKET DYNAMICS
- 12.1 Market Drivers
- 12.2 Market Challenges
- 12.3 Impact Analysis
- 13 MEDICAL DEVICE OUTSOURCING MARKET OPPORTUNITIES
- 14 MEDICAL DEVICE OUTSOURCING MARKET TRENDS & INSIGHTS
- 15 LEGAL & REGULATORY FRAMEWORK
- 16 DEMAND AND SUPPLY SIDE ANALYSIS
- 16.1 Demand Side Analysis
- 16.2 Supply Side Analysis
- 17 VALUE CHAIN ANALYSIS
- 18 COMPETITIVE SCENARIO
- 18.1. Competitive Landscape
- 18.1.1. Porter’s Five Forces Analysis
- 19 COMPANY PROFILED
- 19.1. Cardinal Health Inc.
- 19.2. Onex Corporation
- 19.3. TE Connectivity Ltd.
- 19.4. Flex Ltd.
- 19.5. Heraeus Holding GmBH
- 19.6. Integer Holdings Corporation
- 19.7. Nortech Systems Incorporated
- 19.8. Plexus Corp.
- 19.9. Sanmina Corporation
- 19.10. West Pharmaceutical Services Inc.
- 20 DISCLAIMER
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