GlobalMedical Device Outsourcing Marketis 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 global medical device outsourcing market is anticipated to witness growth on account of Increasing demand for medical devices, coupled with intensifying price competition and the need to reduce costs. In addition, benefits such as faster production times that guarantee early product launch, combined with the need to meet regulatory standards, drive market growth.For instance, as per FDA, Manufacturers (both domestic and foreign) and initial distributors (importers) of medical devices must register their establishments with the FDA. All establishment registrations must be submitted electronically unless a waiver has been granted by FDA. All registration information must be verified annually between October 1st and December 31st of each year. Moreover, medical outsourcing services have benefited OEMs by reducing costs and time which boosts the demand for medical device outsourcing in the forthcoming years.
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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.
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.
For a better understanding of the market adoption of the medical device outsourcing market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the medical device outsourcing industry in 2020 owing to the presence of well-established market players and increasing demand for medical devices in the region.
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Some of the major players operating in the market include 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.
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Global Medical Device Outsourcing MarketSegmentation
Market Insight, by Product
Finished Goods
Electronics
Raw Materials
Market Insight, by Device Type
Class 1 Devices
Class 2 Devices
Class 3 Devices
Market Insight, by Application
Orthopedics and Spine
Cardiovascular
Radiology
General Medical Devices
Others
Market Insight, by Services
Prototype Development
Finish Device Manufacturing
Assembly Packaging
Testing Regulatory Support Services
Market Insight, by Region
North America
o United States
o Canada
o Rest of North America
Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Rest of Europe
Asia-Pacific
o China
o India
o Australia
o Japan
o Rest of Asia-Pacific
Rest of World
Top Company Profiles
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.
