- Report ID: BMRC 1381 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Medical Device | Delivery Timeline:
"Medical Device Outsourcing Market is valued at USD 127.06 Billion in 2020 and expected to reach USD 249.17 Billion by 2027 with the CAGR of 10.10% over the forecast period."
Medical Device Outsourcing Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027.
Increasing the globalization of large and small medical device manufacturers coupled with the increasing complexity of medical devices are some of the major factors driving the growth of the Global Medical Device Outsourcing Market.
Medical device is a device used for medical purpose this device benefit patients by helping health care providers diagnose and treat patients and also helps patients to overcome the sickness or disease and to improve their quality life. The discovery of medical device was back in 7000 BC in Baluchistan where Neolithic dentists used flint-tipped drills and bowstrings. The rising prevalence of chronic diseases increases the demand for medical device outsourcing and is expected to increase in the future. The medical device industry is under content pressure to control costs without sacrificing timeline, research and development or safety. The regulatory bodies are mainly focusing on the quality of the healthcare devices which was provided to the public. This encourages various players in the market to offer various services such as regular consulting and many more. Most of the companies are shifting their focus on research and development for new medical devices and therefore outsourcing these activities can be used to launch efficient medical devices in the market.
The global medical device outsourcing market is segmented on the basis on type, application, product, services and region & country level. Based on type, the medical device outsourcing market is classified as class I device, class II device and class III device. Based on application, the market is segmented as cardiovascular, general medical devices, orthopedics and spine, general medical device and others. On the basis of product, the market is segmented as electronics, finished goods and raw materials. Based on services, the global medical device outsourcing market is classified as assembly and packaging, finished device manufacturing, prototype development and testing and regulatory support services.
The regions covered in global medical device outsourcing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global medical device outsourcing market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global medical device outsourcing market reports cover prominent players like Nortech Systems, Inc., Tecomet, Inc., Celestica Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., West Pharmaceutical Services, Inc., Sanmina Corporation and others.
NextPhase Medical Devices Launched New Business
April 16th, 2018– Carlo W. Colesanti, president and CEO, has announced the launch of NextPhase Medical Devices LLC (www.nextphasemed.com), an FDA registered and certified ISO 13485 medical device contract manufacturing company working with specialized Class I, II, and III medical devices. NextPhase was formed through the acquisition and integration of Nexcore Technology LLC and Phase 2 Medical Manufacturing Inc., and is a portfolio company of Kidd & Company LLC (KCO), a private investment firm. The newly formed company now brings a unique full-service offering to both start-ups and OEMs in the medical device manufacturing industry. The launch of this new company will allow NextPhase to become a one-stop shop for both electronic manufacturing services (EMS) and single-use disposable medical devices with a greatly expanded solutions capability for its customers.
Global Medical Device Outsourcing Market Dynamics–
Increasing pressure on the medical device manufacturers to reduce the overhead expenses and the operational costs while maintaining the quality of healthcare services are one of the major factors driving the market growth. The reduction of production time ensures early entry of product in market along with the need to meet regular standards and fosters the growth of global medical device outsourcing market. However, these ISO standards are not affordable or applicable in undeveloped or underdeveloped countries which may hamper the growth of global medical devices outsourcing market. The security threat of the confidential data or information of company may also restraint the growth of medical device outsourcing market.
Global Medical Device Outsourcing Market Regional Analysis–
Asia Pacific is expected to dominate the global medical device outsourcing market due to the increasing demand of new technology along with advancement in healthcare infrastructure in this region within the forecast period. Most of medical devices companies adopt to manufacture their devices in Asia which is primarily due to the low labor cost and improvement in technical knowledge. Chip overhead costs and also the presence of large patients’ pool suffering from disorder such as cardiac diseases and neurological diseases, are also supplementing market growth in this region.
North America is projected to witness the significant growth in this market due to the highly developed healthcare infrastructure and high investment in research and development in healthcare in this region. The European Commission had proposed new legislation in September 2012, to enhance the safety, traceability and transparency. The original equipment manufacturer and subcontractors in developed countries in European Union and other such countries adopts new ISO standards which is also expected to foster the growth of medical device outsourcing market in this region.
Key Benefits for Medical Device Outsourcing Market Report–
|Years :||2019||Market Size in 2019:||US$ 115.40 Billion|
|Market Historical Analysis:||2015-2019||Forecast Analysis:||2020-2026|
|Forecast Period CAGR %:||10.1%||Market Size Expected to reach in 2026:||US$ 226.32 Billion|
|Pages:||200||Tables, Charts & Figures:||178|
|Top Companies:||Nortech Systems, Inc., Tecomet, Inc., Celestica Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., West Pharmaceutical Services, Inc., Sanmina Corporation and others.|
|Market Segmentation:||Type, Application, Services, Product|
|Regional Analysis:||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
By Regional & Country Analysis:
The Middle East and Africa
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Medical Device Outsourcing Market Size, By Type( Class I Devices, Class II Devices, Class III Devices), By Applications (General Medical Devices, Cardiovascular, Orthopedics and Spine, Radiology ), By Product: ( Electronics, Raw Materials, Finished Goods) Forecast 2021 to 2027