SAN FRANCISCO, June 12, 2019 /PRNewswire/ -- The global
medical device outsourcing market size is expected to
reach USD 210.5 billion by
2026, according to a new report by Grand View Research, Inc. It
is anticipated to progress at a CAGR of 10.5% during the
forecast period. Rising demand for advanced products and the trend
of offshoring is fueling the growth. Regulatory bodies emphasize on
the quality of the healthcare devices provided to the public,
encouraging industry players to offer various services like
regulatory consulting. For example, the European Medical Device
Regulation undertake special spontaneous inspection of outsourced
products to test the quality as well as conformity with
standards.
Key suggestions from the report:
- Contract manufacturing led the service segment in 2018 owing
to the growing trend of outsourcing by OEM to third-party
manufacturers, especially in emerging countries
- Based on service, quality assurance is projected to exhibit
the fastest CAGR over the forecast period
- Asia Pacific led the
medical device outsourcing market in 2018 owing to lower cost and
increased availability of skilled human resources
- North America commanded a
cumulative market share in 2018 due to well-established
infrastructure for manufacturing complex medical devices
- Some of the key companies present in the market are Toxikon
Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer;
Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD;
Intertek Group; Flextronics; Tecomet; and Sanmina.
Read 240 page research report with TOC on "Medical Device
Outsourcing Market Size, Share & Trends Analysis Report By
Services (Quality Assurance, Contract Manufacturing), By
Therapeutic Area (Cardiology, General & Plastic Surgery), And
Segment Forecasts, 2019 - 2026" at:
https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Also, the budget scrutiny in developed countries, pricing
pressure, and changes in reimbursement schemes are some of the
major factors anticipated to increase the adoption of cost
containment measures by the Original Equipment Manufacturers (OEM).
This trend is expected to boost the medical device outsourcing to
emerging countries like India and
China. Export infrastructure, low
cost labor, artificially low currency value, and government
incentives for local manufacturers, especially in China; are some of the benefits offered by the
contract manufacturers in emerging countries.
Grand View Research has segmented the global medical device
outsourcing market based on service, application, and
region:
- Medical Device Outsourcing Service Outlook (Revenue, USD
Billion, 2015 - 2026)
-
- Quality Assurance
- Quality Assurance
-
- Clinical Trials Applications and Product Registrations
- Regulatory Writing and Publishing
- Legal Representation
- Other
- Product Design and Development Services
-
- Designing & Engineering
- Machining
- Molding
- Packaging
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
-
- Accessories Manufacturing
- Assembly Manufacturing
- Component Manufacturing
- Device Manufacturing
- Medical Device Outsourcing Application Outlook (Revenue, USD
Billion, 2015 - 2026)
-
- Cardiology
-
- Class I
- Class II
- Class III
- Diagnostic imaging
-
- Class I
- Class II
- Class III
- Orthopedic
-
- Class I
- Class II
- Class III
- IVD
-
- Class I
- Class II
- Class III
- Ophthalmic
-
- Class I
- Class II
- Class II
- General and plastic surgery
-
- Class I
- Class II
- Class III
- Drug delivery
-
- Class I
- Class II
- Class III
- Dental
-
- Class I
- Class II
- Class III
- Endoscopy
-
- Class I
- Class II
- Class III
- Diabetes care
-
- Class I
- Class II
- Class III
- Others
-
- Class I
- Class II
- Class III
- Medical Device Outsourcing Regional Outlook (Revenue, USD
Billion, 2015 - 2026)
-
- North America
-
- Europe
-
- France
- Germany
- U.K.
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Asia Pacific
-
- Japan
- China
- India
- Indonesia
- Malaysia
- Singapore
- Korea
- Thailand
- Taiwan
- Australia
- Latin America
-
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
-
- South Africa
- Saudi Arabia
- UAE
- Israel
Find more research reports on Medical Devices Industry, by
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The aforementioned fact coupled with rising patient awareness
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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