Medical Devices Outsourcing Market By Services Type (Quality Assurance, Regulatory Affairs Services, Product Design And Development, Product Testing And Sterilization, Product Upgrade Services, Product Maintenance Services, Contract Manufacturing), By Application (Cardiology, Diagnostic Imaging, Orthopedic, Diagnostic Testing Systems, Ophthalmic, Drug Delivery, General & Plastic Surgery, Dental, Endoscopy, Diabetes Care) - Growth, Future Prospects, And Competitive Landscape, 2018 - 2026

Industry Outlook

The global medical devices outsourcing market was worth US$ 39.20 billion in 2017 and is expected to expand at a compound annual growth rate (CAGR) of 10.6% from 2018 to 2026. Outsourcing of medical device manufacturing has become a pervasive aspect of the medical device industry, with every company choosing to outsource over in-house manufacturing. This has led the companies to focus on their core competencies and new product development. The trend toward outsourcing medical device R&D is also increasing. Outsourcing has become the preferred option for businesses because it lowers costs, accelerates the introduction of new products to the market, and reduces business risks. The cost reduction is a result of enhanced organizational effectiveness, greater access to advanced technology, and a shorter product development cycle. Moreover, regulatory compliance outsourcing is rapidly gaining momentum due to constant partnerships and collaborations between medical device manufacturers and providers of regulatory compliance outsourcing services. This enables manufacturing companies to obtain quick approval and launch products into the market at a lower cost. The contract manufacturers in North America, Europe, and Japan work in compliance with the international standards for quality management systems. However, service providers in Asia-Pacific are quickly raising quality standards to meet international standards.

Market Synopsis

The contract manufacturing segment accounted for the largest share by service type.

The medical devices outsourcing market is segmented into quality assurance, regulatory affairs, product design and development, product testing and sterilization, product upgrade services, product maintenance, and contract manufacturing. In 2017, contract manufacturing held the largest share of the global medical devices outsourcing market and was projected to be the dominant market during the forecast period. High demand for outsourcing the manufacturing process to curb OEM production costs and focus on core competencies is the major driver for the market.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The medical devices outsourcing market report furnishes quantitative analysis along with its latest market trends. The market is segmented based on service type, application, and geography.

The medical devices outsourcing market is studied to understand the current and future trends and dynamics. The study scope includes market size and forecasts for all considered segments studied in the report for the period from 2016 to 2026, along with a compound annual growth rate (CAGR) for the forecast period from 2018 to 2026, with 2017 being considered the base year. The key players currently engaged in the medical devices outsourcing market include Covance, Inc.; Pharmaceutical Product Development, LLC (PPD); Charles River Laboratories International, Inc.; Laboratory Corporation of America; ICON plc; inVentiv Health; Parexel International; Eurofins Scientific; Toxikon, Inc.; and Pace Analytical Services, LLC.

Key questions are answered in this report.

  • How will the global medical devices outsourcing market perform during the forecast period from 2018 to 2026?
  • What are the latest trends in the medical device outsourcing market and valuable opportunities for key players?
  • Who are the leading players in the global medical device outsourcing market?
  • Which region leads and grows the most in the global medical device outsourcing market?
  • What are the drivers and restraints governing the global medical device outsourcing market?

Frequently Asked Questions:

The market for Medical Devices Outsourcing Market is expected to reach At US$ 39.20 Bn in 2026.

The Medical Devices Outsourcing Market is expected to see significant CAGR growth over the coming years, at 10.6%.

The report is forecasted to 2018-2026

The base year of this report is 2017.

Covance, Inc.,Pharmaceutical Product Development, LLC. (PPD),ICON plc.,Charles River Laboratories International, Inc. Laboratory Corporation of America are some of the major players in the global market.

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Published Date:  Apr 2019
Category:  Medical Devices
Report ID:   59656
Report Format:   PDF
Pages:   120
Rating:    4.2 (58)
Delivery Time: 24 Hours to 48 Hours   
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