Global Medical Device Outsourcing Market By Service (Quality Assurance, Regulatory Affairs Services, Product Design and Development Services, Product Testing & Sterilization Services, Product Implementation Services, Product Upgrade Services, Product Maintenance Services, Contract Manufacturing), Application (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General and Plastic Surgery, Drug delivery, Dental, Endoscopy, Diabetes Care, Others), Product (Finished Goods, Electronics, Raw Materials), Device Type (Class I Devices, Class II Devices, Class III Devices), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Medical Device Outsourcing Market

Global medical device outsourcing market is set to witness a healthy CAGR of 10.43% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Affordable outsourcing facilities and rising outsourcing opportunities are the factor for the market growth.

Market Definition: Global Medical Device Outsourcing Market

Medical devices outsourcing is the practice of hiring a third party for different business purposes such as manufacturing, supply chain management, prototyping, and product designing. They help the OEM to decrease their production time and labor cost. Outsourcing of medical devices is comparatively a new concept to concentrate on the core skills of the business, such as technological and clinical advances. They have the ability to provide different services such as regulatory affair services, product testing, product maintenance services, product design & development, product maintenance services, and contract manufacturing.

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Market Drivers

Rising aging population will drive the market growth
Increasing cases of different health disorders also accelerates the growth of this market
Increasing compliance with quality standards acts as a market driver
Growing product marketing will also propel the market growth

Market Restraints

Rising data security concern will restrain the market growth
Unfavorable reimbursement policies will also hamper the market

Segmentation: Global Medical Device Outsourcing Market

By Service

Quality Assurance
Regulatory Affairs Services
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

By Application

Cardiology
Diagnostic Imaging
Orthopedic
IVD
Ophthalmic
General and Plastic Surgery
Drug delivery
Dental
Endoscopy
Diabetes Care
Others

By Product

Finished Goods
Electronics
Raw Materials

By Device Type

Class I Devices
Class II Devices
Class III Devices

By Geography

North America
U.S.
Canada
Mexico
Europe
Germany
Italy
U.K.
France
Spain
Netherlands
Belgium
Switzerland
Turkey
Russia
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Australia
Singapore
Malaysia
Thailand
Indonesia
Philippines
Rest of Asia-Pacific
South America
Brazil
Rest of South America
Middle East and Africa
South Africa
Rest of Middle East and Africa

Key Developments in the Market:

In September 2019, Heraeus Holding announced the acquisition of Via Biomedical. This investment extends the current capabilities of Heraeus in the growing market for interventional devices. By combing the Via Biomedical strength with the Heraeus global reach and excellence in high-volume manufacturing, customers of OEM medical devices will be able to shorten development cycles and get quicker marketing of innovative products
In December 2018, Cirtec announced the acquisition of Metrigraphics, LLC. The micron-component expertise of Metrigraphics further extends the design, development and manufacturing capabilities of Cirtec, establishing one of the industry's most integrated outsourcing companies for medical devices. This acquisition is important part of their strategy of expanding their minimally invasive interventional therapeutic products

Competitive Analysis:

Global medical device outsourcing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical device outsourcing market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:

Few of the major competitors currently working in the global medical device outsourcing market are SGS SA; TOXIKON; Eurofins Scientific; Pace Analytical Services, LLC.; Intertek Group plc; WuXi AppTec; Sterigenics U.S., LLC; West Pharmaceutical Services, Inc; Cantel Medical.; Phillips-Medisize; Plexus Corp.; Sanmina Corporation; Jabil Inc.; Integer Holdings Corporation; Covance Inc; ONEX Corporation; Heraeus Holding; ICON plc; Criterium Inc; among others.

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