Global Medical Device Outsourcing Market to reach USD 193.53 billion by 2025.
Global Medical Device Outsourcing Market valued approximately USD 85.2 billion in 2017 is anticipated to grow with a healthy growth rate of more than 10.80 % over the forecast period 2018-2025. Rising competition among manufacturers is leading to development of products at lower cost. This is positively influencing the growth of the market. Changing regulatory landscape and growing inclination towards outsourcing services such as regulatory consulting, quality assurance, and product implementation are anticipated to augment the market during the forecast period. Also rowing complexities in product engineering coupled with increasing number of new entrants are estimated to shape the future of the market. Rising prevalence of chronic disorders is escalating the demand for medical devices. This, in turn, is working in favor of the market. In recent time the market for outsourcing witnesses a huge increase owing to the benefits, which include reduction in overall cost and decrease in the time required for the product to enter into the market. In addition, outsourcing also allows the companies to focus on their core activities such as marketing of the product or device.
The regional analysis of Global Medical Device Outsourcing Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific offers lucrative opportunities for the market growth, owing to presence of large pool of patients suffering from disorders, such as cardiac and neurological. In addition, most of the medical device companies opt to manufacture their devices in Asia, which is primarily attributed to the low labor costs, improvement in technical knowledge, and low overhead costs. Thus, all these factors cumulatively have increased the outsourcing market in Asia.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Quality Assurance
- Regulatory Affair Services
- Product Design Development
- Product Testing and Sterilization
- Product Implementation
- Product Upgrade
- Product Maintenance
- Contract Manufacturing
- Diagnostic Imaging
- General and Plastic Surgery
- Drug Delivery
- Diabetes Care
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive. Some of the leading market players include SGS SA, Toxikon, Inc, Cornerstone OnDemand Inc., Eurofins Scientific, Pace Analytical Services LLC., Intertek Group Plc, Wuxi App-Tec, TUV SUD AG, RJR Consulting, Inc, Mandala International and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Global Medical Device Outsourcing Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers