According to a new report published by UnivDatos Markets Insights, the Medical Device Outsourcing Market was valued at USD 51 billion in 2020 and is expected to grow at a CAGR of 9.8% from 2021-2027. The analysis has been segmented Product (Finished Goods, Electronics, Raw Materials); Device Type (Class 1 Devices, Class 2 Devices, Class 3 Devices); Application (Diagnostics imaging, IV diagnostics, Orthopedic and prosthetic devices, and Others); Services (Prototype Development, Finish Device Manufacturing, Assembly and Packaging, and Testing and Regulatory Support Services); Region/Country.
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The Medical Device Outsourcing Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Medical Device Outsourcing market. The Medical Device Outsourcing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Medical Device Outsourcing market at the global and regional levels.
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Market Overview
In 2022, according to the CDC, six in ten Americans live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes. More than 877,500 Americans die of heart disease, stroke, or other cardiovascular diseases every year. Heart disease and stroke are the first and fifth leading causes of death in the United States. This rapidly growing chronic disease declines the person’s life rapidly. Owing to this need for hospitals and clinics is increasing which in turn growing the demand for medical devices. As demand increases the industry player outsource the devices as they have a very short duration for completing the required demand by hospitals and clinics. This outsourcing of the device is very necessary as ensure early entry of the product in the market and devices are produced under the regulatory standard which in turn boosts the growth of the medical device outsourcing market.
Some of the major players operating in the market include Cardinal Health Inc., Flex Ltd., TE Connectivity Ltd., Integer Holdings Corporation, Nortech Systems Incorporated, Plexus Corp., Eurofins Scientific SE, West Pharmaceutical Services Inc., SGS SA, and WuXi AppTec Inc., among others.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The COVID-19 pandemic has had both positive and negative impacts on major companies around the world, disrupting the industry-wide production cycle and supply chain. The market is expected to be affected by a pandemic as demand for selective surgical medical devices is declining. On the contrary, the demand for medical products such as ventilators and respirators has grown many times, improving the growth prospects of contract manufacturers of medical products.
The global Medical Device Outsourcing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is fragmented into diagnostics imaging, IV diagnostics, orthopedic and prosthetic devices, and others. The diagnostics imaging grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The increasing emphasis of healthcare agencies on early diagnosis and treatment also drives the growth of this segment.
· Based on services, the market is fragmented into prototype development, finish device manufacturing, assembly and packaging, and testing & regulatory support services. The finish devices manufacturing segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. This is due to original equipment manufacturers (OEMs) in the medical device industry seeking support for medical device testing and certification services to meet regulatory standards.
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Medical Device Outsourcing Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market dynamics of the medical device outsourcing market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. Geographically, the North America region dominated the medical device outsourcing market owing to the presence of well-established market players and the increasing demand for medical devices in the region.
The major players targeting the market include
· Cardinal Health Inc.
· Flex Ltd.
· TE Connectivity Ltd.
· Integer Holdings Corporation
· Nortech Systems Incorporated
· Plexus Corp.
· Eurofins Scientific SE
· West Pharmaceutical Services Inc.
· SGS SA
· WuXi AppTec Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Medical Device Outsourcing Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Medical Device Outsourcing market?
• Which factors are influencing the Medical Device Outsourcing market over the forecast period?
• What are the global challenges, threats, and risks in the Medical Device Outsourcing market?
• Which factors are propelling and restraining the Medical Device Outsourcing market?
• What are the demanding global regions of the Medical Device Outsourcing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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