SEATTLE, July 06, 2021, (MEDGADGET) — Global Medical Devices Outsourcing Market Analysis
Overview
For supply chain management, the medical device outsourcing industry is a concept that emphasizes contracting with a third party for product design, assembly, processing, certification, prototyping, and inspection of medical products in a sterile and regulated environment.
In terms of size, the global medical devices outsourcing market is forecast to hit US$ 109,818.8 million by the end of 2027, up from US$ 50,775 million in 2020.
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Drivers
Over the forecast period, the global medical devices outsourcing market is projected to rise due to an increase in the incidence of infectious diseases. As per the American Cancer Society, there will be 1,762,450 new cancer patients diagnosed and 606,880 cancer deaths in the U.S. in 2019.
Furthermore, strict regulatory rules for obtaining quality certifications are likely to help business development. Pre-market approvals and 510 (K) clearance are required for Class II medical devices, and securing them is a time-consuming process. Medical product companies are constantly hiring consultants to help them appreciate the laws and paperwork needed to get pre-market approvals.
In terms of value, Product Design and Development dominated the global medical devices outsourcing market in 2019, contributing about 27.6 percent market share, led by Regulatory Consulting and Other Services and Product Maintenance.
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Restraints
The adoption of numerous outsourcing partners is estimated to stifle business expansion. Medical product production facilities are being outsourced to several service suppliers by healthcare firms such as Boston Scientific and Johnson & Johnson. Different contracting partners are used for various processes such as component production, product design, process evaluation, and regulatory consulting due to a shortage of end-to-end service providers. This might stifle the growth of the global medical device outsourcing market. Multiple outsourcings create time limitations which necessitates careful teamwork in order to achieve increased and improved efficiency.
Furthermore, concerns related to the confidentiality of sensitive data are likely to hinder business expansion. Intellectual property rights are a threat in services like product design, prototyping, and process validation. A medical device manufacturer and a service provider would share a lot of data while outsourcing R&D services. For the risk of compromising their trade secrets, many medical device manufactures are unable to outsource such facilities.
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Market Taxonomy
- According to the type of service: Product implementation, design & development of product, Product maintenance, Product certification and testing, Product upgrade, Regulatory Consulting and other services.
- According to the device class: Class III, Class I, and Class II.
- According to the applications: Orthopedic, Cardiology, Radiology, Neurology, Anesthesia, Others.
Opportunities
Key players operating in the global medical devices outsourcing market should continue to benefit from the growing trend of outsourcing IT services. SAP, ERP, and CRM are examples of IT solutions that have increased the efficiency of different companies by streamlining procedures and lowering the risk of error. With the rising demand for medical devices and the increased manufacturing capability of medical device suppliers, the demand for IT-enabled solutions has improved as well. IT strategies will also aid in the successful management of outsourcing partners. This opens up a lot of doors for companies that have supply chain management software like SAP and ERP.
Furthermore, many Asian Pacific countries are promoting outsourcing by establishing special economic zones. The reduced taxes in these zones assist in lowering the cost of medical devices produced in the city. This, in particular, is expected to stimulate growth of the global medical devices outsourcing market.
The global medical devices outsourcing market was worth US$ 45,491.2 million in 2019 and is expected to grow at a CAGR of 11.7 percent to US$ 109,817.8 million by 2027.
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Key Takeaways
The market’s major players are concentrating their efforts on R&D. Integer Holdings Corporation founded The Galway Research and Development (R&D) Innovation Centre in Ireland in June 2020 to improve Integer’s capacity to deliver high-quality medical devices and innovations.
The market’s major players are also focusing on M&A tactics to broaden their product range. Cardinal Health purchased mscripts in April 2019, a company that provides patient commitment and participation solutions using a simple smartphone and web-based health management framework.
Competitive Landscape
Key companies contributing in the global medical devices outsourcing market are Heraeus Holding GmbH, Flex Ltd., TE Connectivity Ltd., Integer Holdings Corporation, CIRTEC Medical Systems LLC, Micro Systems Engineering GmbH, Onex Corporation, Cardinal Health, Inc., Avail Medical Product, Active Implants Corporation, Creganna-Tactx Medical, Mdmi Technologies Inc., Accellent Inc., West Pharmaceutical Services, Inc., Sanmina Corporation, and Plexus Corporation.
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Key Developments
To broaden their product range, major players in the industry are focusing on collaboration strategies. Electrochem Solutions, a subsidiary of Integer Holdings Corporation, signed a technology licensing agreement with Nanoramic Laboratories in April 2020, allowing Electrochem to produce, market, and distribute Nanoramic’s FastCAP EE Series ultracapacitors globally.
The market’s major players are also focusing on M&A tactics to broaden their product range. Contract Medical International was purchased by Heraeus Medical Components, a subsidiary of Integer Holdings Corporation, in February 2020.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Service Type
- Market Snippet, By Device Class
- Market Snippet, By Application
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Developments
- Regulatory Scenario
- PEST Analysis
- COVID-19 Impact Analysis
- Market Dynamics
- Global Medical Devices Outsourcing Market, By Service Type, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Product Design And Development
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Regulatory Consulting and other services
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Product maintenance
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Product upgrade
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Product testing and certification
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Product implementation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Introduction
- Global Medical Devices Outsourcing Market, By Device Class, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Class I
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Class II
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Class III
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Medical Devices Outsourcing Market, By Application, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Cardiology
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Neurology
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Radiology
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Anesthesia
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Orthopedic
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Medical Devices Outsourcing Market, By Regions, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- GCC
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
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