The outsourced fabrication of medical devices is called as Medical devices outsourcing. Medical device companies can outsource recurring manufacturing and streamlined supply chain, and logistical alignment. Outsourcing can help manufacturers and supply chain as it permits the manufacturers in focusing on their primary operations, like marketing and product innovation. It also minimizes the overall cost and time for entering in the market. Companies save up 10-15% on production when they outsource their products. Medical device outsourcing helps in reducing manufacturing time, early launch of product and quality check approvals for matching regulatory criteria.
Global medical devices outsourcing market is forecast to be valued at US$ 56,687.9 Mn in 2021, during the forecast period.
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Key players are focusing on gaining product approvals from regulatory authorities is anticipated to propel growth of the global medical devices outsourcing market during the forecast period. For instance, Sound Life Sciences gained U.S. FDA 510(k) clearance in December 2021, for their contactless Sonar-bases respiratory monitor used in smart devices. Furthermore, this can be utilized in clinics or home for measuring breathing in patients suffering from asthma, chronic respiratory pulmonary disease, anxiety and congestive heart failure.
Moreover, Edwards Life Sciences gained approval in December 2021, from the U.S FDA for using the Edwards SAPIEN 3 Trans catheter valve along with alterra adaptive present in patients suffering from chronic pulmonary regurgitation.
Impact of COVID-19:
COVID-19 was reported in China, in December 2019. The World Health Organization published the COVID-19 Weekly Epidemiological Update mentioning that almost 193 million cases of coronavirus and 4.1 million deaths were reported until 25 July, 2021, worldwide.
The pandemic has disrupted supply chains, which resulted in huge reduction in of medical devices production. The pandemic also increased the need for scalable manufacturing operations.
Key players are focusing on adopting growth strategies like partnerships, collaborations and mergers in the global medical devices outsourcing market. For instance, Interger Holding Corporation announced the acquisition of a manufacturer of medical devices based in an Israel, in February 2020 for increasing their footprint worldwide along with their innovations in the medical device industry.
The global medical devices outsourcing market is estimated to witness a CAGR of 12.4% during the forecast period, due to increasing mergers for expanding the company portfolio. For instance, Scripts was acquired by Cardinal Health in April 2019. Scripts offers engagement solutions along with patient adherence using easy to use web and mobile based health management platforms.
Cardiovascular segment, among applications in the global medical devices outsourcing market is estimated to witness growth over the forecast period, due to rising incidences of cardiovascular disorders. For instance, the WHO mentioned that in 2019, almost 17.9 million deaths were reported due to CVDs, which accounts for 32% of deaths globally.
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Major players active in global medical devices outsourcing market are West Pharmaceuticals Services Inc, SGS SA, Thermo Fischer Scientific Inc., American Preclinical Services, Intertek Group PLC, Providien LLC, Wuxi Apptec, Cadence Inc., TüvSüd AG, Benchmark Electronic Inc., Toxikon, Celestica Inc., Accellent Inc., Eurofins Scientific, IQVIA, Sterigenics International LLC, North American Science Associates, Inc., Pace Analytical Services LLC. And Charles River Laboratories International.
Reasons to buy this Medical Devices Outsourcing Market Report
☑ It attempts an analysis of the competing scenario.
☑ The current and exceptional product revenue market.
☑ An in-depth data on the regional investigation and competitive landscape structure.
☑ It benefits in creating an awareness of the important key product segments.
☑ The marketing strategies, opportunities, and development factors are explained.
☑ Medical Devices Outsourcing market size estimation and recent advancements in the industry are explained.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Medical Devices Outsourcing Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Medical Devices Outsourcing Industry Impact
Chapter 2 Global Medical Devices Outsourcing Competition by Types, Applications, and Top Regions and Countries
2.1 Global Medical Devices Outsourcing (Volume and Value) by Type
2.3 Global Medical Devices Outsourcing (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Medical Devices Outsourcing Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Medical Devices Outsourcing Market Analysis
Chapter 6 East Asia Medical Devices Outsourcing Market Analysis
Chapter 7 Europe Medical Devices Outsourcing Market Analysis
Chapter 8 South Asia Medical Devices Outsourcing Market Analysis
Chapter 9 Southeast Asia Medical Devices Outsourcing Market Analysis
Chapter 10 Middle East Medical Devices Outsourcing Market Analysis
Chapter 11 Africa Medical Devices Outsourcing Market Analysis
Chapter 12 Oceania Medical Devices Outsourcing Market Analysis
Chapter 13 South America Medical Devices Outsourcing Market Analysis
Chapter 14 Company Profiles and Key Figures in Medical Devices Outsourcing Business
Chapter 15 Global Medical Devices Outsourcing Market Forecast (2022-2028)
Chapter 16 Conclusions
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