Medical Device Outsourcing Market Size Worth $287.03 Billion By 2030 | CAGR: 12.0%

The global Medical Device Outsourcing Market size is expected to reach USD 287.03 billion by 2030, according to a new study by Polaris Market Research. The report “Medical Device Outsourcing Market Share, Size, Trends, Industry Analysis Report, By Application (Cardiology, Diagnostic Imaging, Orthopedic, IVD, Ophthalmic, General and Plastic Surgery, Drug Delivery, Dental, Endoscopy, Diabetes Care, Others); By Service; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.

The demand for improved diagnosis, early treatment, and other medical care has increased as a result of the rising frequency of chronic diseases such as neurological, CVD, and orthopedics, among others. The performance of diagnostic medical devices determines the standard of care provided to patients. Due to fierce competition in the healthcare industry, the performance of a medical device has become a key differentiator, prompting device makers to outsource advanced technologies to third parties.

The increase in the demand for numerous medical devices is expected to fuel the global market's expansion. For instance, in April 2020, to meet the growing demand brought on by the pandemic, Eurofins announced that its laboratories in Europe, the United States, and Asia are now offering worldwide inspection, testing, and regulatory services for medical gowns, gloves, and face masks as well as respiratory protective equipment, its component, and materials.

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The market demand for a wide range of medical devices is being driven by the rising incidence of ailments, including diabetes, cardiovascular disease, cancer, and joint diseases. For instance, as per the CDC, 7.1% of individuals aged 18 to 44 years old have had doctor-diagnosed joint pain. 29.3% of individuals aged 45 to 64 years old have had doctor-diagnosed joint problems. 49.6% of people aged 65 and up have had doctor-diagnosed joint pain.

Medical Device Outsourcing Market Report Highlights

• Cardiology segment is anticipated to grow at a significant CAGR over the forecast period owing to the rising number of heart patients in the world
• General and plastic surgery hardware outsourcing is predicted to grow at the fastest CAGR due to the presence of competent outsourcing firms that meet regulatory standards, as well as growing market demands for cosmetic surgeries, which will contribute to the expansion of this segment.
• The hospital sector dominated the global market. This growth can be attributed to an increase in patient volume and increased funding for these procedures from hospital management.
• North America is also expected to grow significantly during the forecast period. Because of the well-established construction and operation phases for high-end, reliable, and complicated healthcare devices, this is the case. Furthermore, North America's technologically sophisticated digital sector gives it an advantage over other regions.
• The global market players include American Preclinical Services., Benchmark Electronic Inc., Celestica Inc., Charles River Laboratories International, Inc.,  Cadence Inc.,  Eurofins Scientific,  IQVIA, Accellent Inc., and Thermo Fischer Scientific Inc.

Polaris Market Research has segmented the Medical Device Outsourcing market report based on application, services, and region:

Medical Device Outsourcing, Application Outlook (Revenue - USD Billion, 2018 - 2030)

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

Medical Device Outsourcing, Services Outlook (Revenue - USD Billion, 2018 - 2030)

• Contract Manufacturing
• Product Testing & Sterilization Services
• Product Implementation Services
• Product Upgrade Services
• Product Maintenance Services
• Quality Assurance
• Product Design and Development Services
• Regulatory Affairs Services

Medical Device Outsourcing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa