Medical Device Outsourcing Market Expected To Encourage Expansion At CAGR Of 10.5% For The Forecast Period From 2019 To 2026 : Grand View Research Inc.
San Francisco, 21 August 2019: The Report Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Therapeutic Area (Cardiology, General & Plastic Surgery), And Segment Forecasts, 2019 – 2026
The global medical device outsourcing market size is expected to reach USD 210.5 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.5% during the forecast period. Rising demand for advanced products and the trend of offshoring is fueling the growth.
Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.
Contract manufacturers, especially in developed countries like U.S., European Union (EU) nations, and Japan, comply with international standard for quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Emphasis on regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and Quality Management Systems (QMS), thereby contributing to the growth of global medical device outsourcing market.
Also, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the Original Equipment Manufacturers (OEM). This trend is expected to boost the medical device outsourcing to emerging countries like India and China. Export infrastructure, low cost labor, artificially low currency value, and government incentives for local manufacturers, especially in China; are some of the benefits offered by the contract manufacturers in emerging countries.
Access Research Report of Medical Device Outsourcing Market @ www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Further key findings from the report suggest:
Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:
Medical Device Outsourcing Service Outlook (Revenue, USD Billion, 2015 - 2026)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
The global medical device outsourcing market size is expected to reach USD 210.5 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.5% during the forecast period. Rising demand for advanced products and the trend of offshoring is fueling the growth.
Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.
Contract manufacturers, especially in developed countries like U.S., European Union (EU) nations, and Japan, comply with international standard for quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Emphasis on regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and Quality Management Systems (QMS), thereby contributing to the growth of global medical device outsourcing market.
Also, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the Original Equipment Manufacturers (OEM). This trend is expected to boost the medical device outsourcing to emerging countries like India and China. Export infrastructure, low cost labor, artificially low currency value, and government incentives for local manufacturers, especially in China; are some of the benefits offered by the contract manufacturers in emerging countries.
Access Research Report of Medical Device Outsourcing Market @ www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Further key findings from the report suggest:
- Contract manufacturing led the service segment in 2018 owing to the growing trend of outsourcing by OEM to third-party manufacturers, especially in emerging countries
- Based on service, quality assurance is projected to exhibit the fastest CAGR over the forecast period
- Asia Pacific led the medical device outsourcing market in 2018 owing to lower cost and increased availability of skilled human resources
- North America commanded a cumulative market share in 2018 due to well-established infrastructure for manufacturing complex medical devices
- Some of the key companies present in the market are Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer; Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD; Intertek Group; Flextronics; Tecomet; and Sanmina.
Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:
Medical Device Outsourcing Service Outlook (Revenue, USD Billion, 2015 - 2026)
- Quality Assurance
- Regulatory Affairs Services
- Clinical Trials Applications and Product Registrations
- Regulatory Writing and Publishing
- Legal Representation
- Other
- Product Design and Development Services
- Designing & Engineering
- Machining
- Molding
- Packaging
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
- Accessories Manufacturing
- Assembly Manufacturing
- Component Manufacturing
- Device Manufacturing
- Cardiology
- Class I
- Class II
- Class III
- Diagnostic imaging
- Class I
- Class II
- Class III
- Orthopedic
- Class I
- Class II
- Class III
- IVD
- Class I
- Class II
- Class III
- Ophthalmic
- Class I
- Class II
- Class III
- General and plastic surgery
- Class I
- Class II
- Class III
- Drug delivery
- Class I
- Class II
- Class III
- Dental
- Class I
- Class II
- Class III
- Endoscopy
- Class I
- Class II
- Class III
- Diabetes care
- Class I
- Class II
- Class III
- Others
- Class I
- Class II
- Class III
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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