Medical Device Outsourcing Market to Surpass US$128,758.5 Million by 2028, According to Coherent Market Insights
SEATTLE, March 4, 2022 /PRNewswire/ — According to Coherent Market Insights, the medical device outsourcing market is estimated at US$56,687.9 million in 2021, and should present a CAGR of 12.4% over the forecast period (2021-2028).
Key trends and analysis of the global medical device outsourcing market:
Key market trends include increasing incidence of osteoarthritis and degenerative joint diseases, increasing new product launches and approvals, and increasing collaborations, partnerships, mergers and acquisitions between the main actors. These key trends are expected to drive the growth of the global medical device outsourcing market.
For example, in 2019-2020, according to the Canadian Institute for Health Information, 63,496 hip and knee replacement surgeries were performed in Canada.
Moreover, major market players are focusing on R&D investment for new product innovation. For example, in June 2020Integer Holdings Corporation launched the Galway Research and Development (R&D) Innovation Center in Ireland to improve the ability to deliver high quality medical devices and technologies.
In addition, major players operating globally medical device outsourcing market are focused on adopting inorganic growth strategies such as acquisitions, mergers, partnerships and collaborations, to strengthen their presence in the global market. For example, in July 2021, BREATH and IQVIA have collaborated to accelerate the early diagnosis and treatment of respiratory conditions. This collaborative step will improve health outcomes and quality of life for people living with respiratory conditions in the UK
Main market takeaways:
The global medical device outsourcing market is expected to grow at a CAGR of 12.4% during the forecast period, driven by increasing product portfolios of major industry players. For example, in January 2021, SGS SA has received US FDA approval to participate in and provide services for third party 510(k) premarket submission for medical devices. Additionally, since the onset of the pandemic, Toxikon has managed to operate safely and efficiently as a provider of preclinical safety and efficacy testing to ensure the delivery of healthcare products to patients.
Among the application types, the cardiovascular segment accounted for the largest market share in 2021, owing to the increase in cardiovascular disease population over the period. For example, in September 2021according to the Center for Disease Control and Prevention, approximately 18.2 million adults age 20 and older suffer from cardiovascular disease in the United States.
Key players operating in the global medical device outsourcing market include SGS SA, Intertek Group PLC, Wuxi Apptec, TüvSüd AG, Toxikon, INC., American Preclinical Services, Eurofins Scientific, Sterigenics International LLC, Pace Analytical Services LLC. , Charles River Laboratories International, Inc., North American Science Associates, Inc., IQVIA, Accellent Inc., Celestica Inc., Benchmark Electronic Inc., Cadence Inc., Providien LLC, Thermo Fischer Scientific Inc. and West Pharmaceuticals Services Inc.
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Global Medical Device Outsourcing Market, By Product:
- Finished products
- Raw material
Global medical device outsourcing market, by device type:
- Class I devices
- Class II devices
- Class III devices
Global Medical Device Outsourcing Market, By Application:
- Orthopedics and spine
- General medical devices
Global Medical Device Outsourcing Market, By Services:
- Prototype development
- Manufacture of finished devices
- Assembly and packaging
- Testing and regulatory support services
Global Medical Device Outsourcing Market, By Region:
- North America
- By country:
- Rest of Europe
- Asia Pacific
- By country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By country:
- Rest of Latin America
- Middle East & Africa
- By country:
- GCC countries
- South Africa
- Rest of Middle East & Africa
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