What Has Been the Progress and Growth of the Medical Device Outsourcing Market in Recent Years?
The medical device outsourcing market has seen considerable growth due to a variety of factors.
• The size of the medical device outsourcing market has experienced rapid expansion in the past few years. The market, worth $144.86 billion in 2024, is projected to increase to $163.1 billion in 2025, with a compound annual growth rate (CAGR) of 12.6%.
The surge observed in the historic period is due to factors such as rising intricacy in medical devices, economic manufacturing solutions, emphasis on core capabilities, market globalization, and an increase in contractual research and development (R&D).
What Can Be Expected from the Medical Device Outsourcing Market in the Coming Years?
The medical device outsourcing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for medical device outsourcing is projected to experience swift expansion in the coming years, reaching a value of $290.76 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 15.6%.
This projected expansion during the forecast period is due to emphasis on primary skills, reduced delivery time demands, cost-effective manufacturing, the need for scalability and flexibility, and the intricate nature of medical devices. Noteworthy patterns emerging within the forecast span include an increase in customization and personalization, an emphasis on risk reduction and adherence, rising demand for remote monitoring gadgets, greater importance placed on data protection, and novel advancements in wearable medical devices.
Which Drivers Are Accelerating Growth In The Medical Device Outsourcing Market?
The surge in chronic illnesses is anticipated to fuel the expansion of the medical device outsourcing market in the future. Chronic illnesses are ailments that persist for at least a year or more, necessitating consistent medical care or limiting daily activities, or both. The increasing occurrence of chronic diseases heightens the need for new, high-quality medical products that can be launched quicker, consequently bolstering the growth of the medical devices outsourcing market. For example, the UN Chronicle, a digital publication from the United Nations, projects that by 2030, the global toll of chronic diseases could potentially escalate to about 56%. Therefore, the ubiquity of chronic diseases is expected to stimulate the growth of the medical device outsourcing market.
How Is the Medical Device Outsourcing Market segmented?
The medical device outsourcing market covered in this report is segmented –
1) By Product: Finished Goods, Electronics, Raw Materials
2) By Device Type: Class I Devices, Class II Devices, Class III Devices
3) By Services: Quality Assurance, Regulatory Affair Services, Product Design Development, Product Testing And Sterilization, Product Implementation, Product Upgrade, Product Maintenance, Contract Manufacturing
4) By Application: Drug Delivery, Dental, Diabetes Care, Cardiology, Other Applications
Subsegments:
1) By Finished Goods: Surgical Instruments, Diagnostic Devices, Therapeutic Devices
2) By Electronics: Medical Imaging Components, Wearable Health Technology, Embedded Systems
3) By Raw Materials: Plastics and Polymers, Metals and Alloys, Biomaterials
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What New Trends Are Influencing the Medical Device Outsourcing Market?
The trend of strategic alliances and cooperations is becoming progressively prominent in the medical device outsourcing market. The focus of major players in this market is shifting towards such alliances to dominate the market. For example, Medical Device Inc., an American medical device contract manufacture company, bought NextPhase Medical Devices LLC in July 2023 for an undisclosed sum. This acquisition resulted in doubling the size of the group and solidified its status as a leading worldwide medical device contract producer, generating 70% of its income from the United States. The United Group operates seven well-funded, complete production facilities situated across North America, Europe, and North Africa, and offers a wide range of manufacturing capabilities with significant exposure to end markets in various international sectors. NextPhase Medical Devices LLC is a medical device manufacturing firm based in Mexico.
Who Are the Key Players in the Medical Device Outsourcing Market?
Major companies operating in the medical device outsourcing market include:
• Cardinal Health Inc.
• Flex Ltd.
• Te Connectivity Ltd.
• Sanmina Corporation
• Celestica Inc.
• WuXi AppTec Inc.
• Phillips-Medisize LLC
• Intertek Group plc
• Plexus Corp
• Nipro Medical Corporation
• Teleflex Incorporated
• Integer Holdings Corporation
• Cantel Medical Corp
• Sterigenics International LLC
• Nortech Systems Incorporated
• Toxikon Inc.
• North American Science Associates Inc
• Omnica Corp
• NAMSA
• Tecomet Inc.
• Viant Medical
What Is The Most Dominant Region In The Medical Device Outsourcing Market?
North America was the largest region in the medical device outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
