Industry Outlook

The global medical devices outsourcing market expected to grow at compound annual growth rate (CAGR) of 10.6% during the forecast period from 2023 to 2030. Outsourcing of medical devices manufacturing has become a pervasive aspect of medical device industry with every company are choosing outsourcing over in-house manufacturing. This has led the companies to focus on their core competencies and new product development. The trend of outsourcing medical devices R&D is also increasing. Outsourcing has become the favorite option for the companies as it reduces costs, accelerate market entry of products and curtails business risks. The cost reduction is a result of enhanced organization effectiveness, greater access to advanced technology and shorter product development cycle. Moreover, regulatory compliance outsourcing is rapidly gaining momentum due to constant partnerships and collaborations between medical devices manufacturers and regulatory compliance outsourcing services providers. This helps the manufacturing companies for swift approval and launch of products in the market with reduced cost. The contract manufacturers in North America, Europe and Japan work in compliance with the international standards for quality management system. However, the service providers in Asia Pacific are rapidly improving the quality standards to match the international standards.

"Contract Manufacturing Segment Accounted for the Largest Share by Service Type"  

The medical devices outsourcing market is segmented in to quality assurance, regulatory affairs, product design and development, product testing and sterilization, product upgrade services, product maintenance and contract manufacturing. In 2021, contract manufacturing held the largest share in the global medical devices outsourcing market and projected to be the dominant marker during the forecast period. High demand for outsourcing manufacturing process to curb OEM production cost and focus on core competencies is the major driver for the market.

The medical devices outsourcing market is studied to understand the current and future trends and dynamics. The study scope includes market size and forecast for all considered segments studied in the report for the period from 2020 to 2030, along with compound annual growth rate (CAGR) for forecast period from 2023 to 2030, 2021 being the considered as the base year. The key players currently engaged in medical devices outsourcing market include Covance, Inc., Pharmaceutical Product Development, LLC. (PPD), Charles River Laboratories International, Inc., Laboratory Corporation of America, ICON plc., inVentiv Health, Parexel International, Eurofins Scientific, Toxikon, Inc. and Pace Analytical Services, LLC.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Devices Outsourcing market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Devices Outsourcing market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Devices Outsourcing market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Devices Outsourcing market?
• Which is the largest regional market for Medical Devices Outsourcing market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Devices Outsourcing market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Devices Outsourcing market worldwide?