WASHINGTON, Sept. 04, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Medical Device Outsourced Manufacturing Market has been steadily growing over the years due to various factors such as cost-effectiveness, increased focus on core competencies, advancements in technology, and regulatory considerations.
According to Vantage Market Research, the global Medical Device Outsourced Manufacturing market is estimated to be valued at USD 76.8 Billion by 2030 and is expected to exhibit a CAGR of 14.5% during the forecast period 2023 to 2030. The global Medical Device Outsourced Manufacturing market grew to USD 29.8 billion in 2022.
Medical Device Outsourced Manufacturing refers to the practice of delegating the production and assembly of medical devices to external companies. This process involves collaborating with specialized manufacturers who have the necessary expertise, equipment, and facilities to ensure high-quality production. By outsourcing manufacturing, medical device companies can focus on research, development, and marketing, while benefiting from cost savings, increased efficiency, and access to specialized skills. Furthermore, outsourcing allows companies to adapt to changes in demand and scale their production as needed, ensuring a consistent supply of devices for patients.
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Key Highlights
- By Device Type, the high demand for the IVD devices segment will increase in the Medical Device Outsourced Manufacturing market from 2023 to 2030.
- By Service Type, the device development and manufacturing services segment dominated the largest market share globally from 2023 to 2030.
- By Class of Device, the class II medical devices segment holds the largest share globally from 2023 to 2030.
- In 2022, North America dominated the market with the highest revenue share of 42.1%.
- The Asia Pacific region will grow at a high CAGR from 2023-2030.
The Medical Device Outsourced Manufacturing market has been growing steadily in recent years due to several factors. One of the main drivers is the increasing complexity and specialization of medical devices, which require advanced manufacturing capabilities that may only be available in some medical device companies. Outsourcing these processes to specialized CMOs allows companies to access the necessary expertise and streamline manufacturing operations.
Top Companies in The Global Medical Device Outsourced Manufacturing Market
- SGS SA (Switzerland)
- Laboratory Corporation of America Holdings (U.S.)
- Euro fins Scientific (Luxembourg)
- Pace Analytical Services Inc. (U.S.)
- Intertek Group PLC (UK)
- WuXiAppTec (China)
- North American Science Associates LLC (U.S.)
- TUV SUD (Germany)
- Sterigenics U.S. LLC (GTCR LLC) (U.S.)
- Charles River Laboratories (U.S.)
- Medical Device Testing Services (U.S.)
- RJR Consulting Inc. (U.S.)
- Mandala International (France)
- FreyrGlobal Regulatory Partners (U.S.)
- PAREXEL International Corporation (U.S.)
- Emergo (UL LLC) Bioteknica (U.S.)
- Accell Clinical Research LLC (U.S.)
- Genpact (U.S.)
- Criterium Inc. (U.S.)
- Promedica International (U.S.)
- Med Pace (U.S.)
- ICON PLC (Ireland)
- IQVIA Inc. (U.S.)
- Integer Holdings Corp. (U.S.)
- Tecomet Inc. (Charlesbank Capital Partners LLC) (U.S.)
- Jabil Inc. (U.S.)
- FLEX Ltd. (Singapore)
- Celestica Inc. (Canada)
- Sanmina Corp. (U.S.)
- Plexus Corp. (U.S.)
- Phillips Medisize (Molex
- LLC) (U.S.)
- Cantel Medical Corp. (STERIS PLC) (U.S.)
- West Pharmaceutical Services Inc. (U.S.)
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Factors affecting the growth of the Medical Device Outsourced Manufacturing Industry
Several factors can affect the growth of the Medical Device Outsourced Manufacturing industry. Some of these factors include:
- Technological advancements: The growth of the Medical Device Outsourced Manufacturing industry is heavily influenced by advancements in technology. As medical devices become more complex and sophisticated, companies often lack the in-house capacity to manufacture them.
- Cost reduction: Outsourcing allows companies to streamline operations and reduce costs associated with manufacturing, labor, and facility expenses. By partnering with specialized contract manufacturers, companies can focus on their core competencies, such as research and development, while benefiting from cost savings in manufacturing.
- Regulatory compliance: The medical device industry is highly regulated, and compliance with various standards and regulations is crucial. Contract manufacturers specializing in medical devices possess the necessary expertise and knowledge to ensure compliance with regulatory requirements.
- Increasing demand for medical devices: The demand for medical devices is expected to increase due to factors such as an aging population, rising chronic diseases, and technological advancements in healthcare. This growth in demand creates opportunities for the outsourced manufacturing industry as companies seek to meet market needs efficiently.
Top Trends in Global Medical Device Outsourced Manufacturing Market
One of the top trends in the global Medical Device Outsourced Manufacturing market is the development of advanced wearable devices. Traditional medical devices, such as injectable drugs, may need to be improved regarding effectiveness and patient compliance. However, introducing wearable medical devices offers a convenient and efficient solution. These devices allow for non-invasive drug administration through methods such as transdermal patches or smart inhalers. With wearable devices, patients can easily adhere to their treatment regimen and experience improved therapy outcomes.
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Recent Development of the Global Medical Device Outsourced Manufacturing Market
- October 2022, the reputable U.K. company Eakin Surgical, which is based in Cardiff, South Wales, and manufactures single-use surgical instruments, recently announced that it is expanding its contract manufacturing services to help medical device OEMs cut costs, meet rising sterile packaging demand, and address supply shortages.
- July 2022, Materic, a custom manufacturer of unique materials, and Baltimore MD LaunchPort, LLC, a medical device venture center and GMP contract manufacturing operation, have established a cooperation to promote the use of cutting-edge materials in developing cutting-edge medical device technologies.
Market Drivers
The Medical Device Outsourced Manufacturing market has been growing rapidly in recent years due to several factors. One of the main drivers is the increasing complexity and specialization of medical devices, which require advanced manufacturing capabilities that may not be available in-house for many medical device companies. Outsourcing these processes to specialized CMOs allows companies to access the necessary expertise and streamline their manufacturing operations.
Additionally, outsourcing manufacturing can provide cost savings for medical device companies. By leveraging the scale and expertise of CMOs, companies can often achieve economies of scale and optimize their production processes. This can result in lower manufacturing costs and improved efficiency. Another factor driving the growth of the Medical Device Outsourced Manufacturing market is the increasingly stringent regulatory environment in the healthcare industry. CMOs specializing in medical device manufacturing are typically well-versed in regulatory compliance and can ensure that devices meet the necessary quality standards and regulations.
Market Restraints
A major restraint in the Medical Device Outsourced Manufacturing market is the strict regulatory environment. Medical devices must comply with various regulations and standards set by governing bodies, such as FDA in the United States. This can increase the complexity and cost of manufacturing, as manufacturers need to ensure compliance at every step. Additionally, intellectual property concerns and the risk of data breaches can act as restraints for companies considering outsourcing their manufacturing processes.
Market Opportunities
The global Medical Device Outsourced Manufacturing market will offer numerous opportunities in the coming years. The market is driven by the increasing demand for cost-effective and innovative medical devices and the growing focus on quality and compliance in the healthcare industry. Additionally, the rising trend of outsourcing manufacturing processes to specialized contract manufacturers is a major factor fueling market growth. Moreover, advancements in technology, such as the development of advanced materials and manufacturing processes, are also creating new opportunities in the market. These factors are expected to drive the growth of the global Medical Device Outsourced Manufacturing market.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Medical Device Outsourced Manufacturing Market Forecast Report (2023-2030).
Report Segmentation of the Global Medical Device Outsourced Manufacturing Market
Device Type Analysis
IVD devices dominated the market with the largest share because of the increasing prevalence of chronic diseases and the growing demand for diagnostic tests. IVD devices, such as immunoassay analyzers, molecular diagnostic instruments, and clinical chemistry analyzers, are essential in diagnosing and monitoring various diseases. With the growing prevalence of chronic diseases and the increasing emphasis on early detection and personalized medicine, the demand for IVD devices is expected to continue to rise. Additionally, technological advancements have led to the development of innovative IVD devices, further driving the market growth in this segment. Other device types, such as cardiovascular devices, orthopedic devices, and diagnostic imaging devices, also contribute to the overall market growth but to a lesser extent than IVD devices.
Service Type Analysis
The device development and manufacturing services segment dominated the largest market share. It will dominate in the forecast period because they offer a wide range of services, including device design, prototyping, testing, and manufacturing. These services are in high demand as medical device companies often need more in-house expertise or resources to handle all aspects of the development and manufacturing process. The global Medical Device Outsourced Manufacturing market is based on the route of service type segmented into Device Development and Manufacturing Services, Quality Management Services, Packaging & Assembly By Type, and Other Services. Outsourcing these services allows companies to reduce costs, improve efficiency, and focus on their core competencies. Additionally, device development and manufacturing services are crucial in ensuring the safety and quality of medical devices, which are highly regulated and require strict adherence to industry standards.
Class of Device Analysis
Class II medical devices dominated the largest share due to their wide range of applications in various medical procedures. The global Medical Device Outsourced Manufacturing market is based on a class of device analysis segmented into Class II Medical Devices, Class I Medical Devices, and Class III Medical Devices. Furthermore, the dominance of Class II medical devices in the global medical device outsourcing market can be attributed to their high demand and extensive use in healthcare settings. These devices are crucial for diagnosing, treating, and monitoring various medical conditions, and outsourcing their manufacturing allows companies to focus on their core competencies while ensuring efficient and cost-effective production.
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Global Oxygen Conserving Devices Market Segmentation
By Type
- IVD Devices
- Diagnostic Imaging Devices
- Cardiovascular Devices
- Drug Delivery Devices
- Orthopedic Devices
- Ophthalmology Devices
- Diabetes Care Devices
- Dental Devices
- Respiratory Care Devices
- Surgical Devices
- Gynaecology/ Urology Devices
- Personal Care
- Neurology Devices
- Other Devices
By End-Use
- Device Development & Manufacturing Services
- Quality Management Services
- Packaging & Assembly By Type
- Other Services
By Class of Device
- Class I Medical Devices
- Class II Medical Devices
- Class III Medical Devices
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 29.8 Billion |
| Revenue Forecast by 2030 | USD 76.8 Billion |
| CAGR | 14.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | SGS SA, Laboratory Corporation of America Holdings, Euro fins Scientific, Pace Analytical Services Inc., Intertek Group PLC, WuXiAppTec, North American Science Associates LLC, TUV SUD, Sterigenics U.S. LLC (GTCR LLC), Charles River Laboratories, Medical Device Testing Services, RJR Consulting Inc., Mandala International, FreyrGlobal Regulatory Partners, PAREXEL International Corporation, Emergo (UL LLC) Bioteknica, Accell Clinical Research LLC, Genpact, Criterium Inc., Promedica International, Med Pace, ICON PLC, IQVIA Inc., Integer Holdings Corp., Tecomet Inc. (Charlesbank Capital Partners LLC), Jabil Inc., FLEX Ltd., Celestica Inc., Sanmina Corp., Plexus Corp., Phillips Medisize, Cantel Medical Corp. (STERIS PLC), West Pharmaceutical Services Inc. |
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Regional Analysis
Due to well-established healthcare infrastructure, advanced technology, and a highly skilled workforce, North America dominated the global market share for Medical Device Outsourced Manufacturing, with a market share of 42.10% in 2022. The region also benefits from robust research and development activities, favorable government regulations, and significant investments in the medical device industry. Additionally, North America has a large patient population base and increasing demand for technologically advanced medical devices. Furthermore, the region's extensive network of contract manufacturing organizations and strategic partnerships with medical device companies contribute to its leadership position in the global outsourced manufacturing market.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. The region's growth can be attributed to factors such as the increasing demand for healthcare services, technological advancements, and a large pool of skilled labor. Additionally, the competitive pricing offered by manufacturers in the region attracts medical device companies worldwide to outsource their manufacturing operations.
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