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Medical Device Outsourcing Market Research: Key Growth Drivers and Challenges and Forecast to 2027

Akshay Chavhan 4 months ago 0 7

The size of the Global Medical Devices Outsourcing Market reached USD 106.40 Billion in 2019 and is anticipated to achieve USD 229.40 Billion by 2027, with a growth rate of 10.1% projected throughout the forecast period. Various factors contribute to the market’s growth, including the globalization of both small and large-scale manufacturers, the escalating complexity of medical devices, a rise in expenditures on Contract Research Organization (CRO) services, and an increase in the global prevalence of chronic diseases.

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Competitive Landscape:

The key players operating in the global medical device outsourcing industry are;

  • Eurofins Scientific;
  • Plexus;
  • Pace Analytical Services;
  • Tecomet;
  • Jabil;
  • MAPI;
  • Flextronics;
  • PPD;
  • Celestica;
  • Freyr Solutions;
  • Sanmina;
  • Wuxi Apptec;
  • Toxikon Inc.;
  • SGS SA,
  • Integer;
  • Intertek Group

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Market Insights:

The Global Medical Devices Outsourcing Market, valued at USD 106.40 Billion in 2019, is projected to reach USD 229.40 Billion by 2027, marking a substantial growth rate of 10.1% over the forecast period. This growth is underpinned by a myriad of factors, including the globalization of manufacturers, both small and large-scale, the increasing complexity of medical devices, rising investments in Contract Research Organization (CRO) services, and a surge in the prevalence of chronic diseases on a global scale.

Industry Dynamics:

The implantable medical device market is poised to generate USD 165 billion in revenue by 2027, creating lucrative opportunities for trends in the medical device outsourcing sector. A noteworthy development on August 24, 2020, saw Vonco Products LLC, a prominent player in the contract manufacturing of liquid-tight medical fluid bags and components for custom medical device applications, acquire McFarlane Medical, Inc., a wholesale distributor specializing in surgical and other medical devices.

Regional Impact:

In terms of the regional landscape, the Asia-Pacific region is anticipated to make a significant contribution to the global medical device outsourcing market, exhibiting a robust Compound Annual Growth Rate (CAGR) of 9.9% through 2027. This underscores the region’s pivotal role in shaping the overall market dynamics and growth trajectory.

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