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Global Medical Device Outsourcing Market to reach USD 240.07 billion by 2028

Global Medical Device Outsourcing Market Size study, by Product (Raw Materials, Electronics, Finished Goods), by Device Type (Class I, Class II, Class III Devices), by Service (Prototype Development, Finished Device Manufacturing, Assembly and Packaging, Testing and Regulatory Support Services), by Application (Orthopaedics and Spine, Cardiovascular, Radiology, General Medical Devices, Others) and Regional Forecasts 2022-2028

Product Code: HLSHS-65163911
Publish Date: 30-04-2022
Page: 200

Global Medical Device Outsourcing Market is valued at approximately USD 107.92 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 12.1 % over the forecast period 2022-2028. Medical device outsourcing refers to a process in which a manufacturer creates medical devices or components of medical devices that are then Marketed by another company. To assure compliance and supply high-quality components alongside safe and effective completed medical devices, medical device makers are outsourcing quality management services to medical device consulting organizations. Changing regulatory guidelines, increase in demand for advanced products, increasing price competition and the need to cut costs, adoption of the International Standards by the contract manufacturers and key players adopting strategy of Acquisitions has driven the adoption of Medical Device Outsourcing Market across the projected period. For Instance: A Life science Company Labcorp (previously known as Covance), bought Toxikon Inc., a clinical research organization, in December 2021 to extend its testing services for medical devices, pharmaceuticals, and other industries. Also, rising difficulty with respect to product design and engineering and increased medical device manufacturing offshoring to emerging economies is most likely to boost the overall growth of the Medical Device Outsourcing Market. However, compliance issues while outsourcing and other regulatory and legal compliances can obstruct the Market’s expansion over the projection period of 2022-2028.
The key regions considered for the Global Medical Device Outsourcing Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading region across the world. Presence of key players and competitive pricing is driving the Market growth in Asia Pacific. North America is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The Market is expected to grow during the projected period due to the establishment of advanced manufacturing hubs for medical devices.

Major Market players included in this report are:

Cardinal Health Inc.
Flex Ltd.
Heraeus Holding GmbH
Integer Holdings Corporation
Nortech Systems Incorporated
Onex Corporation
Plexus Corp.
Sanmina Corporation
TE Connectivity Ltd.
West Pharmaceutical Services Ltd.

The objective of the study is to define Market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Market. Additionally, the report shall also incorporate available opportunities in micro Markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the Market are explained below:

By Product:

Raw Materials
Electronics
Finished Goods

By Device Type:
Class I Devices
Class II Devices
Class III Devices

By Service:
Prototype Development
Finished Device Manufacturing
Assembly and Packaging
Testing and Regulatory Support Services

By Application:

Orthopaedics and Spine
Cardiovascular
Radiology
General Medical Devices
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Medical Device Outsourcing Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Medical Device Outsourcing Market, by Region, 2020-2028 (USD Billion)
1.2.2. Medical Device Outsourcing Market, by Product, 2020-2028 (USD Billion)
1.2.3. Medical Device Outsourcing Market, by Device Type, 2020-2028 (USD Billion)
1.2.4. Medical Device Outsourcing Market, by Service, 2020-2028 (USD Billion)
1.2.5. Medical Device Outsourcing Market, by Application, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Medical Device Outsourcing Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Medical Device Outsourcing Market Dynamics
3.1. Medical Device Outsourcing Market Impact Analysis (2020-2028)
3.1.1. Market Drivers
3.1.1.1. Changing Regulatory Guidelines
3.1.1.2. Increase in demand for Advanced Products
3.1.1.3. Increasing Price Competition and the Need to Cut Costs
3.1.1.4. Adoption of the International Standards by the Contract Manufacturers
3.1.1.5. Key Players adopting strategy of Acquisitions
3.1.2. Market Challenges
3.1.2.1. Compliance Issues While Outsourcing
3.1.2.2. Regulatory and Legal Compliances
3.1.3. Market Opportunities
3.1.3.1. Rising difficulty with Respect to Product Design and Engineering
3.1.3.2. Increased Medical Device Manufacturing Offshoring to Emerging Economies
Chapter 4. Global Medical Device Outsourcing Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Medical Device Outsourcing Market, by Product
6.1. Market Snapshot
6.2. Global Medical Device Outsourcing Market by Product, Performance – Potential Analysis
6.3. Global Medical Device Outsourcing Market Estimates & Forecasts by Product, 2019-2028 (USD Billion)
6.4. Medical Device Outsourcing Market, Sub Segment Analysis
6.4.1. Raw Materials
6.4.2. Electronics
6.4.3. Finished Goods

Chapter 7. Global Medical Device Outsourcing Market, by Device Type
7.1. Market Snapshot
7.2. Global Medical Device Outsourcing Market by Device Type, Performance – Potential Analysis
7.3. Global Medical Device Outsourcing Market Estimates & Forecasts by Device Type, 2019-2028 (USD Billion)
7.4. Medical Device Outsourcing Market, Sub Segment Analysis
7.4.1. Class I Devices
7.4.2. Class II Devices
7.4.3. Class III Devices

Chapter 8. Global Medical Device Outsourcing Market, by Service
8.1. Market Snapshot
8.2. Global Medical Device Outsourcing Market by Service, Performance – Potential Analysis
8.3. Global Medical Device Outsourcing Market Estimates & Forecasts by Service, 2019-2028 (USD Billion)
8.4. Medical Device Outsourcing Market, Sub Segment Analysis
8.4.1. Prototype Development
8.4.2. Finished Device Manufacturing
8.4.3. Assembly and Packaging
8.4.4. Testing and Regulatory Support Services

Chapter 9. Global Medical Device Outsourcing Market, by Application
9.1. Market Snapshot
9.2. Global Medical Device Outsourcing Market by Application, Performance – Potential Analysis
9.3. Global Medical Device Outsourcing Market Estimates & Forecasts by Application, 2019-2028 (USD Billion)
9.4. Medical Device Outsourcing Market, Sub Segment Analysis
9.4.1. Orthopaedics and Spine
9.4.2. Cardiovascular
9.4.3. Radiology
9.4.4. General Medical Devices
9.4.5. Others

Chapter 10. Global Medical Device Outsourcing Market, Regional Analysis

10.1. Medical Device Outsourcing Market, Regional Market Snapshot
10.2. North America Medical Device Outsourcing Market
10.2.1. U.S. Medical Device Outsourcing Market
10.2.1.1. Product breakdown estimates & forecasts, 2019-2028
10.2.1.2. Device Type breakdown estimates & forecasts, 2019-2028
10.2.1.3. Service breakdown estimates & forecasts, 2019-2028
10.2.1.4. Application breakdown estimates & forecasts, 2019-2028
10.2.2. Canada Medical Device Outsourcing Market
10.3. Europe Medical Device Outsourcing Market Snapshot
10.3.1. U.K. Medical Device Outsourcing Market
10.3.2. Germany Medical Device Outsourcing Market
10.3.3. France Medical Device Outsourcing Market
10.3.4. Spain Medical Device Outsourcing Market
10.3.5. Italy Medical Device Outsourcing Market
10.3.6. Rest of Europe Medical Device Outsourcing Market
10.4. Asia-Pacific Medical Device Outsourcing Market Snapshot
10.4.1. China Medical Device Outsourcing Market
10.4.2. India Medical Device Outsourcing Market
10.4.3. Japan Medical Device Outsourcing Market
10.4.4. Australia Medical Device Outsourcing Market
10.4.5. South Korea Medical Device Outsourcing Market
10.4.6. Rest of Asia Pacific Medical Device Outsourcing Market
10.5. Latin America Medical Device Outsourcing Market Snapshot
10.5.1. Brazil Medical Device Outsourcing Market
10.5.2. Mexico Medical Device Outsourcing Market
10.6. Rest of The World Medical Device Outsourcing Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1 Cardinal Health Inc.
11.2.1.1 Key Information
11.2.1.2 Overview
11.2.1.3 Financial (Subject to Data Availability)
11.2.1.4 Service Summary
11.2.1.5 Recent Developments

11.2.2 Flex Ltd.
11.2.3 Heraeus Holding GmbH
11.2.4 Integer Holdings Corporation
11.2.5 Nortech Systems Incorporated
11.2.6 Onex Corporation
11.2.7 Plexus Corp.
11.2.8 Sanmina Corporation
11.2.9 TE Connectivity Ltd.
11.2.10 West Pharmaceutical Services Ltd.

Chapter 12. Research Process

12.1 Research Process
12.1.1 Data Mining
12.1.2 Analysis
12.1.3 Market Estimation
12.1.4 Validation
12.1.5 Publishing
12.2 Research Attributes
12.3 Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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