Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Therapeutic Area (Cardiology, General & Plastic Surgery), And Segment Forecasts, 2019 - 2026
NEW YORK, Aug. 7, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05763752/?utm_source=PRN
The global medical device outsourcing market size is expected to reach USD 210.5 billion by 2026 It is anticipated to progress at a CAGR of 10.5% during the forecast period. Rising demand for advanced products and the trend of offshoring is fueling the growth.
Regulatory bodies emphasize on the quality of the healthcare devices provided to the public, encouraging industry players to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.
Contract manufacturers, especially in developed countries like U.S., European Union (EU) nations, and Japan, comply with international standard for quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Emphasis on regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and Quality Management Systems (QMS), thereby contributing to the growth of global medical device outsourcing market.
Also, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the Original Equipment Manufacturers (OEM).This trend is expected to boost the medical device outsourcing to emerging countries like India and China.
Export infrastructure, low cost labor, artificially low currency value, and government incentives for local manufacturers, especially in China; are some of the benefits offered by the contract manufacturers in emerging countries.
Further key findings from the report suggest:
• Contract manufacturing led the service segment in 2018 owing to the growing trend of outsourcing by OEM to third-party manufacturers, especially in emerging countries
• Based on service, quality assurance is projected to exhibit the fastest CAGR over the forecast period
• Asia Pacific led the medical device outsourcing market in 2018 owing to lower cost and increased availability of skilled human resources
• North America commanded a cumulative market share in 2018 due to well-established infrastructure for manufacturing complex medical devices
• Some of the key companies present in the market are Toxikon Inc.; Eurofins Scientific; SGS SA; MAPI; Freyr Solutions; Integer; Celestica; Pace Analytical Services; Jabil; Wuxi Apptec; PPD; Intertek Group; Flextronics; Tecomet; and Sanmina.
Read the full report: https://www.reportlinker.com/p05763752/?utm_source=PRN
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