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The Allied Market Research published a report on Medical Device Outsourcing Market, Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). The global medical device outsourcing market size was valued at $59,723.42 million in 2020, and is projected to reach $137,948.92 million by 2030, registering a CAGR of 8.9% from 2021 to 2030.
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Medical device outsourcing involves taking the assistance of third-party companies to manufacture medical devices. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as spine disorders, diabetes, and cardiovascular diseases, are expected to drive the market growth. Moreover, outsourcing also allows the companies to focus on their core activities, which in turn boosts the market growth. However, threat of loss of confidential information is expected to impede the market growth.
Moreover, the client company gets hold of the services provided by the supplier as per the contract terms. Medical device manufacturers sometimes hire a contact manufacturer to perform contact manufacturing services such as product prototype, production, injection molding, silicone compression molding, wielding, assembly, and packaging in a controlled environment, cleanroom, and other auxiliary services such as metal machining.
The medical device outsourcing market is segmented on the basis of product, device type, application, services, and region. On the basis of product, the market is divided into finished goods, electronics, and raw materials. On the basis of product, the finished goods segment currently dominates the global medical device outsourcing market and is expected to continue during the forecast period owing to the rising disease prevalence, life expectancy, and the geriatric population.
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The major companies profiled in the report include Celestica, Inc., Creganna,, Flextronics International Ltd., Heraeus Holding, Integer Holdings Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation, Tecomet, Inc., and West Pharmaceutical Services, Inc.
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