– Trend of outsourcing software design and testing services generating impetus to revenue size of medical devices outsourcing market; rising demand for next-gen drug delivery devices spurring need for outsourcing services
– Constant demand for high quality medical devices expands profitable opportunities; Asia Pacific to present massive revenue potential during forecast period
Demand for outsourcing software design and testing services is generating steady revenues to companies in the medical devices outsourcing market. Increasing need for high-end embedded software in drug delivery devices and other novel medical devices, such as for microfluidics, has catalyzed demand for services of contract manufacturing organizations (CMOs). The valuation of the medical devices outsourcing market is projected to reach US$ 232.8 Bn by 2028.
Need for access to advanced expertise in product design & development is underpinning the growth of the medical devices outsourcing market. CMOs are offering competitive total value for their contract services for developing state-of-the art disease diagnostic devices, especially for cost-sensitive markets. They are growing their spending on building strong supply chain to mitigate the adverse impacts of the COVID-19 pandemic on the bottom-line.
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Growing number of mergers & acquisitions (M&As) is generating incremental avenues for companies in the medical devices outsourcing market. The need for cost-effective next-gen drug delivery devices in emerging economies has fueled revenue prospects for service providers. CMOs are expected to adhere to ISO 13485:2003 certifications to meet advanced standards for next-gen medical device manufacturing, observe the analysts in a TMR study on the medical devices outsourcing market.
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Key Findings of Medical Devices Outsourcing Market Study
- Outsourcing of Software Design & Testing Services Brings Advanced Expertise: CMOs are offering smooth manufacturing scale-up along with advanced expertise in novel software development and testing for medical devices. A case in point is service providers in the medical devices outsourcing market focusing on developing intelligent diagnostic algorithms and embedded software in state-of-the art smart medical devices and healthcare wearable.
- Demand for Services in Product Design & Development Generates Vast Revenues: The growing complexity of regulations pertaining to clinical trials has led to prolonged time for medtech companies to develop and gain market authorization of their new medical devices. Services for product design & development hence present a sizable revenue potential for the medical devices outsourcing market. CMOs are proving to be useful in shortening the turnaround time ranging from device design to completion. Service providers in the medical devices outsourcing market have reaped steady revenue gains by offering advanced technical and quality expertise.
- Need for Quality of Healthcare Services Drives Market: The demand for affordable high-quality healthcare services in cost-sensitive markets has intensified the need for state-of-the art diagnostic devices. This has catalyzed the revenue prospects, find the analysts in a TMR study estimating the size of the medical devices outsourcing market.
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Medical Devices Outsourcing Market: Key Drivers
- Evolution of requirements for regulatory purposes for medical device manufacturers and CMOs are expanding the avenue in the medical devices outsourcing market. They are keenly looking to adopt quality management systems for the development of class II and III medical devices.
- Increasing penetration of robotics in medical device manufacturing has boosted the market prospects of medical devices outsourcing
Medical Devices Outsourcing Market: Regional Growth Dynamics
- North America held a leading share of the global medical devices outsourcing market in 2020. The presence of a strong customer base especially for catering to the need for novel diagnosis devices for chronic diseases have reinforced the growth potential of the North America market.
- Asia Pacific is anticipated to present massive profitable avenues during the forecast period, notes an in-depth study on the medical devices outsourcing market. Rapidly increasing demand for quality medical devices in the emerging economies has spurred the revenue growth of the regional market.
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Medical Devices Outsourcing Market: Key Players
Some of the key players in the medical devices outsourcing market are Avail Medical Products, Creganna-Tactx Medical, Micro Systems Engineering GmbH, Cirtec Medical Systems ll, Active Implants Corporation, and Accellent, Inc.
Global Medical Devices Outsourcing Market: Segmentation
Medical Devices Outsourcing Market, by Service Outsourced for Medical Devices
- Product Design & Development
- Regulatory Consulting & Other Services
- Product Testing & Certification
- Product Implementation
- Product Maintenance
- Product Upgrade
Medical Devices Outsourcing Market, by Class of Medical Devices
- Class III
- Class II
- Class I
Medical Devices Outsourcing Market, by Application
Medical Devices Outsourcing Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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