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Medical Device Outsourcing - Global Market Trajectory & Analytics

  • ID: 1946792
  • Report
  • July 2020
  • Region: Global
  • 323 Pages
  • Global Industry Analysts, Inc
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Global Medical Device Outsourcing Market to Reach US$205.7 Billion by the Year 2027

Amid the COVID-19 crisis, the global market for Medical Device Outsourcing estimated at US$112 Billion in the year 2020, is projected to reach a revised size of US$205.7 Billion by 2027, growing at a CAGR of 9.1% over the analysis period 2020-2027.Contract Manufacturing, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$113.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Quality Assurance segment is readjusted to a revised 10.8% CAGR for the next 7-year period. This segment currently accounts for a 20.2% share of the global Medical Device Outsourcing market.

The U. S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 12.2% CAGR for the Period of 2020-2027

The Medical Device Outsourcing market in the U. S. is estimated at US$30.3 Billion in the year 2020. The country currently accounts for a 27.04% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$43 Billion in the year 2027 trailing a CAGR of 12.1% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 7.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.1% CAGR while Rest of European market (as defined in the study) will reach US$43 Billion by the year 2027.

Product Design & Development Services Segment Corners a 9.9% Share in 2020

In the global Product Design & Development Services segment, USA, Canada, Japan, China and Europe will drive the 7.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.3 Billion in the year 2020 will reach a projected size of US$14 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$29.2 Billion by the year 2027, while Latin America will expand at a 9.6% CAGR through the analysis period. The publisher brings years of research experience to this 19th edition of our report. The 323-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others
  • Benchmark Electronics Inc.
  • Cadence Inc.
  • Celestica Inc.
  • CoorsTek Medical LLC
  • Creganna Medical
  • Flex Ltd.
  • HCL Technologies Limited
  • ICON plc
  • Integer Holdings Corporation
  • Intertech Engineering Associates Inc.
  • Laserage Technology Corporation
  • Memry Corporation
  • Millstone Medical Outsourcing LLC
  • Minnetronix Medical
  • Nortech Systems Inc.
  • Phillips-Medisize Corporation
  • Plexus Corporation
  • Providien LLC
  • Sparton Corporation
  • Tecomet Inc.
  • Thermo Fischer Scientific Inc.
  • Venta Medical Inc.
  • West Pharmaceutical Services Inc.
  • WuXi AppTec Co., Ltd.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Medical Device Outsourcing: OEMs Benefit from Low Cost, Faster Time-to-Market and Focus on Core Competencies

Recent Market Activity

Outsourcing: A Promising Strategy Chosen by Medical Device OEMs

While US Leads, Asia-Pacific Emerges as a Preferred Outsourcing Destination

Class II Devices: Important Device Category

Cardiology - The Leading Therapeutic Segment

Improving Healthcare Expenditure to Bode Well for Market Growth

Strong Gains to Continue in the Years Ahead

Global Competitor Market Shares

Medical Device Outsourcing Competitor Market Share Scenario Worldwide (in %): 2018 & 2029

Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

Benchmark Electronics, Inc. (USA)

Cadence, Inc. (USA)

Celestica, Inc. (Canada)

CoorsTek Medical LLC (USA)

Creganna Medical (Ireland)

Flex Ltd. (Singapore)

HCL Technologies Limited (India)

ICON plc (Ireland)

Integer Holdings Corporation (USA)

Intertech Engineering Associates, Inc. (USA)

Laserage Technology Corporation (USA)

Venta Medical, Inc. (USA)

Memry Corporation (USA)

Millstone Medical Outsourcing, LLC (USA)

Minnetronix, Inc. (USA)

Nortech Systems, Inc. (USA)

Phillips-Medisize Corporation (USA)

Plexus Corporation (USA)

Providien, LLC (USA)

Sparton Corporation (USA)

Tecomet, Inc. (USA)

Thermo Fisher Scientific, Inc. (USA)

Viant (USA)

West Pharmaceutical Services, Inc. (USA)

WuXi AppTec Co., Ltd. (China)

3. MARKET TRENDS & DRIVERS

Rising Demand for Medical Devices: Cornerstone for Present and Future Growth of Outsourcing Market

Growing Healthcare Needs of Ballooning Global Population Fuel Demand for Medical Devices

Aging Population’s Impact on Medical Devices: Favorable Prospects for Outsourcing

Adoption of Stringent Regulations Instigates Robust Momentum

Medical Device Contract Manufacturing: A Review

Rapid Growth of Medical Device Market in Emerging Nations

Onshoring Trend Gains Ground

Rise in Disease Incidences & Access to Modern Therapeutics Foster Growth

Expanding Role of Outsourcing Partners & Rising Demand for Full-Service Providers

Device Manufacturing Dominates, Design Engineering to Make Gains

Product Design and Development Services: High in Demand

Myriad Benefits Offered Drive Demand for Product Design and Development Services

R&D and Post Market Engineering Support Services for Medical Devices on the Rise

CRO Outsourcing Picking Up Momentum

Product Testing and Certification Services Gain Traction

OEMs Queue Up for Product Implementation and Supply Chain Services

Outsourced Regulatory Consulting Services Emerge as New Driving Force

Outsourcing of IVD Device Manufacturing Gains Momentum

Orthopedic Contract Manufacturing Market: Favorable Growth Potential

Medical Electronic Manufacturing Services Providers See Increased Opportunities

Medical Device Miniaturization Drives Demand for Outsourcing Services

Shortening Product Lifecycles, Speed to Market Will Drive Outsourcing Trend

IP Considerations Vital in Medical Device Outsourcing

A Brief Overview of Major Challenges

Legal & Regulatory Issues

Intellectual Property and Business Risks Deter OEMs to Seek Alliances

Delays in Contractual Obligations

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

US Medical Device Outsourcing Market Share (in %) by Company: 2018 & 2025

Market Analytics

CANADA

JAPAN

CHINA

EUROPE

Market Facts & Figures

European Medical Device Outsourcing Market: Competitor Market Share Scenario (in %)for 2018 & 2025

Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION

Total Companies Profiled: 59

Note: Product cover images may vary from those shown
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