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.
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)
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
Market Facts & Figures
US Medical Device Outsourcing Market Share (in %) by Company: 2018 & 2025
Market Facts & Figures
European Medical Device Outsourcing Market: Competitor Market Share Scenario (in %)for 2018 & 2025
REST OF EUROPE
REST OF ASIA-PACIFIC
REST OF LATIN AMERICA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
Total Companies Profiled: 59