The Medical Device Manufacturing Outsourcing Market is projected to generate a revenue of $104.3 million by 2031, growing from $47.6 million in 2022 at a CAGR of 10.3%.
Massive growth in global healthcare industry and increasing prevalence of chronic disorders globally is projected to boost the growth of medical device manufacturing outsourcing market. Moreover, rise in the life expectancy, growing demand for the technological adoption in the medical devices sector, and major growth in geriatric population are the factors expected to surge medical device manufacturing outsourcing market growth. For example, according to data of World Population Prospects, 1 out of 6 people worldwide will be more than age 65 (16%) by the year 2050. These key factors are anticipated to drive the growth of the global medical device manufacturing market, over the projected period. However, the threat of leakage of confidential information can decline the growth of global medical device manufacturing outsourcing market. To meet the huge demand for healthcare emerging industries, the governments of china and India are focusing more on the enactment of policies such as “Healthy China 2030 Plan” and “National Health Protection Mission”. Also, rapid enhancements in the quality of healthcare sector in emerging economies are projected to generate huge opportunities of the medical device manufacturing outsourcing market. Developing countries such as India are projected to increase healthcare expenditure mainly because of extensively growing patients of non-communicable diseases (NCDs) diabetes, and cancer. Hence, these countries are emphasizing mainly on implementation of effective solutions and strategies to close gaps in healthcare industries. In addition, growing income of the people and swiftly growing urbanization among these countries are projected to upsurge the medical device manufacturing outsourcing market.
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Based on the device type, the global medical device manufacturing outsourcing market is segmented into Cardiovascular, IVD (Consumable, Equipment), Diabetes Care, Dental, Drug Delivery, Orthopedic, Endoscopy Devices, and Ophthalmic. The global IVD devices has the largest market share, and it is projected to cross $14.0 million, during the analysis period.
Based on the service, the global medical device manufacturing outsourcing market is mainly categorized into quality management services, device development and manufacturing services, and final goods assembly services. The global development and manufacturing services has significant share and it is projected to register revenue of $35.6 at a CAGR of 9.7%, throughout the projected period.
Based on the class of device, the global medical device manufacturing outsourcing market is mainly categorized into class I, class II, and class III. The Class II medical device has significant share in the market and it is anticipated to register revenue of $38.1 million in 2022.
Asia Pacific medical device manufacturing outsourcing market has the major share in the global market, and it anticipated to surpass $32.3 million, throughout the projected period. North American medical device manufacturing outsourcing market has generated a revenue of $13.8 million in 2022 and it is anticipated to cross $31.2 million by 2031.
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The leading medical device manufacturing outsourcing market players include Mitutoyo Corporation, FLEX LTD., Tecomet, Inc., Integer Holdings Corporation, Nortech Systems, Inc., Hamilton Company., DAIICHI JITSUGYO CO., LTD., Kinetics Climax Inc., Cirtec. and Creganna. The leading medical device manufacturing outsourcing market companies are focusing more on integrated product developments, Merger & acquisitions and strategic partnerships. These are the multiple strategies followed by the established market players.
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