The global Medical Device Outsourcing Market size is expected to reach USD 292.93 billion by 2030, registering a CAGR of 12.1% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for advanced medical products and a growing trend of offshoring are fueling the growth of this market. Various initiatives by public organizations promoting testing for COVID-19 are also enhancing market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public that is becoming burdensome to handle. To meet the regulatory scenario, various services like regulatory consulting are being utilized by the industry players.
For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards. Contract manufacturers, especially in developed countries like the U.S., EU nations, and Japan, comply with the international standards for a quality management system, which makes them a preferred option as compared with contract manufacturers in India and China. However, regulatory changes anticipated in developing countries ensure compliance by contract manufacturers. The demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the market.
Owing to the COVID-19 pandemic, there was a decline in the number of diagnoses for other diseases like cancer and tuberculosis among others. The recovery of COVID-19 is expected to increase the demand for medical devices for diagnosing these diseases. Public organizations across the globe are taking initiatives to increase the production of medical equipment to prevent a future shortage. For instance, in January 2021, U.S. president Joseph Biden, in response to the pandemic preparedness, emphasized improving the gaps in the supply chain by improving the domestic manufacturing of PPE, test kits, and durable medical equipment.
Related Press Release@ Medical Device Outsourcing Market Report
Medical Device Outsourcing Market Report Highlights
- The contract manufacturing market dominated the global market in 2021 owing to the growing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
- The segment of quality assurance services is projected to exhibit the fastest growth rate over the forecast period due to the increasing trend of outsourcing quality assurance services among emerging countries
- Asia Pacific was the dominant regional market in 2021 owing to lower cost and availability of skilled human resources
- The regional market is estimated to expand further at the second-fastest CAGR during the forecast period
- North America also registered a significant share in 2021 due to well-established infrastructure for manufacturing complex medical devices