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What Long-Term Growth Rate is Expected for the Medical Coding Market Between 2025 and 2034?

The size of the market for outsourcing medical devices has seen swift expansion in the last few years. It is projected to escalate from $144.86 billion in 2024 to $163.1 billion in 2025, with a compound annual growth rate (CAGR) of 12.6%. The augmentation during the historical phase is rooted in escalating intricacy in medical devices, economical manufacturing solutions, emphasis on innate strengths, market globalization, and the increase in contract research and development (R&D).

Expectations are high that the medical device outsourcing market will experience rapid expansion in the coming years, with its size reaching a formidable $290.76 billion by 2029, growing at 15.6% CAGR annually. Factors such as emphasis on key competencies, reduced time-to-market needs, cost-effective production, the need for scalability and versatility, and the rising complexity of medical devices all contribute to the expected growth in the forecast period. The forecast period will also see major trends such as an increase in customization and personalization, focus on risk reduction and compliance, a rising demand for remote monitoring devices, an increased focus on data security, and innovations in wearable medical devices.

How Are the key drivers expanding the growth of the Market?

The medical device outsourcing market’s growth is anticipated to be driven by the increasing prevalence of chronic diseases. These are conditions that persist for a year or more and necessitate continuous medical supervision or disrupt daily activities, or both. The surge in chronic diseases escalates the need for novel, high-quality medical products with a quicker launch time, thereby boosting the medical devices outsourcing market growth. For example, the UN Chronicle, the United Nations’ digital magazine, predicts that the global chronic disease burden is projected to hit around 56% by 2030. Hence, the rising prevalence of chronic diseases is set to fuel the expansion of the medical device outsourcing market.

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What Are the Key Firms That Are Driving Transformation in the Medical Coding Market?

Major companies operating in the medical device outsourcing market include:

• Cardinal Health Inc._x000D_

• Flex Ltd._x000D_

• Te Connectivity Ltd._x000D_

• Sanmina Corporation_x000D_

• Celestica Inc._x000D_

What Current Trends in the Medical Coding Market Should Industry Players Pay Attention To?

The emergence of strategic alliances and collaborations as a pivotal trend in the medical device outsourcing market is attracting attention. Major market players are honing in on partnerships and joint ventures to obtain a leading position. An example of this occurred in July 2023, when US-based Medical Device Inc., a prominent contract manufacturer of medical devices, bought out NextPhase Medical Devices LLC, with the deal sum kept under wraps. As a result of the acquisition, the group size of NextPhase essentially doubled, placing it amongst the top-tier global medical device contract manufacturers, with the U.S. accounting for 70% of its revenue. The amplified group now boasts seven well-financed end-to-end production facilities scattered throughout North America, Europe, and North Africa, offering a wide spectrum of manufacturing expertise and considerable exposure to end-markets in global territories. The acquired entity, NextPhase Medical Devices LLC, is a Mexican firm specialising in the production of medical devices.

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Which Key Segments Stand Out in Understanding the Composition of the Medical Coding Market?

The medical device outsourcing market covered in this report is segmented –

1) By Product: Finished Goods, Electronics, Raw Materials

2) By Device Type: Class I Devices, Class II Devices, Class III Devices

3) By Services: Quality Assurance, Regulatory Affair Services, Product Design Development, Product Testing And Sterilization, Product Implementation, Product Upgrade, Product Maintenance, Contract Manufacturing

4) By Application: Drug Delivery, Dental, Diabetes Care, Cardiology, Other Applications

Subsegments:

1) By Finished Goods: Surgical Instruments, Diagnostic Devices, Therapeutic Devices

2) By Electronics: Medical Imaging Components, Wearable Health Technology, Embedded Systems

3) By Raw Materials: Plastics and Polymers, Metals and Alloys, Biomaterials

What Regions Are Driving Expansion in the Medical Coding Market?

North America was the largest region in the medical device outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Does the Definition of the Medical Coding Market Include?

Medical device outsourcing involves hiring external firms to handle specific functions such as development, manufacturing, or regulatory compliance for medical devices. This enables medical device companies to concentrate on their primary operations, cutting costs and enhancing efficiency, while also speeding up the process of bringing products to market.

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