The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Medical Device Outsourcing Global Market Report 2023, the medical device outsourcing market is expected to show significant growth in the forecast period.

Key insights from the medical device outsourcing market forecast include:

1. Market Size

The global medical device outsourcing market size grew from $114.95 billion in 2022 to $129.4 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The market size of the global medical device outsourcing is expected to grow to $204.25 billion in 2027 at a CAGR of 12.1%. North America was the largest region in the medical device outsourcing market in 2022.

2. Major Driver

The prevalence of chronic diseases is expected to propel the growth of the medical device outsourcing market going forward. Chronic diseases are the conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living or both. The rising chronic diseases increase the demand for new quality medical products in less launch time thereby driving the growth of the medical devices outsourcing market. For instance, according to the UN Chronicle, a digital magazine of the United Nations, the global burden of chronic diseases is expected to reach about 56% by 2030. Therefore, the prevalence of chronic diseases will drive the growth of the medical device outsourcing market.

View More On The Medical Device Outsourcing Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medical-device-outsourcing-global-market-report

3. Key Trend

Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the medical device outsourcing market. Major companies operating in the market are focusing on partnerships and collaborations to lead the market. For instance, in December 2021, Labcorp, a US-based laboratory testing company acquired Toxikon Corporation for an undisclosed amount. This acquisition would extend Labcorp’s portfolio of full-service drug development and medical device solutions from discovery to market approval. Toxikon Corporation is a US-based contract manufacturing company that provides outsourcing services for medical devices. Furthermore, in February 2020, Integer Holdings, a US-based advanced medical device outsourcing company acquired Inomec for an undisclosed amount. This acquisition of Inomec will allow Integer to establish a research and development and sales center in Israel, in addition to optimizing its catheter design, clinical, and pilot manufacturing capabilities. Income is an Israel-based medical device outsourcing company.

4. Major Players

Major players in the medical device outsourcing market are Flex Ltd., Integer Holdings Corporation, Plexus Corp., Toxikon Inc., Eurofins Scientific SE, Pace Analytical Services Inc., WuXi AppTec Inc., North American Science Associates Inc., Charles River Laboratories International Inc., Creganna, IQVIA, Mitutoyo Corporation, Cardinal Health Inc., Onex Corporation, Te Connectivity Ltd., Nortech Systems Incorporated, Sanmina Corporation, and Sterigenics International LLC.

5. Top Market Segments

The global medical device outsourcing market 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

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The Medical Device Outsourcing Global Market Report 2023  provides an in-depth analysis on the medical device outsourcing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical device outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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