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The medical device outsourcing market has witnessed remarkable growth in recent years and shows no signs of slowing down. Here’s a closer look at the trends, drivers, and projections shaping this dynamic industry.

Recent Market Growth

• Market Size and CAGR: The market grew from $131.07 billion in 2023 to $148.57 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.4%.
• Key Drivers: This growth is driven by several factors:
  • Increasing complexity in medical devices
  • Cost-effective manufacturing solutions
  • Focus on core competencies
  • Globalization of markets
  • Rise in contract research and development (R&D)

Future Market Projections

• Expected Growth: The market is projected to reach $252.96 billion by 2028, with a CAGR of 14.2%.
• Growth Factors:
  • Focus on core competencies
  • Shortened time-to-market demands
  • Cost-efficiency in production
  • Demand for scalability and flexibility
  • Growing complexity of medical devices

Read More On The Medical Device Outsourcing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/medical-device-outsourcing-global-market-report

• Major Trends:
  • Customization and personalization
  • Risk mitigation and compliance
  • Growing demand for remote monitoring devices
  • Increased emphasis on data security
  • Innovation in wearable medical devices

Drivers of Market Expansion
Surge in Chronic Diseases

• Impact of Chronic Diseases: The prevalence of chronic diseases is a significant driver for the medical device outsourcing market.
  • Chronic diseases require ongoing medical attention and often limit daily activities.
  • Rising chronic disease rates increase demand for new medical products with shorter launch times.
• Statistics: According to the UN Chronicle, the global burden of chronic diseases is expected to reach about 56% by 2030, further driving market growth.

Key Market Players

• Major Companies:
  • Cardinal Health Inc.
  • Flex Ltd.
  • TE Connectivity Ltd.
  • Laboratory Corporation of America Holdings
  • IQVIA
  • Sanmina Corporation
  • ICON PLC
  • Celestica Inc.
  • Eurofins Scientific SE
  • WuXi AppTec Inc.
  • And many others

Strategic Partnerships and Collaborations

• Industry Trend: Partnerships and collaborations are increasingly popular as companies seek enhanced solutions.
  • Labcorp and Toxikon Corporation: In December 2021, Labcorp acquired Toxikon Corporation, expanding its full-service drug development and medical device solutions.
  • Medical Device, Inc. and NextPhase Medical Devices LLC: In July 2023, Medical Device, Inc. acquired NextPhase, doubling its size and strengthening its global position.

Integer Holdings Expands Through Acquisition

• Acquisition of Oscor Inc.: In December 2021, Integer Holdings acquired Oscor Inc. for $220 million.
  • This acquisition expands Integer’s product offerings in steerable sheaths and cardiac and neurostimulation leads.
  • It also adds low-cost manufacturing capacity, supporting future growth.

Market Segmentation

• By Product:
  • Finished Goods
  • Electronics
  • Raw Materials
• By Device Type:
  • Class I Devices
  • Class II Devices
  • Class III Devices
• By Services:
  • Quality Assurance
  • Regulatory Affair Services
  • Product Design Development
  • Product Testing and Sterilization
  • Product Implementation
  • Product Upgrade
  • Product Maintenance
  • Contract Manufacturing
• By Application:
  • Drug Delivery
  • Dental
  • Diabetes Care
  • Cardiology
  • Other Applications

Regional Insights

• Largest Market: North America was the largest region in the medical device outsourcing market in 2023.
• Fastest Growing Region: Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The medical device outsourcing market is poised for significant growth, driven by increasing demand for innovative and cost-effective solutions, strategic collaborations, and the rising prevalence of chronic diseases. This sector’s evolution reflects broader trends in healthcare and technology, promising a dynamic and rapidly expanding future.

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