Medical Device Outsourcing Market size was valued at USD 125 billion in 2021 and is poised to grow from USD 127.4 billion in 2022 to 270.3 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
With an increasing demand for various types of medical equipment and devices followed by the increasing competition among major outsourcing vendors to provide state-of-the-art medical devices is largely witnessed across the global market. Additionally, the use of automation and artificial intelligence in detecting health disorders is likely to increase the need for medical devices in the healthcare industry. Owing to this, outsourcing vendors in the healthcare industry have gripped various opportunities that have resulted in developing the market substantially.
Furthermore, presence of large manufacturers of original equipment and subcontractors mainly in developed countries including the US, France, Canada, and Japan, are projected to adopt these advanced devices at a high rate earlier than various developing nations. Additionally, major outsourcing companies in the global market are shifting their focus on innovation to launch enhanced and efficient devices to cater to the rising healthcare need across the globe.
Global medical device outsourcing market is segmented on the basis of application, product, class, product, end user, and region. By application, the market is sub-segmented into cardiology, diagnosis imaging, orthopedic, ophthalmic, and others. By service, the market is categorized into contract manufacturing, quality assurance, product maintenance services, and others. By product, the market is segmented into finished goods, electronics, and raw materials. By end user, the market is segmented into small medical device company, medium medical device company, large medical device company and others. By class, the market is classified into class I, class II, and class III. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Medical Device Outsourcing Market Analysis by Application
By application, the cardiology segment held the largest market share in 2021, and is expected to maintain its dominance throughout the forecast period. The high prevalence of several types of conditions such as angina pectoris, hypertensive heart disease, atrial fibrillation, and congenital heart disease are the major key factors anticipated to drive the growth of the segment market over the coming years. According to the World Health Organization, cardiovascular diseases are one of the major factors of death worldwide, with around 17.9 million deaths every year. Moreover, high complexity of cardiovascular devices and growing need for expertise in technical field, is likely to result in high growth of these devices in the near future.
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