SAN FRANCISCO , July 27, 2022 /PRNewswire/ -- 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.

Key Industry Insights & Findings from the report:

Read 275-page full market research report for more Insights, "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Application (Cardiology, General & Plastic Surgery, IVD), By Service (Contract Manufacturing, Quality Assurance), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Medical Device Outsourcing Market Growth & Trends

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.

Medical Device Outsourcing Market Segmentation

Grand View Research has segmented the global medical device outsourcing market based on service, application, and region:

Medical Device Outsourcing Market - Service Outlook (Revenue, USD Million, 2018 - 2030)

Medical Device Outsourcing Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

Medical Device Outsourcing Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

List of Key Players of Medical Device Outsourcing Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's Medical Devices Industry Research Reports.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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