What's the market peak of the Medical Device Outsourcing market?
Increasing demand for medical devices combined with the rising price competition and requirement to reduce the cost is expected to drive the market during the forecast period. In addition, growing difficulties in product engineering along with the increasing number of new entrants are anticipated to shape the future of the market. The COVID-19 pandemic had created a significant demand for RT-PCR and COVID-19 antigen test kits for testing. The ongoing pandemic is likely to have a positive impact on the market. The increasing prevalence of chronic disorders is boosting the demand for medical devices.
This, in turn, is working in favor of the market. Implantable Medical Devices (IMDs) are being used increasingly to improve patients’ medical outcomes. Designers of implantable medical devices have to balance complexity, reliability, power consumption, and costs. Consequently, companies are shifting their focus to innovation rather than non-core activities and therefore outsourcing these activities to launch efficient devices. Amendments in the ISO standards are expected to boost the demand for quality assurance and regulatory affairs service providers in the U.S. and Europe region as Small- and Medium-sized Enterprises (SMEs) would require third-party assistance to comply with new ISO standards.
Gather more insights about the market drivers, restrains and growth of the Global Medical Device Outsourcing market
Subcontractors and Original Equipment Manufacturers (OEMs) in developed countries like the U.S., Canada, Japan, and EU countries are expected to adopt these new standards earlier than those in the developing countries. However, the COVID-19 pandemic had caused a temporary disruption in the supply chain, which had led to shortages and a severe slowing of production. It has stressed the need for scalable manufacturing operations among OEMs, particularly those undertaking production associated to test kits & diagnostic systems. However, the current pandemic was a booster for product sterilization services.
The demand to sterilize single-use medical instruments and Personal Protective Equipment (PPE) remains high as long as the pandemic continues. The pandemic also created an urgent need for COVID-19 test kits, different public organizations also provided funding for scaling the production of these devices, apart from this, regulatory agencies like the U.S. FDA and the European Union had provided Emergency Use Authorization (EUA) for the test kits, which have further boosted the market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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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 Service Outlook (Revenue, USD Million, 2018 - 2030)
- Quality Assurance
- Regulatory Affairs Services
o Clinical Trials Applications & Product Registrations
o Regulatory Writing & Publishing
o Legal Representation
o Other
- Product Design and Development Services
o Designing & Engineering
o Machining
o Molding
o Packaging
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
o Accessories Manufacturing
o Assembly Manufacturing
o Component manufacturing
o Device Manufacturing
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