United States Medical Device Outsourcing Market Report 2022-2030: Analysis by Product Upgrade Services, Product Design & Development Services, Quality Assurance, Contract Manufacturing - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "U.S. Medical Device Outsourcing Markets, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. medical device outsourcing market size is expected to reach USD 59.0 billion by 2030, registering a CAGR of 11.2% over the forecast period.
The COVID-19 pandemic has significantly impacted the market. During the crisis, medical devices and supplies played an important role in assisting COVID-19 patients and medical professionals.
The diagnostic tests and kits were manufactured and played an important role in fighting the coronavirus. But the manufacturing was disrupted as few supplies were imported from other countries. This dependency hampered the timely availability of raw materials/consumables required for the manufacturing of medical devices.
The government authorities have escalated funds for the research & development of essential devices, thus driving the market. Major companies have solely relied on contract manufacturers to ramp up the production of COVID-19-related medical components, such as test kits, ventilators, and respirators.
The major reasons for outsourcing amid the COVID-19 crisis include a streamlined supply chain and cost efficiencies. The market has started to recover as the manufacturing of medical devices used for other diseases has commenced. Furthermore, the barriers are reduced leading to smooth import of supplies. The growing complexity in product engineering and an increasing number of small-sized manufacturers are also anticipated to contribute to the market growth.
The medical device industry has always been highly competitive and categories, such as coronary stents, orthopedic devices, and wound care, are moving towards maturity.
As high-impact scientific innovation in the above categories is difficult to achieve and is a time-consuming process, smaller companies are gaining market share by offering low prices and introducing innovative business models.
Due to the convergence of mounting challenges and changing market dynamics, many medical device manufacturers have opted for outsourcing business models to reduce cost, manage business risks, and improve service delivery. This factor is also expected to propel market growth over the forecast period.
U.S. Medical Device Outsourcing Market Report Highlights
- The contract manufacturing segment dominated the market in 2021 owing to the increased focus on decreasing the cost of production.
- The quality assurance services are projected to exhibit the fastest growth rate over the forecast period.
- This is due to the necessity of maintaining an effective quality management system, which has become an integral part of the production of every medical device.
- Mergers & acquisitions and capacity expansions are some of the common strategies adopted by companies to gain a competitive edge in the market.
- For instance, in February 2020, Teleflex acquired HPC Medical Products (HPC), a company involved in medical tubing and wire components. The acquisition will help Teleflex to strengthen its catheter contract manufacturing capabilities.
Market Variables, Trends & Scope
Market Driver Analysis
- Changing Regulatory Landscape
- Rising Demand For The Advanced Products
- Implementation Of The International Standards By The Contract Manufacturers
- Rising Price Competition And The Requirement To Reduce Cost
- Increasing Complexity With Respect To Product Design And Engineering
Market Restraint Analysis
- Compliance Issues While Outsourcing
- Contractual Obligation
- Managing Relationships
Impact Of Covid-19 Pandemic
- Impact On The U.S. Medical Device Outsourcing Market
- Impact On Supply Chain
- After Effect Of The Pandemic
- Impact Analysis
Medical Devices Outsourcing Market Analysis Tools
- Industry Analysis-Porter's
- Pestel Analysis
- Integer Holdings Corporation
- Avail Medical Products, Inc
- Active Implants
- Omnica Corporation
- Teleflex Incorporated
- Kinetic Climax Inc.
- Cantel Medical Corp.
- Accellent Inc.
- Active Implants Corporation LLC
- Mdmi Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q8vafd
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900