Medical Device Outsourcing Industry IS Dominated by North America

The medical device outsourcing market had the size of USD 112.1 billion in 2022, and this will reach USD 273.0 billion by 2030, powering at a at a rate of 11.8% by the end of this decade, as per a market research report by P&S Intelligence.

To learn more about this report: https://bit.ly/44mPUyM

Contract manufacturing is a conventional technique for outsourcing medical devices. Though access to inexpensive labor is the reason, producers outsource production, the major factor for contract medical product manufacturing is less time taken for marketing the products.

Furthermore, outsourcing numerous production phases to many partners reduces the total time taken for developing new devices or products.

Regulatory process for the product commercialization has become more intense and rigorous, because of the incessant development of the medical device industry. 

The regulatory compliance outsourcing is becoming popular in the industry since the providers help the manufacturing companies for getting timely launch/approval of their products with numerous other advantages, including reduced cost, more time for the organization’s staff toward core activities, and easy penetration of the market in other nations.

The cardiology category dominates the industry. This is because of the escalating count of CVDs, such as atrial fibrillation, myocardial infarction, angina pectoris, hypertensive heart disease, rheumatic heart disease, and congenital heart disease; and increasing surgical procedures.

Moreover, because of the substantial intricacies of CVD devices, increasing requirement for technical knowhow, and production of these kinds of products might bring about high cost to the OEMs, resulting in the higher rate of outsourcing.

The plastic surgery category will grow the fastest in the future. This has a lot to do with the growing count of minimally invasive aesthetic surgeries and growing number of products for outsourcing. 

Moreover, the obtainability of skilled outsourcing providers adhering to regulatory criteria and the increasing requirement for cosmetic procedures are mainly responsible for the growth of the category.

Contract manufacturing had the largest revenue share in the medical device outsourcing market, of about 30%, in 2022, and will continue to do so in the years to come.

This is because of the increasing requirement for medical components for many applications, growing preference for good and safe equipment for patient care, and mounting necessity for services, for example laser processing, precision grinding, stamping, and milling, insert molding & turning to design a comprehensive device.

North America was the market dominator, with a revenue share of about 40%, and it will maintain its position in the years to come. 

This is because of the wide use of pioneering technology, the existence of numerous medical device manufacturers outsourcing some of their regulatory and consulting purposes to regulatory service providers, growing minimally invasive and noninvasive processes, and the increase in capital spending on healthcare.

It is because of the continuous technological advancements going around the world, the demand for medical device outsourcing is on the rise.