Medical Device Outsourcing Market Size Worth $227.1 Billion By 2028: Grand View Research, Inc.

Medical Device Outsourcing Market Size Worth $227.1 Billion By 2028: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Feb. 10, 2021

SAN FRANCISCO, Feb. 10, 2021 /PRNewswire/ -- The global medical device outsourcing market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of 11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.

Grand View Research, Inc. (PRNewsfoto/Grand View Research, Inc.)

Key suggestions from the report:

Read 240 page research report with ToC on "Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Service (Quality Assurance, Contract Manufacturing), By Application (Cardiology, General & Plastic Surgery), And Segment Forecasts, 2021 - 2028'' at:https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market

Contract manufacturers in developed countries like the EU nations comply with the international standards for a quality management system, which makes them a preferred option as compared to the ones in developing countries like India and China. However, the regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. 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 global market.

However, the current pandemic has put the MedTech industry at the center stage with unmatched demand for PPE, diagnostic tests, ventilators, and other critical supplies. Besides the ongoing extraordinary measures to promptly ramp up the manufacturing capacity & capabilities, Medtech leaders are seeking outside their boundaries of the normal sector to explore innovative solutions to supplement the capacity, such as open-source equipment design, as well as partnerships with firms outside the sector.

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

Medical Device Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2028)

List of Key Players of Medical Device Outsourcing Market

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About Grand View Research

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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