United States Medical Device Outsourcing Market Report 2023: A $58.5 Billion Market by 2030 - Rise in Demand for High-tech Medical Devices and Stringent Regulations Bodes Well for Future Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "U.S. Medical Device Outsourcing Market Size, Share & Trends Analysis Report By Services (Quality Assurance, Contract Manufacturing), By Application (Cardiology, Diagnostic Imaging, IVD), By Class, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The U.S. medical device outsourcing market size is expected to reach USD 58.5 billion by 2030, expanding at a CAGR of 11.5%

This market is growing as a result of increased offshore trends, a rise in demand for high-tech medical devices, and stringent regulation for medical devices in the U.S.

The medical device industry has always been highly competitive, and categories such as coronary stents, orthopedic devices, and wound care are moving toward 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, medical device manufacturers are likely to opt for outsourcing business models to reduce costs, manage business risks, and improve service delivery. This factor is expected to propel market growth over the forecast period.

The government authorities have escalated funds for the research and development of essential devices, thus driving the market. The majority of clinical research globally devices are conducted in the U.S. alone according to Clinical Trials. gov. In case of the medical device also significant studies are conducted in the U.S.

For instance, as of February 2023, over 25033, research for medical devices was registered in the Clinical Trials. gov. Medical device companies are conducting research in the country owing to the availability of skilled labor and advanced infrastructure, as well as the presence of a significant number of CROs offering quality services. All these factors are expected to support the market in the post-Pandemic period.

U.S. Medical Device Outsourcing Market Report Highlights

• The quality assurance services are projected to exhibit the fastest CAGR of 13.7% 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
• Cardiology segment has held the largest share of 21.8% in 2022, based on application owing to the growing demand for cardiac devices due to the rising disease burden in the country
• Based on class, the Class II segment is expected to grow at the fastest CAGR of 11.8% over the forecast period, owing to the high complexity in developing these devices that are promoting the demand for an expert team to conduct development and manufacturing of these devices

U.S. Medical device Outsourcing Market: Variables, Trends & Scope

Market Driver Analysis

• Changing Regulatory Landscape
• Increase in Off-Shoring Medical Device Manufacturing to the Emerging Economies
• 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 Concerning Product Design and Engineering

Market Restraint Analysis

• Compliance Issues While Outsourcing
• Changing Scenarios Within Developing Countries
• Regulatory and Legal Compliance
• Contractual Obligation

Industry Challenges

• Managing Relationships

U.S. Medical device outsourcing market: Analysis Tools

• Porter's Five Forces Analysis
• Pestel Analysis

COVID-19 Impact and Reformation Strategies

Company Profiles

• SGS SA
• Laboratory Corporation of America Holdings
• Eurofins Scientific
• Pace Analytical Services, Inc.
• Intertek Group plc
• Wuxi Apptec
• North American Science Associates, LLC
• Integer Holdings Corporation
• ICON plc
• Sterigenics U.S., LLC (GTCR, LLC)
• Charles River Laboratories
• Avail Medsystems, Inc.
• Active Implants.
• Omnica Corp.
• Teleflex Incorporated;
• Cantel Medical Corp. (STERIS plc)
• Parexel International Corporation
• Medpace
• Premier Research
• IQVIA Inc.

For more information about this report visit https://www.researchandmarkets.com/r/7ayh3j

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