The medical device outsourcing market was USD 112.1 billion in 2022, and it will reach USD 273.0 billion, growing at a 11.8% compound annual growth rate, by 2030.

This growth in the industry is ascribed to the growing investment for research and development in the healthcare industry, continuous technological advancements, increasing demand for medical devices, the requirement to lessen the expenses, the mounting number of CMO/CDMOs, and the rising price competition all over the world.

In 2022, the class II category, based on device type, held the largest medical device outsourcing market revenue share, approximately 70%, and it will remain the largest in the years to come. This is ascribed to the growing number of surgical procedures across the world.

Additionally, the class I category is expected to witness considerable growth in the years to come. This is because devices in this category are easily available, noninvasive, and exempt from regulatory procedures because of low-risk levels.

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In 2022, North America dominated the industry, with a revenue share of approximately 40%, and it will remain the largest in the years to come. This is ascribed to the extensive adoption of advanced technology, growing noninvasive and minimally invasive procedures, rising capital expenditure on healthcare, and the presence of numerous medical device producers.

Furthermore, the APAC medical device outsourcing industry is expected to witness the fastest growth, growing at a rate of approximately 15% throughout this decade. This is because of the rising elderly population, increasing cases of chronic illnesses, growing consciousness of consumers concerning medical device outsourcing, mounting healthcare expenses, and increasing trend of medical tourism.

Additionally, India, South Korea, and China are mainly contributing to the industry, because of the high requirement for healthcare products and services.

It is because of the continuous technological advancements, increasing requirements for medical devices, and rising investment for research and development in the healthcare sector, the global medical device outsourcing industry will grow significantly in the years to come.