Colombia Medical Device Outsourcing Market Size & Outlook
Colombia medical device outsourcing market, 2018-2030 (US$M)
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Colombia medical device outsourcing market highlights
- The Colombia medical device outsourcing market generated a revenue of USD 756.4 million in 2022 and is expected to reach USD 2,138.4 million by 2030.
- The Colombia market is expected to grow at a CAGR of 13.9% from 2023 to 2030.
- In terms of segment, contract manufacturing was the largest revenue generating service in 2022.
- Quality Assurance is the most lucrative service segment registering the fastest growth during the forecast period.
Medical device outsourcing market data book summary
| Market revenue in 2022 | USD 756.4 million |
| Market revenue in 2030 | USD 2,138.4 million |
| Growth rate | 13.9% (CAGR from 2022 to 2030) |
| Largest segment | Contract manufacturing |
| Fastest growing segment | Quality Assurance |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Quality Assurance, Regulatory Affairs Services, Product Design and Development Services, Product Testing & Sterilization Services, Product Implementation Services, Product Upgrade Services, Product Maintenance Services, Contract Manufacturing |
| Key market players worldwide | SGS AG, Labcorp Holdings Inc, Eurofins Scientific SE, Pace Analytical Services, Intertek Group PLC, Wuxi AppTec Co Ltd, Sotera Health Co Ordinary Shares, Charles River Laboratories International Inc, Medical Device Testing Services, FREYR Battery Inc, PAREXEL, Accell, Genpact Ltd, Criterium Inc., Promedica International, Medpace Holdings Inc, Icon PLC, IQVIA Holdings Inc, Integer Holdings Corp, Tecomet, Jabil Inc, Flex Ltd, Celestica Inc Ordinary Shares (Subordinate Voting), Sanmina Corp, Plexus Corp, Molex, Steris PLC, West Pharmaceutical Services Inc, NAMSA, TUV SUD, RJR Consulting, Mandala International, Global Regulatory Partners, Emergo Group, BioTeknica Engineering & Regulatory Services |
Other key industry trends
- In terms of revenue, Colombia accounted for 0.6% of the global medical device outsourcing market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil medical device outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Argentina is the fastest growing regional market in Latin America and is projected to reach USD 1,754.9 million by 2030.
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Medical Device Outsourcing Market Scope
Medical Device Outsourcing Market Companies
| Name | Profile | # Employees | HQ | Website |
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Colombia medical device outsourcing market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to medical device outsourcing market will help companies and investors design strategic landscapes.
Contract manufacturing was the largest segment with a revenue share of 54.76% in 2022. Horizon Databook has segmented the Colombia medical device outsourcing market based on quality assurance, regulatory affairs services, product design and development services, product testing & sterilization services, product implementation services, product upgrade services, product maintenance services, contract manufacturing covering the revenue growth of each sub-segment from 2018 to 2030.
The country is the ideal nation for the key players to establish their manufacturing base in the country, owing to its proximity to the U.S. and other developed nations, cheaper labor & land costs, and reduced shipping costs as compared to the Asian nations. Colombian healthcare infrastructure is good in urban areas but needs modernization.
This is expected to increase the number of CDMOs entering the country, thus making the country’s market competitive. A significant number of people in Columbia are suffering from chronic and infectious diseases. For instance, in 2020, the IARC stated that the prevalence of cancer was 29,3524. Similarly, according to the NHS, parasitic diseases are the most common in the country.
The country has a high burden of malaria, with over 9.4 cases per 100,000 people being recorded in 2020. The high burden of diseases in the country is promoting the demand for new medical devices, thus creating opportunities for outsourcing service providers and boosting the demand for outsourcing services in the country.
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Target buyers of Colombia medical device outsourcing market databook
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Our clientele includes a mix of medical device outsourcing market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Colombia medical device outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into Colombia medical device outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Colombia medical device outsourcing market size, by service, 2018-2030 (US$M)
Colombia Medical Device Outsourcing Market Outlook Share, 2022 & 2030 (US$M)
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