India Medical Device Outsourcing Market Size & Outlook
India medical device outsourcing market, 2018-2030 (US$M)
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India medical device outsourcing market highlights
- The India medical device outsourcing market generated a revenue of USD 8,519.0 million in 2022 and is expected to reach USD 25,236.4 million by 2030.
- The India market is expected to grow at a CAGR of 14.5% 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 8,519.0 million |
| Market revenue in 2030 | USD 25,236.4 million |
| Growth rate | 14.5% (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, India accounted for 7.3% 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 Asia Pacific, China medical device outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 25,236.4 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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India 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 54.74% in 2022. Horizon Databook has segmented the India 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.
Global medical device companies commonly outsource their manufacturing services to India. Lower costs of labor, improved infrastructure, and a large number of technical experts are some of the major drivers for the growth of the medical device outsourcing market in this country. In addition, India is one of the most popular locations for outsourcing manufacturing services because of the rise in government financing for R&D to expedite new product development.
Hence, outsourcing various services to emerging countries such as India is expected to boost the market in the country and improve the competition among market players in India In May 2023, the Indian Government introduced a program to support the enhancement of existing and newly established medical device clusters.
This initiative is designed to fortify these clusters by offering financial assistance and promoting the establishment or reinforcement of testing laboratories for medical devices, For Common Infrastructure Facilities (CIF) within the Medical Device (MD) clusters, the support ceiling will be either 70% of the approved project cost or Rs. 20 crore, based on the decision of the Scheme Steering Committee (SSC).
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Target buyers of India 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 India medical device outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into India medical device outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India medical device outsourcing market size, by service, 2018-2030 (US$M)
India Medical Device Outsourcing Market Outlook Share, 2022 & 2030 (US$M)
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