E-commerce Software Market Size Worth $20.6 Billion By 2027

The global e-commerce software market size is expected to reach USD 20.6 billion by 2027, expanding at a CAGR of 16.3% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. E-commerce software is used by organizations to offer their products and services online. Various benefits such as cost reduction, enhanced customer experience, and efficient management of inventory is enabling companies to move their business online. This is expected to positively impact growth over the forecast period.

Increasing adoption of online shopping in developing economies is also anticipated to boost market growth during the forecast period. According to the India Brand Equity Foundation (IBEF), the number of online shoppers in India is projected to reach around 220.0 million by 2025. Furthermore, with the introduction of 5G technology, online shopping is anticipated to rise over the coming years. Due to this upsurge, retailers are opting for solutions to meet the customer requirements, efficiently.

E-commerce software portals play a pivotal role, help SMEs and large-scale enterprises reach remote areas, and are gradually becoming a way of doing business worldwide. These portals facilitate in establishing new trading relationships between companies in addition to supporting existing relationships. Moreover, e-commerce platforms enable businesses to lower down their marketing expenses, better management of the suppliers and customers, and boosts sales engagement.

Additionally, rising proliferation of smartphones and increasing internet penetration is further creating avenues for market growth. Owing to the ease of doing business and enabling companies to track their inventory, view orders, and payments on mobile phones has resulted in increased adoption of e-commerce platforms. Furthermore, with increasing competition, several businesses are opting for online business models to gain a competitive edge in the market.

The outbreak of COVID-19 pandemic has resulted in an unprecedented impact on the global economy. People across the globe have shifted to online shopping of groceries and healthcare products as brick-and-mortar stores are shut-down to combat the virus spread. Market players are focusing on offering investments for retailers to start their business online. For instance, 3dcart introduced its COVID-19 e-commerce Assistance Fund plan committing USD 2.5 million for small businesses that are planning to bring their operations online. It is expected that the online shopping trend will continue over the long-term, due to which the market will rise.

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https://www.grandviewresearch.com/industry-analysis/e-commerce-software-market

Further key findings from the study suggest:

The cloud segment is projected to witness the fastest CAGR exceeding 15.0% over the forecast period. This upsurge is attributed to the increasing adoption of cloud-based technology across various industry verticals
The apparel and fashion segment held the largest market share of 30.8% in 2019. This share is due to the rising number of web-only merchants in the apparel sector
Asia Pacific is estimated to witness the fastest CAGR of over 16.0% during 2020 to 2027 due to the digitalization initiatives taken by governments of various countries such as India and China.

Next Gen Sequencing Data Analysis Market Worth $1.5 Billion By 2027

The global next gen sequencing data analysis market size is expected to reach USD 1.5 billion by 2027, expanding at a CAGR of 12.9%, according to a new report by Grand View Research, Inc. Next generation sequencing (NGS) has transformed the field of proteomic and genomic research as the technology is highly accurate, offering higher throughput and used for a variety of applications. This includes de novo assembly, transcriptome, whole-genome sequencing, and resequencing for DNA and RNA. Hence, the high adoption of NGS by academic and clinical settings for genomic and proteomic research drives the demand for NGS data analysis tools.

Numerous tools, such as EpiGentek’s Targeted Methyl-Seq platform and Agilent’s HaloPlex capture system, are used to determine DNA methylation profiles across any individual genome. Bisulfite-methylation mapping of whole-genome is currently a feasible technique for targeted sequencing. Besides, expansion of targeted methylation NGS analysis by techniques such as Single Molecule Real-Time Bisulfite Sequencing is driving the market.

Epigentek Group, Inc.; Novogene Co., Ltd.; and CD Genomics are among the few companies that provide services related to targeted bisulfite or methylation sequencing data analysis. Furthermore, key companies are constantly expanding their product line to suffice significant upswing in the demand for these solutions globally. For instance, in July 2020, Pacific Biosciences introduced SMRT Link v9.0 software that is compatible with its Sequel II System.

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https://www.grandviewresearch.com/industry-analysis/next-generation-sequencing-ngs-data-analysis-market

Further key findings from the report suggest:

Analytical software is expected to witness significant growth over the forecast period due to the high demand for data management software for managing a large amount of sequenced information
QIAGEN’s CLC Genomics Workbench is one such solution that is a complete toolkit for analyzing transcriptomics, metagenomics, genomics, and epigenomics in one single program
The NGS tertiary data analysis segment held the largest share for workflows in 2019 as it involves the usage of numerous tools
In addition, the tertiary step is an experiment-specific, complex, and time-consuming step of NGS workflow
Availability of software and tools, such as PolyPhen, SIFT, and CIViC, for variant interpretation and annotation, is attributive to the larger share of the segment
The outsourced mode segment has gained immense popularity as it minimizes the requirement of expensive computational infrastructure and complex software tools
SciBerge.Kfm, a German firm, offers outsourced analyzing services to allow its users to interpret NGS information in a fraction of the total price incurred for deep sequencing and DNA library preparation
The wide availability of algorithms and alignment tools for analyzing whole-genome, amplicon, 16S rRNA, methylation, and tumor-normal sequenced data contributes to the dominant revenue share of the short-read segment in 2019
TopHat, Bowtie2, STAR, BWA, Minimap2, and HISAT2 are the commonly used alignment tools for high-throughput short-read sequencing
The academic research end-use segment dominated the market in terms of revenue share in 2019
The rise in the number of skilled professionals, usage of NGS computational tools, and availability of on-site bioinformatics courses and training programs contribute to a larger revenue share
North America dominated the market in 2019 in terms of revenue generation
The launch of large-scale projects to sequence genome, high demand for personalized medicine, constant approval, and favorable reimbursement policies for NGS-based diagnostic tests are among few factors attributive for the region’s larger share
Major market participants have undertaken strategic initiatives to expand the scope of NGS computational tools
For instance, in October 2019, Thermo Fisher signed an agreement with Genialis and integrated its Invitrogen Collibri Stranded RNA Library Prep Kit with Genialis Expressions analysis software to ease the evaluation of RNA sequenced data.

Microfluidics Market Size Worth $31.6 Billion By 2027

The global microfluidics market size is expected to reach USD 31.6 billion by 2027, according to a new report by Grand View Research, Inc., registering an 11.3% CAGR over the forecast period. Demand for microfluidic-based devices is expected to surge owing to introduction of novel technologies such as digital microfluidics. These techniques allow on-chip biochemical analysis, thereby driving adoption.

Rise in the adoption of microfluidics for point-of-care diagnostics is expected to have a significant impact on market growth. Industry players such as Abbott, Roche, and Danaher have already incorporated this technology in their existing diagnostic devices and are exploring the scope of digital microfluidics. For instance, Philips’ Minicare I-20 handheld device provides accurate and rapid results for the diagnosis of heart attacks.

Large investments targeted toward the development of microfluidics and promoting their adoption are expected to create opportunities for the expansion for automated as well as miniature devices. For instance, according to an article published in 2018, there have been large-scale investments in “sample-to-answer” microfluidic automated testing in recent years.

Microfluidics has not only been proven beneficial in biological bench-work but also several medical and pharmaceutical applications, including diagnosis of infectious diseases and treatment of cancer. The technology aids in the fabrication of functional living tissues and artificial organs. Companies such as Abbott, Roche, Cepheid, and Becton, Dickinson and Company (BD) are integrating such technologies with in-vitro diagnostics (IVD). Samsung LABGEOPT10 and Abbott i-STAT are examples of single-step blood glucose testing assays that can work on a small sample volume (a single blood drop).

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https://www.grandviewresearch.com/industry-analysis/microfluidics-market

Further key findings from the report suggest:

The medical/healthcare segment dominated the market by technology owing to rise in demand for new molecular diagnostic tests with enhanced sensitivities, shorter turnaround time, and increased accuracy at minimal costs
PCR & RT-PCR were the largest revenue-generating medical technology in 2019 and the segment is expected to retain its lead throughout the forecast period. Digital PCR in combination with a microfluidic device allows a large amount of PCR reaction mix to be distributed into nanoliter-sized volumes automatically
The organs-on-chips application segment is expected to register the fastest CAGR throughout the forecast period. The method can potentially reduce the failure rate in drug development pipelines, thereby reducing the time and money associated with drug development
By material, polydimethylsiloxane (PDMS) accounted for the largest revenue share in 2019. The material is used to fabricate microfluidic-based devices because of its nontoxicity, robustness, optical transparency, permeability, biocompatibility, elastomeric features, and low cost.
North America dominated the global microfluidics market in 2019 and is expected to retain its dominance over the analysis period. Local presence of leading players, availability of funds and research capital, and launch of novel sample volume screening technologies drives the North America market
Asia Pacific is expected to witness the fastest growth owing to rise in aging population, demand for point-of-care diagnostic tests, and presence of academic institutions such as the Institute of Microchemical Technology (IMT), Japan, that are focused on microfluidic-based research
Illumina, Inc.; PerkinElmer, Inc.; Agilent Technologies, Inc.; Danaher Corporation; Bio-Rad Laboratories, Inc.; Life Technologies Corporation; Abbott Laboratories; F. Hoffmann-La Roche Ltd; and Fluidigm Corporation are some of the key players operating in the global market

Enteral Feeding Formulas Market Size Worth $8.72 Billion By 2027

The global enteral feeding formulas market size is expected to reach USD 8.72 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% from 2020 to 2027. Increasing prevalence of diseases such as diabetes, cancer, dementia, multiple sclerosis, chronic liver disease and COPD is expected to boost the demand for enteral products that aid patients having trouble in oral intake. As per a study published by Cancer Research U.K., approximately 17.0 million new cancer cases were reported in 2018 across the globe. Incidence of cancer is projected to increase by 62% between 2018 and 2040.

In addition, growing deficiency of macro and micro nutrients among the patients in hospitals during pre and post-surgery drives the demand for enteral feeding formulas. Furthermore, increasing product offerings aimed at specific indications are delivering targeted nutritional needs, which is a key driver of this market. These enteral tube feeds usually contain polysaccharides and proteins for patients capable of digesting and absorbing nutrients without any difficulty. Availability of wide varieties of enteral formulas, along with increased demand for low-cost nutrient formulations among consumers, is boosting the market growth. Moreover, favorable reimbursement scenario supports high adoption of tube feeds among hospital patients as the enteral nutrition is usually covered under Medicare claims.

Moreover, the market is consolidated with presence of few leading players, including Nestle Health Science, Abbott, and Danone. These players are constantly investing in the R&D activities for development of enhanced products that cater to the niche therapeutic areas having high growth potential in the industry in order to gain a competitive edge. Market entry has proved to be challenging for new entrants as the industry is dominated by few major MNCs with high brand recognitions.

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https://www.grandviewresearch.com/industry-analysis/enteral-feeding-formulas-market

Further key findings from the report suggest:

Standard formula emerged as the leading product segment in 2019 with a revenue share of 54.3% in the global market
By flow type, intermittent feeding flow accounted for the largest revenue share in 2019. Continuous feeding flow is projected to expand at the fastest CAGR during the forecast period
The adults stage segment accounted for the largest revenue share in 2019 owing to growing demand for such nutrition formulations in the adult population
Others emerged as the leading indication segment in 2019 with a revenue share of 41.9% in the global market
Home care emerged as the leading end user segment in 2019 and is expected to witness significant growth over the forecast period
North America accounted for the largest share in 2019 due to growing preference for home-based enteral therapy in the region.

Extracorporeal Membrane Oxygenation Machine Market Size Worth $394.9 Million By 2027

The global extracorporeal membrane oxygenation machine market size is expected to reach USD 394.9 million by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 4.5% over the forecast period. The market is primarily driven by the increasing incidence of cardiopulmonary and respiratory diseases, and technological advancements in the field of extracorporeal membrane oxygenation (ECMO) procedures. Cardiovascular disease is one of the leading causes of death globally. According to WHO, 17.9 million people died from cardiovascular diseases in 2016. In addition, according to the Extracorporeal Life Support Organization, a total of 45,035 patients globally suffered from respiratory illnesses in 2016. Increasing awareness about ECMO procedures, coupled with various government initiatives, is further propelling the market for extracorporeal membrane oxygenation machines.

The increasing survival rate of cardiac and respiratory patients undergoing ECMO machine-supported surgery is also driving the ECMO machine market. The application of extracorporeal membrane oxygenation machine in procedures has increased over the years. This machine was traditionally used in cases of circulatory or respiratory failure. However, its applications have expanded to be used as rescue therapy for post-organ transplantation and sepsis and in cases of heart failure. The use of extracorporeal membrane oxygenation machines has been rising gradually worldwide owing to its benefits such as acting as an artificial lung for patients and growing awareness about its use. Moreover, increasing healthcare expenditure by government and private agencies in order to improve healthcare facilities are fueling the market for extracorporeal membrane oxygenation machines. According to the American Heart Association, medical expenditure related to CVDs is expected to reach USD 960 billion by 2030, rising from USD 320 billion in 2011.

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https://www.grandviewresearch.com/industry-analysis/extracorporeal-membrane-oxygenation-ecmo-market

Further key findings from the study suggest:

By component, the oxygenators segment accounted for the leading revenue share in 2019 owing to its high cost and usage
Based on modality, veno-arterial ECMO machines held the dominant market share in 2019 and is also expected to register the fastest growth rate during the forecast period
On the basis of patient type, the adult segment is likely to exhibit a rapid pace over the course of the forecast period owing to the rising incidence of cardiac and pulmonary diseases
The respiratory application segment emerged as the leading revenue contributor in the ECMO machine market in 2019 and is also expected to grow at the fastest rate
North America accounted for the largest share in 2019 owing to favorable reimbursement policies, the presence of key players, and government initiatives
Leading players in the extracorporeal membrane oxygenation machines market include Nipro Medical Corporation Medtronic plc, Microport Scientific Corporation, Sorin Group, MAQUET Holding B.V. & Co. KG, Terumo Cardiovascular Systems Corporation, and Medos Medizintechnik AG. Major players are focusing on technological collaborations and product launches to stay ahead.

Spring Market Size Worth $33.3 Billion By 2027

The global spring market size is expected to reach USD 33.3 billion by 2019, registering a CAGR of 4.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.

Industrialization and trade have strengthened each other. Trade has provided access to critical industrial inputs such as raw material and updated technologies such as robotics and Computer-aided manufacturing (CAM) for countries which are incapable of producing them. Increased demand for exports has spurred technological development and industrial production. In turn, the introduction of new industrial technologies such as use of 3D printers in manufacturing has shaped the pattern of manufacturing sector and hence increasing the demand for springs from robotics as well as from manufactured products.

Europe accounted for more than 25.0% of the global revenue generated in the market in the year 2019. Rising government investments to boost electric vehicle production/sales is anticipated to promote regional growth over the coming years. In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, owing to substantial growth of manufacturing sector in countries such as China and India.

However, the market is depended on demand from its end users such as automotive and manufacturing. Therefore, the onset of financial crisis is expected to adversely impact market growth. Also, prices of raw materials such as metal and alloy have rapidly fluctuated, hampering market growth. Furthermore, the presence of a large number of domestic and international market participants has made the market highly competitive. The competitive environment in the market has forced the vendors to sell the products at low prices. This has deeply impacted the profit margins of the market players and has also restricted further research and development in the market. However, frequent adoption of new manufacturing methods, and adoption of customized products is expected to accelerate the growth of the spring market over the coming years.

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https://www.grandviewresearch.com/industry-analysis/spring-market

Further key findings from the report suggest:

The market is anticipated to witness a substantial growth, registering a CAGR of 4.5%, on account of the growing demand for spring from end use industries such as automotive and transportation, agriculture and forestry, and construction
By type, the helical spring segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. The primarily factor for high growth is extensive use of these springs in products and machinery in several end-use industries such as automotive and manufacturing
Automotive and transportation segment is expected to witness highest growth by 2027. The growth is attributed to significant demand for springs from electric vehicle OEM manufacturers across the globe
In 2019, the global electric vehicle fleet exceeded more than 5.0 million units from 2.0 million in 2017. Being a crucial part of all electric vehicles, spring is expected to register a considerable growth over the forecast period
In Asia Pacific, the spring market is projected to expand at a CAGR of over 3.0% from 2020 to 2027 owing to increased demand for spring from manufacturing, automobile, and transportation sectors in the region
The spring market is fragmented in nature and is dominated by companies such as GALA GROUP; Ace Wire Spring and Form Co., Inc.; Bal Seal Engineering, Inc.; Barnes Group Inc.; Jamna Auto Industries Ltd.; Rassini SAB de CV; and Sogefi SpA.s.

Driving Simulator Market Worth $6.1 Billion By 2027

The global driving simulator market size is expected to reach USD 6.1 billion by 2027, registering a CAGR of 3.4% over the forecast period, according to a new study by Grand View Research, Inc. Increasing research & development activities focused on developing autonomous vehicles, coupled with growing demand for advanced driving assistance systems, are expected to drive the market in the forecast period. The use of simulators for vehicle testing helps automotive manufacturers to assess the real-time performance of the vehicles in a dynamic but controlled environment.

Driving simulator acts as a training platform for training new as well as experienced drivers for commercial and project-oriented purposes. These machines are used for providing driving lessons ranging from basic to expert levels. Moreover, they help the trainers and the researchers in determining the behaviour patterns of the drivers under several unavoidable circumstances, including sudden braking.

Furthermore, simulators are used across various platforms in the aviation industry to train pilots of commercial aircrafts and helicopters and military aircrafts. These machines are also gaining momentum in the motorsports and gaming industry. Car and bike simulators are increasingly used in gaming zones and arenas as well as amusement parks. They enable higher player engagement in the game, thereby increasing their popularity globally.

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https://www.grandviewresearch.com/industry-analysis/driving-simulator-market

Further key findings from the study suggest:

The full-scale simulator type segment held a major share of approximately 41% in 2019 owing to its lower cost as compared to other types
By application, the research and testing segment dominated the driving simulator market in 2019 and is expected to expand at the highest CAGR during the forecast period owing to the advent of autonomous vehicles in the market
Based on end use, the aviation segment held a major share in 2019 owing to the increased air traffic and growing safety concerns among passengers
Europe accounted for the largest share in 2019, followed by North America. Presence of major automotive manufacturers is driving the regional market
Prominent players in the driving simulator market include Thales Group; L3 Technologies Inc.; CAE, Inc.; Bosch Rexroth AG; and Anthony Best Dynamics Limited.

Two Wheeler Hub Motor Market Size Worth $16.9 Billion By 2027

The global two wheeler hub motor market size is expected to reach USD 16.9 billion by 2027, expanding at a CAGR of 9.7%, according to a study conducted by Grand View Research, Inc. Increasing demand for electric two-wheelers and stringent government regulations for reducing the carbon footprint is projected to market growth. Furthermore, improved vehicle performance, reliability, and driving range are some factors that are projected to influence the demand for hub motors over the next seven years.

The increasing rate of environmental degradation through vehicular emissions has become a key concern for governments across the globe. Therefore, several governments are taking steps to promote the shift from traditional vehicles to eco-friendly transportation. Hence, the government has announced incentives on road tax, purchase tax, import tax, and low or zero registration fee for electric two-wheelers for both manufacturers and end-users. Moreover, substantial investments from automakers are estimated to cater to the increasing demand for electric two-wheelers. This, in turn, is expected to play a crucial role in the evolution of the market.

Asia Pacific dominated the two wheeler hub motor market in 2019 and is expected to continue its dominance over the forecast period. The region is majorly driven owing to the presence of electric two-wheeler and motor manufacturers in China. The country accounts for over 70.0% of the overall electric two-wheeler market in the region. Moreover, the growth in the electric two-wheeler industry in India, South Korea, and Japan is anticipated to trigger the demand for in-wheel motors.

Furthermore, several government regulations to promote the adoption for electric two-wheelers is one of the vital factor influencing the regional market growth. For instance, in 2018, the government of India increased financial support valued at USD 1.3 billion for electric vehicles under its FAME II program. The step was aimed at providing the demand-side incentives for electric two-wheelers, three-wheelers, cars, and buses. Such initiatives are anticipated to fuel the growth of the market from 2020 to 2027.

The market is fragmented in nature owing to the presence of several key manufacturers. However, the prominent electric two-wheeler manufacturers usually undergo strategic agreements with their suppliers to bridge the demand and supply gap of the industry. Some of the significant manufacturers in the market are NTN Corporation; Robert Bosch GmbH; QS Motors; and Schaeffler Technologies AG & Co. KG.

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https://www.grandviewresearch.com/industry-analysis/two-wheeler-hub-motor-market

Further key findings from the report suggest:

The electric bike segment is expected to dominate the market in 2019 and was valued at USD 4.6 billion in 2019 owing to growing penetration of electric bikes
The rear hub motor segment dominated the market and is anticipated to reach USD 15.7 billion by 2027. The high-power in-wheel motors are suitable for rear wheel installation as majority of the passenger weight is handled by the rear wheel. Hence rear hub motor provides better traction on the rear wheel
The market primarily includes power output such as below 1 kW, (1-3) kW, and above 3 kW. The below 1 kW segment dominated the market in 2019 and is projected to witness a CAGR of 9.1% from 2020 to 2027. These motors are best suited for electric bicycles, electric skateboards, and electric kick scooters
Asia Pacific is projected to account for majority share of the market over the forecast period due to the presence of majority electric two-wheeler and hub motor manufacturers. The region is anticipated to reach USD 9.4 billion by 2027
The prominent two wheeler hub motor market participants include QS MOTOR, Heinzmann GmbH and Co. KG., Robert Bosch GmbH, Schaeffler Technologies AG and Co. KG, and NTN Corporation

Vibration Control System Market Size Worth $6.7 Billion By 2027

The global vibration control system market size is expected to reach USD 6.7 billion by 2027, registering a CAGR of 6.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of the technology in healthcare applications is expected to drive market growth over the forecast period. Vibration control systems are being used in healthcare applications to mitigate the impacts of quiver on sensitive equipment such as DNA sequencing microarrays and Magnetic Resonance Imaging (MRIs).

The technology is also extensively used in the aerospace and defense industry to decrease the vibrations causing damage to the aircraft windshield, windowpanes, doors, and shipments. Based on system type, the market is segmented into motion and vibration control systems. The demand for motion control systems in automotive, power plants, and oil and gas industry has increased over the last few years. Motion control systems isolate the effects of quiver and shock in power plants, thereby increasing the demand for such systems among these industries.

Besides, the electronics and electrical industry, including industrial goods, is witnessing a paradigm shift in terms of increasing usage of vibration control methods. Moreover, the technology is also used in the industrial goods industry for isolating vibrations on electronic instruments and measuring equipment. In Asia Pacific, the market is anticipated to witness significant growth owing to the presence of major manufacturers in China. The low cost of capital and availability of cheap labor and material in the region is expected to drive the market in the region by 2027.

In North America, the vibration control system market is anticipated to witness considerable growth attributed to rising demand from aviation, healthcare, and defense sector in U.S. and Canada. U.S. is expected to dominate the market in North America owing to increasing use of the technology in automotive, electrical and electronics, and food manufacturing sectors.

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https://www.grandviewresearch.com/industry-analysis/vibration-control-systems-market

Further key findings from the study suggest:

The market is anticipated to witness substantial growth during the forecast period, owing to the rising adoption in various industries, including healthcare, oil and gas, and aerospace and defense
The vibration control segment accounted for the highest market share in 2019, owing to growing demand for automation in power plants and oil and gas industries
The aerospace and defense industry is expected to register highest growth over the forecast period, owing to increasing stringent regulations by defense authorities and airlines authorities on system design
In Europe, the market held the largest share in 2019, owing to the presence of large number of automobile manufacturers in the region
Key players in the vibration control system market include ContiTech AG; Lord Corporation; Resistoflex (P) Ltd.; HUTCHINSON; Fabreeka; Sentek Dynamics Inc.; VICODA GmbH; Isolation Technology Inc.; Trelleborg AB; and Kinetics Noise Control, Inc. New product development and expansion remains the key strategy adopted by the leading manufacturers in the market.

Medical Device Outsourcing Market Size Worth $231.2 Billion By 2027

The global medical device outsourcing market size is expected to reach USD 231.2 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The growing incidence of chronic diseases is one of the major factors contributing to market growth. Regulatory bodies are mainly focusing on the quality of the healthcare devices provided to the public. Hence this is encouraging various players in the market to offer various services like regulatory consulting. For example, the European Medical Device Regulation undertake special spontaneous inspection of outsourced products to test the quality as well as conformity with standards.

The importance of regulatory compliance is expected to boost the growth of consulting services such as remediation, compliance, and quality management systems (QMS), thereby contributing to market growth. Whereas, the budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by the original equipment manufacturers (OEM). These factors are expected to boost medical device outsourcing to emerging countries like India and China.

In addition, increasing difficulties in product engineering along with new entrants in the market are anticipated to shape the future of the market for medical device outsourcing. Whereas rising prevalence of chronic diseases is boosting the demand for medical devices. This, in turn, is helping the market to grow during the forecast period. Various companies are shifting their focus to research and development of new medical devices and are therefore outsourcing these activities to launch efficient medical devices in the market.

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https://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market

Further key findings from the report suggest:

Contract manufacturing accounted for the largest share in service segment in 2019, due to increasing trend of outsourcing, especially in emerging countries
The quality assurance segmentis expected to witness the highest CAGR over the forecast period
Asia Pacific dominated the medical device outsourcing market with the largest share in 2019. Increasing demand for new technologies along with advanced healthcare infrastructure are likely to facilitate the dominance of this region in the market for medical device outsourcing during the forecast period
North America is projected to witness the fastest growth during the forecast period owing to increasing prevalence of chronic diseases in this region
Some of the key market players are SGS SA; TOXIKON, INC.; EUROFINS SCIENTIFIC; and PACE ANALYTICAL SERVICES, LLC.