Medical Device Outsourcing Market | Increasing Demand for Medical Devices to Add Impetus to Market
Medical device outsourcing is the practice or profession of recruiting a third party for various business performances such as management, manufacturing, and demand and supply chain management, product designing, among others. They also provide cost efficient performance to the Original Equipment Manufacturers (OEMs) within lower labor cost. The rise in geriatric population and the increasing rate of chronic and acute diseases worldwide is a key factor driving the global medical device outsourcing market growth.
Increasing Cases of Chronic Diseases to Bolster Growth
The rise in expenditure on Contact Research Organization (CRO) is another factor promoting the growth of the global medical device outsourcing market. In addition to this, the rising popularity of implantable devices for monitoring patients has led to an increasing demand for medical devices, thereby augmenting the growth of the market. Additionally, manufacturers of the global medical device outsourcing market have made heavy investments on research and development and outsourcing of medical devices out of which the increasing prevalence of chronic diseases is an added benefit.
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Companies that are receiving outsourced services are trying to focus more on research and development for market growth. For example Creganna-Tactx’s research and development is coming up with fresh component to develop technologies less and minimal aggressive medical delivery systems.Increase in chronic diseases worldwide is aiding the market to expand at a greater rate. Early detection of a disease for reduced mortality rate is increasing the demand of the market. Product outsourcing which helps the companies to reduce production cost by 10-15%, makes them survive the competition is another major factor which is driving the market. Manufactured products and services which are outsourced helps to make the most of revenues by reducing time-to-market. This is another key important factor surrounding the global medical device market. The increase in demand for medical devices in Asian countries is alluring major players to this region. The market could offered product such as electronics, finished goods, raw materials. The market finds it application in cardiovascular, general medical devices, and orthopedic and spine.
The market for medical device outsourcing is categorized on the basis of application, product, device type, service, and region. In terms of application, the market is classified into cardiology, diagnostic imaging, IVD, diabetes care, general surgery, orthopedic, plastic surgery, ophthalmic, dental, endoscopy, drug delivery, and others. The product sector is further classified into raw materials or components, electronics, and finished goods. Based on device type, the market is categorized into Class I, Class II, and Class III Device.With respect to service, the market is divided into prototype development, finished device manufacturing, assembly & packaging, and testing & regulatory support services.
Key Players Analysis:
Some of the vendors in this market include Onex Corporation, Flex Ltd., TE Connectivity Ltd., Cardinal Health Inc., Nortech Systems Incorporated, Sanmina Corporation, Integer Holdings Corporation , Plexus Corporation, Heraeus Holding GmbH, and others.
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