Medical Device Outsourcing Market Insights: Growth Rate of 12.1 % over the Forecast years (2022-2030)
The latest corporate intelligence studies indicate that the global medical device outsourcing market will foresee a considerable growth rate of 12.1 % over the forecast years i.e. 2022 to 2030.
The research report places the initial evaluation of the global medical device outsourcing market at US$ 107.92 billion at the base year of 2021. The rising demand for advanced and technologically superior medical devices and equipment, coupled with the increasing price competition amongst the leading industry players is fuelling the growth within the global medical device outsourcing market.
Some of the other major drivers for the development of the overall global medical device outsourcing market in coming years include the increasing requirement for reducing the cost associated with the high end and reliable medical products as well as the rising amount of difficulties and complications in product engineering.
Additionally, the rising number of new entrants in the global medical device outsourcing market may intensify the competition and result in a diverse portfolios of medical devices in the industry in coming years.
The ongoing pandemic situation has created an unimaginably strong demand for various COVID-19 antigen as well as RT-PCR testing kits. This trend is likely to bolster the demand within the global medical device outsourcing market in coming years. The rising prevalence of various chronic diseases around the world as well as the ongoing COVID-19 pandemic situation are anticipated to hold a positive influence on the global medical device outsourcing market in coming years.
The manufacturers and players operational within the global medical device outsourcing market are focusing on balancing reliability, costs, complexity, and power consumption of various medical devices, particularly in the case of implantable medical devices. They are also investing in product innovation as well as outsourcing in a bid to develop and market new and next generation of efficient products in the global medical device outsourcing market in near future.
Global Medical Device Outsourcing is going to witness a steep growth in the years to come. Medical devices manufacturing is a procedure of contracting a third party for various business purposes like product designing, supply chain management, manufacturing, and prototyping. Tis procedure allows the original equipment manufacturers to cut the production time and labor cost which in turn increases the demand in the market.
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 can provide with three types of devices which are class l, ll, and lll devices. The market is spread across Europe, North America, Asia-Pacific and Latin America, Middle East and Africa.
Global Medical Device Outsourcing Market: Overview
The rapidly growing global population and subsequently increasing healthcare needs are working in favor of the global medical device outsourcing market.
On the basis of services, the market can be segmented into product design and development services, product testing services, regulatory consulting services, product implementation services, product upgrade services, manufacturing services, and product maintenance services.
Based on therapeutics, the global market can be divided into diagnostic imaging, cardiology, IVD, orthopedic, ophthalmic, drug delivery, dental, general and plastic surgery, and endoscopy.
Global Medical Device Outsourcing Market: Key Trends
The spiraling demand for advanced medical devices is paving way for the increased complexities in product engineering. This is prompting medical device manufacturers to outsource the process, which is providing a significant boost to the global medical device outsourcing market.
Moreover, outsourcing helps in reducing the overall cost of manufacturing, which is encouraging manufacturers to subcontract activities such as assembling, packaging, and others.
The expanding base of geriatric population and stringent regulations pertaining to the manufacturing of medical devices are also allowing the global market to gain traction. Besides this, the lack of robust in-house manufacturing infrastructure is driving the trend of outsourcing among small and mid-size companies.
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Global Medical Device Outsourcing Market: Market Potential
With the snowballing demand for cheap yet effective and advanced medical devices, a large number of OEMs are willing to work with contract manufacturing organizations (CMOs). As a result, partnerships and acquisitions have emerged as a common trend in the global medical device outsourcing market, which is also providing a tremendous momentum to the market. For instance, in October 2015, Greatbatch Inc. acquired Lake Region Medical, in a deal worth US$1.73 bn.
According to industrial experts, the deal paved way for one of the most prominent outsourcing facilities for medical technology. Similarly, in June 2016, Phillips-Medisize acquired Medicom Innovation Partner.
The latter specializes in the development and production of connected health and drug delivery devices. The increasing number of startups in the field of medical devices is also estimated to augment the global medical device outsourcing market.
Global Medical Device Outsourcing Market: Geographical Segmentation
On the basis of geography, the report classifies the global medical device outsourcing market into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America and Asia Pacific will collectively account for a substantial chunk in the revenue pie of the market throughout the forecast period.
In Asia Pacific, the rising disposable income of the populace, improving healthcare infrastructure, and growing incidence of lifestyle-related disorders are fuelling the market. In North America, the growth of the market can be attributed to the presence of advanced manufacturing facilities for complex, reliable, and high-end medical devices. The U.S. and Canada will be major revenue contributors to the region.
Global Medical Device Outsourcing Market: Competitive Landscape
With the burgeoning demand for medical devices around the world, the market is likely to tread along a healthy growth track. The immense potential of the global medical device outsourcing market is attracting new players to foray into the marketplace.
This is likely to intensify the competition in the market in the coming years. Established players are focusing on strategic collaborations and mergers to expand their product portfolio and sustain the aggressive competition in the market.
Some of the prominent companies operating in the global medical devices outsourcing market are Shandong Weigao Co. Ltd., Kinetics Climax Inc., Daiichi Jitsugyo Co. Ltd., Infinity Plastics Group, GE Healthcare, Sterigenics International Inc., Mitutoyo Corp., Cirtec Medical, Omnica Corp., and Micro Systems Engineering GmbH.
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