U.S. Medical Device Outsourcing Market | Increasing Demand for Medical Devices is estimated to bring Lucrative Opportunities
The increasing demand for medical devices is estimated to bring lucrative opportunities in the U.S. medical device outsourcing market. Further increasing requirement for cost containment is also fueling demand opportunities in the market. Various benefits such as concentration on the organizational core competencies and reduced production cost are also anticipated to propel growth opportunities in the U.S. medical device outsourcing market.
There is an increase in the complexities related to product engineering. In addition to this, a growing number of small-sized manufacturers is likely to fuel growth opportunities in the U.S. medical device outsourcing market in the upcoming years. Further, a rapid increase in the geriatric population is projected to bring opportunities in the market owing to their weaker immune system.
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The U.S. medical device outsourcing market is facing various challenges in recent years. Increased maturity level in the industry, growing competition, profitability pressure, and increasing price are some of the significant factors that are likely to put a direct impact on the market. Various amendments are made in ISO standards that are predicted to bolster growth opportunities in the U.S. medical device outsourcing market.
U.S. Medical Device Outsourcing Market: Key Trends
Diagnostics kits and tests are playing a crucial role to fight against the coronavirus pandemic. These testing kits and various medical products have been imported from different low-cost manufacturing nations. This initiative is estimated to put a direct impact on the growth opportunities in the U.S. medical device outsourcing market.
The onset of coronavirus has directly hampered the supply chain in the U.S. medical device outsourcing market. This supply disruption is on the back of lockdown imposition in order to maintain social distancing to curb the spread of coronavirus. This severe disruption in the U.S. medical device outsourcing market supply chain has finally resulted in the shortage of market products. This factor has emphasized the requirement of scalable manufacturing operations.
Stringent regulations and global boundaries have interrupted the supply chain of the U.S. medical device outsourcing market. The outcome of this step is estimated to result in a delayed supply chain. Further, the availability and production of U.S. medical device outsourcing market have been hampered owing to the dependency on different medical devices in various countries.
U.S. Medical Device Outsourcing Market: Competitive Dynamics and Key Developments
The major players in the U.S. medical device outsourcing market are involved to provide various medical outsourcing equipment and services, and this initiative is anticipated to work as effective tool in cost curbing for the recipient organization. In order to grow the market penetration, the key players are also using mergers and acquisitions. For instance, in February 2020, Integer has announced the acquisition of Inomec, which is an R & D contract manufacturing company that is based in Isarel. This acquisition is expected to assist Integer for the expansion in its global footprint for medical outsourcing.
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Some of the key players in the U.S. medical device outsourcing market include:
- Accellent Inc.
- Teleflex Inc.
- Active Implants
- Cantel Medical Corporation
- Kinematic Climax, Inc.
- Cambi Group AS
- MDMI Technologies Inc.
- FCC Group
- Omnica Corporation
U.S. Medical Device Outsourcing Market: Regional Assessment
The U.S. medical device outsourcing holds a significant share in the market revenue. This market dominance is on the back of well-established manufacturing units in the North America region for complex, consistent, and high-end devices. Further, the regional market is estimated to grow rapidly with the presence of the technologically advanced electronic sector. In addition to this, the North America region is home to innumerable companies that deal in medical devices.
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