Medical Device Outsourcing Market
Medical device outsourcing is contracting with the third party for the product designing, manufacturing, packaging, validation, and prototyping of medical devices. Medical device outsourcing helps both manufacturer and the supply chain. It permits the original equipment manufacturers to focus on their primary operations, such as marketing and product innovation. It also helps in reducing the overall cost and time to enter the market. Companies can save up 10-15% on production by outsourcing their products. Overall medical device outsourcing provides benefits such as early product launch into the market, reduced manufacturing time, and quality check approvals to match regulatory criteria.
Global medical devices outsourcing market is propelled by the increasing needs for quality healthcare services. Medical device manufacturers are majorly dependent on innovation as the product life cycles are short and increasing buyer awareness levels has forced manufacturers to adhere to business strategies involving persistent R&D investments and innovative product launch. Medical device Original Equipment Manufacturers (OEMs), adhering to outsourcing services as a cost effective curbing tool. Moreover, medical outsourcing services have benefited the OEMs by reducing cost and time as the medical device market has gained high competitiveness in the previous couple of years.
The rising geriatric population and their susceptibility to diseases is the vital factor that is propelling the market growth. For instance, according to the U.S census Bureau, there were more than 54 million citizens 65 years and older.
Market Dynamics
The rising research and development activities for the development of novel technologies, and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players operating in the market are the major factors that are expected to drive growth of the global medical device outsourcing market over the forecast period.
For instance, according to National Center for Biotechnology Information (NCBI), article published in April 2018, over one million cardiac pacemakers are published every year globally. Out of which 200,000 are implanted in the U.S alone.
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“*” marked represents similar segmentation in other categories in the respective section.
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