San Francisco, 4 December 2018: According to a report
by Grand View Research, Inc.; the global medical device outsourcing market is anticipated to reach around USD 88.2
billion by 2025. Growing requirement for reduced production cost is expected to
propel market over the forecast period (2018 to 2025). In addition, growing
complexities in product designing coupled with increasing number of entrant
manufacturers can fuel demand.
Rising geriatric population is
anticipated to drive demand for medical devices globally. This, in turn, is
expected to push manufacturing companies to subcontract activities such as
packaging, assembling, and others. Rising number of new entrants adopting
outsource device designing to get technologically advanced products can further
fuel market. Stringent regulations regarding device quality and rising consumer
demand can augment growth over next few years.
The worldwide medical device
outsourcing market is segmented on the basis of application, service,
therapeutic, and region. Based on application, the market can be categorized
into class I, class II, and class III. Class I is likely to dominate with
around 48% market share over the forecast period. Maximum number of medical
devices including wheelchairs, infusion pumps, surgical drapes, and x-ray
machines fall in this category. Growing number of surgical procedures and
complexity of device designing are expected to further fuel growth.
Access Research Report
of Medical Device
Outsourcing Market @ www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
Class II medical devices can
be outsourced for manufacturing, designing, sales and marketing, clinical and advisory
services, and after-sale services. In addition, advantages such as cost
efficiency, core competency, and accelerated time to market can positively influence
outsourcing. All these factors are anticipated to propel global market over the
forecast period.
Based on service, the market
can be classified into product testing, regulatory consulting, product
implementation, design and development, and upgrade and maintenance. Regulatory
consulting services are anticipated to witness substantial rise in demand over
the forecast period. Rising awareness regarding timely filling and auditing of
regulatory documents are projected to propel demand in the forthcoming years.
Product design and development
segment held around 15% of total market share in 2016. It is expected to witness
significant growth during the forecast period attributed to high demand from
device manufacturers. By opting for this service, manufacturers can speeding up
time to market and gain lucrative return on investment. This factor is
anticipated to bode well for overall expansion of the market for medical device
outsourcing in near future.
Based on therapeutics, the
market can be divided into orthopedic, drug delivery, cardiology, diagnostic
imaging, in-vitro diagnostic (IVD), dental, general and plastic surgery,
endoscopy, ophthalmic, and diabetes care. Cardiology is estimated to witness
significant growth during the forecast period owing to high prevalence of various
cardiovascular diseases. General and plastic surgery is expected to witness
steady CAGR during the forecast period owing to prevalence of joint and tissue
injuries and increasing incidences of chronic conditions.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/medical-devices
On the basis of regions, medical device outsourcing market
is divided into Europe, North America, Asia Pacific, Central and South America,
and Middle East and Africa. In 2014, Asia Pacific dominated the market and
accounted for around 40% revenue share. Improving healthcare infrastructure,
high prevalence of diabetes, and rising disposable income are anticipated to fuel
regional market over the forecast period.
In terms of source country,
North America is expected to dominate the market attributed to presence of strong
manufacturing hubs for complex, reliable, and high-end medical devices.
Consequently, Original Equipment Manufacturers (OEMs) are likely to move
towards electronics manufacturing service providers to efficiently handle
rising volume of electronic content in existing products.
Some of the leading companies operating
in the global medical device outsourcing market are GE Healthcare, CFI Medical,
Omnica Corporation, NSF International, and Infinity Plastics Group. The market
is highly dynamic and competitive in nature. It is expected to witness
substantial growth attributed to steep decline in duration for product
commercialization by companies to gain competitive edge.
In addition, numerous
companies are entering the market attributed to rising demand for medical
devices across the globe. This, in turn can raise level of competition in near
future. Moreover, collaborations between existing market players and niche
service offerings to improve quality and competency within market are
anticipated to create growth opportunities in the years to come.
Access Press Release of
Medical Device Outsourcing Market@ www.grandviewresearch.com/press-release/global-medical-device-outsourcing-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business decisions,
we offer market intelligence studies ensuring relevant and fact-based research
across a range of industries, from technology to chemicals, materials and
healthcare.
