22 July 2020
Visiongain has launched a new report Medical Device Outsourcing Market Report 2020-2030: Forecasts by Product (Raw Materials, Electronics, and Finished Goods), by Device Type (Class I, II, and III Devices), by Application (Orthopaedic & Spine, Cardiovascular, Radiology, and General Medical Devices) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
In the continuously evolving medical device market, new entrants are emerging at a swift pace and are fuelled by mushrooming venture capital investment into the sector. Medical device outsourcing comprises of taking the assistance of third-party enterprises to manufacture medical devices. Thus, the business model of many new entrants is to bring a product to market, achieve regulatory approval and then sell to a larger manufacturer. Such new ventures seek to operate as virtual companies without the overhead of manufacturing or large R&D functions.
The medical device industry is under relentless pressure to control costs without sacrificing research development, timelines and safety of the medical devices. Further, evolving regulations become more strict and complex. By outsourcing some of its operations to third party enterprises, medical device original equipment manufacturers (OEMs) can take advantage of lowered operation costs, increased agility, reduction on time-to-market and thus increase profitability.
The Visiongain report analyst commented “with the mounting demand for low-cost yet effective and innovative medical devices, a large number of OEMs are keen to work with contract manufacturing organizations (CMOs). Consequently, partnerships and acquisitions have materialised as a common trend in the global medical device outsourcing market, which is anticipated to provide a tremendous momentum to the market.”
Also, according to data from World Population Prospects, by 2050, one in six people in the world will be over age 65 (16%). By 2050, one in four persons living in Europe and Northern America could be aged 65 which will also lead to the rising incidence of chronic diseases globally thereby increasing the demand for medical device outsourcing.
Asia-Pacific accounts for 60% of the world’s population. Owing to presence of large pool of patients suffering from chronic diseases, Asia-Pacific offers lucrative opportunities for the market growth. Also, most of the medical device companies prefers the production of their devices in Asia-Pacific, which is primarily attributed to the low labour costs, improvement in technical knowledge, and low overhead costs. Thus, all these factors cumulatively is anticipated to increase the medical device outsourcing in Asia-Pacific driving the market growth.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Celestica, Inc., Creganna, Flex Ltd., Heraeus Holding, Integer Holdings Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation, Tecomet, Inc., and West Pharmaceutical Services, Inc.
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