Portland, OR -- (SBWIRE) -- 07/27/2017 -- Medical device outsourcing is the contracting out of the various processes such as prototyping, materials and electronics, to a third party, required for the manufacturing of medical devices. Medical device outsourcing allows device manufacturers to lower the labor costs, manufacturing expenses and provides easy access to raw materials. The increased pricing pressure on medical device OEMs (Original Equipment Manufacturers), additional excise duty on medical devices and high profit margins are the key factors driving the growth of medical device outsourcing market during the analysis period.

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Geographically, the report is segmented into four regions viz., North America, Europe, Asia-Pacific and LAMEA. Acquisition is among the few strategies adopted by top industry players. For instance, Accellent acquired Lake Region Medical, and Laserage Technology acquired Venta Medical. The companies profiled in this report are Accellent, Benchmark Electronics Inc.,Claricode, Code Refinery, Epic System, Infosys, HCL, Intertech Engineering Associates Inc., Lake Region Medical Ltd. and Wipro. The increasing demand for medical devices in the developing regions, expansion of healthcare infrastructure, increasing awareness and healthcare expenditure have created lucrative opportunities for the market players. Factor restraining the market growth is the presence of stringent regulatory environment. The regulations such as high safety standards, clinical trials and time consuming approval processes have adversely affected the medical device outsourcing market.

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KEY MARKET SEGMENTS:

The global medical devices outsourcing market is segmented as below:

Medical Devices Outsourcing Market By Device Type

-Class I devices
-Class II devices
-Class III devices

Medical Devices Outsourcing Market By Application

-Radiology
-Orthopedic
-Neurology
-Cardiology
-Others

Medical Devices Outsourcing Market By Services

-Product design and development services
-Regulatory consulting services
-Testing services
-Upgrade services
-Product implementation services
-Maintenance services

Medical Devices Outsourcing Market By Geography

-North America
-Europe
-Asia-Pacific
-LAMEA