The global medical device outsourcing market was valued at US$21.1 billion in 2012. It will reach an overall value of US$40.8 billion in 2018, after achieving a CAGR of 11.6 percent from 2012 to 2018.
Albany, NY -- (SBWIRE) -- 11/19/2015 -- In this report, all areas associated with the global medical devices outsourcing market have been labeled and categorized into relevant segments according to the services provided and type of outsourcing. The research report also provides extensive details on the market drivers and restraints, while accentuating all the feasible areas of growth. The revenue figures and market values mentioned in the report are depicted in U.S. dollars. The report also segregates the medical devices outsourcing market in the four broader regions of North America, Asia Pacific, Europe, and the Rest of the World.
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The research document includes a descriptive analysis of the medical devices outsourcing market in terms of overall growth. Multiple aspects are taken into consideration to evaluate the level of appeal, including overall promoting factors, market size, and the growth rate. The report creates a comprehensive landscape of the market using Porter's Five Force Model. The research model employed utilizes both buyers' and sellers' impacts, distributor rights, emerging competitors, product alternatives, and the level of competitiveness in the market. It also includes historical analyses that help generate a clearer area of focus for current market opportunities. All major developments, financial overviews, and business strategies of the top companies in the medical devices outsourcing market are listed, along with a SWOT analysis.
The process of forming contracts with third-party members for the completion of business related functions in the field of medical devices is a relatively new concept. Aspects such as product design, prototyping, manufacturing, and supply chain management form a crucial foundation of data for both the parties. The functions that were previously performed by in-house teams in the healthcare companies are now being handled by external assets on a project-based work routine.
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This allows the medical device manufacturers to pay more attention on their core competencies such as technical and clinical innovations. Following the outsourcing boom, the medical devices outsourcing market is also expected to undergo strong growth over the next few years. Multiple top manufacturers and emerging ones are opting for outsourcing solutions to manage their device manufacturing process. New competitors see it as a means to cut costs and gather more resources for product innovation, or to help compensate for insufficient staff or technology.
The global medical devices outsourcing market is highly driven by the mounting need for quality healthcare services. The market is quite diverse as the leaders focus on expanding their portfolio by acquiring new innovations and products. The services offered by the outsourcing companies include product design and development, spanning all classes of medical devices. A few firms also offer regulatory services, product upgrade services, product testing services, and product maintenance services.
The product design segment holds about 29 percent of the service market. On the other hand, Class II devices hold the largest application market share. The main reason for this is the lowered risk involved and fewer regulatory issues, when compared to the Class III devices. The key market drivers for the medical devices outsourcing market are the rising cost of raw materials and a rapidly increasing pressure to maintain market competitiveness to remain profitable. A large number of medium-sized and emerging healthcare firms find it difficult to stay afloat with a shortage of staff and raw material, and therefore opt to ease the load using the outsourcing industry.
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The key players in the global medical devices outsourcing market occupy majority share. The list includes Active Implants Corporation, Accellent Inc., Mdmi Technologies Inc., Cirtec Medical Systems LLC., Creganna-Tactx Medical, Avail Medical Product, and Micro Systems Engineering GmbH.