Global
medical device outsourcing market is expected to reach USD 50.37 billion by
2020c. Increasing pricing pressure on medical device OEMs and the presence of
stringent government regulations are some key drivers of the medical device
outsourcing market.
One
such regulation involves the imposition of additional 2.3% excise duty on
medical devices in the U.S. The implementation of this act increased
manufacturing costs, thereby encouraging OEMs to adopt outsourcing as a cost
curbing tool. Budgetary cutbacks undertaken by healthcare establishments is
another key reason accounting for the increase in pricing pressure on medical
device OEMs.
Product
design and development accounted for over 28.0% of the market in 2013.
Escalating competition in the medical device industry has heightened the
importance of new product development and extensive R&D investments.
Manufacturers in an attempt to mitigate risks associated with this rise in
capital expenditure levels adhere to cost effective strategies, especially outsourcing.
Design and development expertise offered by outsourcing firms are also expected
to improve usage rates during the forecast period.
Further
key findings from the study suggest:
Product
implementation is expected to grow at an attractive rate of 13.5% during the
forecast period. Key drivers accounting for such rapid growth include high
infrastructure cost pertaining to product implementation and the growing demand
for the simultaneous execution of multiple manufacturing processes.
Class
II medical device emerged as the largest application segment of the market in
2013. Presence of high sales volume coupled with relatively less stringent
device approval regulations (as compared to class III medical devices) are some
factors accounting for high outsourcing rates in this segment.
North
America was the leading regional market in 2013. Increasing prevalence of
chronic diseases in the region and the consequent growth in demand for medical
devices are some factors attributing for the region's large market share.
Presence of stringent government regulations and healthcare related cost
curbing endeavors are also expected to enhance the demand for outsourcing.
Asia
Pacific is expected to present this market with lucrative future growth
opportunities. Growth of this region as a manufacturing hub offering lower
labor and infrastructure costs is expected to fuel future market growth.
The
medical device outsourcing market is consolidated in nature and is marked by
the presence of numerous mergers and acquisitions. Some key players of this
market include Shandong Weigao Co. Ltd, Sterigenics International Inc.,
Hamilton Company, Shinva Medical Instruments Co., Inteprod LLC, Mitutoyo
Corporation, Kinetics Climax, Inc., CFI Medical, Omnica Corporation, Infinity
Plastics Group, Teleflex Medical OEM, Daiichi Jitsugyo Co. Ltd, ProMed Molded
Products Inc. and GE.
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