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Medical Device Outsourcing Market Will Witness a Staggering Growth During 2019-2026

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Medical device outsourcing market is the phenomenon that emphasize on contracting with third party for product design, manufacturing, packaging, validation, prototyping and verification of medical devices in sterile and controlled environment for su
Medical Device Outsourcing Market Will Witness a
Staggering Growth During 2019-2026
Medical Device Outsourcing Market, by Service Type (Quality Assurance,
Regulatory Affairs Services, Product Design And Development, Product Testing
And Sterilization, Product Implementation, Product Upgrade, Product
Maintenance and Others), by Application (Cardiology, Diagnostic Imaging,
Orthopedic, Ophthalmic, Dental, Endoscopy, Diabetes Care And Others), and
by Region (North America, Latin America, Europe, Asia Pacific, Middle East,
Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2026
Medical device outsourcing market is the phenomenon that emphasize on contracting with third party
for product design, manufacturing, packaging, validation, prototyping and verification of medical
devices in sterile and controlled environment for supply chain management. Outsourcing not only saves
the resources and decreased the operating cost but also offers the opportunities for core activities.
Medical device industry has the huge pain point in terms of vendor management and relationships. The
medical device outsourcing are mainly controlled by the rising demand for quality of medical products
and healthcare services. The manufacturers are looking for the option to outsource their medical device
manufacturing processes to the third party medical contract manufacturers, thus the medical device
outsourcing market is experienced to grow upward on a global level. Click to Read More On Medical
Device Outsourcing Market.
Medical Device Outsourcing Market - Drivers
Increasing prevalence cardiovascular diseases drives the growth of medical device outsourcing market.
According to the American Heart Association, 2016, cardiovascular diseases account for 17.3 million
deaths every year globally, where an estimated 23.3 million people are expected to die from CVD by
2030, thus illustrating the rising need to adopt devices. Also, according to American Heart Association,
in 2019, 48% i.e. nearly half of all adults in U.S. have some type of cardiovascular diseases.
Moreover, manufacturers are developing well established strategies by undergoing acquisition to
become the leading supplier minimally invasive medical device delivery and access devices which
serves medical devices original equipment manufacturers (OME). For instance, in 2016, TE
Connectivity Ltd., announced that it has entered into the agreement to acquire the Creganna Medical
Group.
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The acquisition of Creganna Medical is a part of well-established strategy to expand the leadership
position of TE connectivity in harsh environment. Medical device outsourcing provides the instant
insights about health status thereby, providing significant opportunities in improving medical device
outsourcing. For instance, the key players in developing countries of Asia Pacific and Latin America
produce the considerable increase in the revenue due to the growth in the opportunities which is offered
by these regions.
Medical Device Outsourcing Market - Competitive Landscape
The market share of key players is increased by growing number of acquisitions in coming years. For
instance, in 2016, Cirtec Medical acquired the Stellar Technologies Inc., a components manufacturer to
improve the technology for customers in neuromodulation market. Similarly, in July 2017, GE
Healthcare announced the acquisition on Novia Strategies, Inc., which help the healthcare firms to meet
the market demand for growing access.
Some of the key players operating in the global medical device outsourcing market include Onex
Corporation, Cardinal Health, Inc., Integer Holdings Corporation, TE Connectivity Ltd., Flex Ltd.,
Heraeus Holding GmbH, Plexus Corporation, Sanmina Corporation, West Pharmaceutical Services,
Inc.
Medical Device Outsourcing Market - Regional Insights
On the basis of region, the medical device outsourcing market is segmented into North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in the
medical device outsourcing market, owing to existence of advanced technological electronic sector,
large number of medical device manufacturers. Increasing demand for medical devices like wearable
devices, owing to increase prevalence of chronic diseases that fuels the regional market growth.
According to the National Health Council, 2015, chronic diseases affect over 70 million individuals in
the U.S., which accounts for over 75% of the healthcare expenditures equaling to around US$ 2 trillion.
Asia Pacific is expected to gain the fastest growth in demand for medical device outsourcing during
forecast period, as it consists of tax breaks and incentives such as lower tariffs and duties to foreign
companies in this nations offer an opportunity for market growth.
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