Medical Device Outsourcing Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects
Global medical device outsourcing market is forecasted to attain a size of more than $85 billion by 2023.Some of the prominent factors driving the growth of the market include increasing regulatory adherence, growing aging population and increasing prevalence of chronic diseases.
The medical device outsourcing market is categorized as electronics, raw materials/components, and finished goods, on the basis of products offered. Finished goods such as disposable devices and surgical equipment/instruments are expected to witness fastest growth in demand, with the CAGR of 10.1% during the forecast period. Medical device manufacturers are actively outsourcing the production of their finished goods especially with low product differentiations to reduce the overall cost of production and marketing.
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The APAC medical device outsourcing market is expected to witness the fastest growth in demand and is predicted to grow at a CAGR of around 10.9% during the forecast period, due to the low cost of labor and comparatively less expensive infrastructure cost as compared to other developed economies of the world. The growth of the APAC market is also supplemented by the presence of a large patient pool suffering from chronic disorders and increase in the need for affordable medical devices.
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Globally, key players in the medical device outsourcing market are focusing on business expansions and acquisitions to gain a larger market share. For instance, in April 2016, TE Connectivity Ltd, a major player in connectivity and sensors, announced the completion of its previously announced acquisition of the Creganna Medical Group (Creganna). Creganna designs and manufactures minimally invasive delivery and access devices serving medical device original equipment manufacturers (OEMs).
Some of the major players in the global medical device outsourcing market include Cardinal Health, Inc., Integer Holdings Corporation, Onex Corporation, TE Connectivity Ltd., Flex Ltd., Heraeus Holding GmbH, Plexus Corp., West Pharmaceutical Services, Inc., and Sanmina Corporation.
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