Transparency Market Research (TMR) has recently published a study on the global market for medical devices outsourcing. The report estimates this market to rise at a remarkable CAGR of 11.60% during the period from 2012 to 2018 and reach a value of US$40.8 bn by the end of the forecast period.
The research report, titled “Medical Devices Outsourcing Market - Global Industry Size, Market Share, Trends, Analysis, And Forecast 2012 - 2018,” states that the worldwide medical devices outsourcing market attained a value of US$21.1 bn in 2012.
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Medical devices outsourcing is a relatively new concept. In order to aggressively focus on their core competencies such as clinical and technical innovations, manufacturers of medical devices across the world have started to outsource several operations such as product designing, prototyping, production, and supply chain management, which were previously carried out by in-house teams, to external parties on a project-based work routine.
The rapid rise in the spending capacity of individuals across the world has increased the demand for quality healthcare, enforcing companies operating in the medical devices industry to pay more attention towards the advancements of technologies to improve patients’ overall experience. This factor has created a serious need to outsource secondary operations in the medical devices supply chain, states the market report.
In this research study, the global market for medical devices has been studied on the basis of application, service, and its regional distribution. Based on application, the market is classified into Class I medical devices, Class II medical devices, and Class III medical devices.
By service, the study categorizes the market into regulatory consulting services, product design and development services, product testing services, product upgrade services, product implementation services, and product maintenance services.
On the regional basis, the report has segmented the global medical devices outsourcing market into Asia Pacific, North America, Europe, and the Rest of the World. Of the regional markets, North America has emerged as the leader. The increasing costs of healthcare services have exponentially increased the demand for medical devices outsourcing in this region.
Additionally, the favorable medical insurance scenario is fueling the demand for quality medical and healthcare services, which is compelling healthcare providers to outsource these services, resulting in the significant growth of North America medical devices outsourcing market, notes the research study.
The research report further states that other regional markets are also experiencing healthy growth in their market shares. In particular, the Asia Pacific medical devices outsourcing market has gained significant impetus on account of the presence of a skilled yet cost-efficient workforce.
Accellent Inc., Cirtec Medical Systems LLC, Active Implants Corp., MDMI Technologies Inc., Creganna Medical, Micro Systems Engineering Gmbh, and Avail Medical Products Inc. are some of the key providers of medical devices outsourcing solutions across the world, states the market report.
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