In Medical Device Outsourcing Market report, a systematic investment analysis has been performed which forecasts impending opportunities for the market players. The statistical and numerical data that has been included in this market report is represented with the tables, graphs and charts which eases the understanding of facts and figures. A proficient data and excellent forecasting techniques used in this report are synonymous with accurateness and correctness. Medical Device Outsourcing Market report is a painstaking analysis of existing scenario of the market which covers several market dynamics. The market study of this global Medical Device Outsourcing Market business report takes into consideration market attractiveness analysis where each segment is benchmarked based on its market size, growth rate & general attractiveness.
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Global medical device outsourcing market is set to witness a healthy CAGR of 10.43% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Affordable outsourcing facilities and rising outsourcing opportunities are the factor for the market growth.
Few of the major competitors currently working in the global medical device outsourcing market are SGS SA; TOXIKON; Eurofins Scientific; Pace Analytical Services, LLC.; Intertek Group plc; WuXi AppTec; Sterigenics U.S., LLC; West Pharmaceutical Services, Inc; Cantel Medical.; Phillips-Medisize; Plexus Corp.; Sanmina Corporation; Jabil Inc.; Integer Holdings Corporation; Covance Inc; ONEX Corporation; Heraeus Holding; ICON plc; Criterium Inc; among others.
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Market Definition: Global Medical Device Outsourcing Market
Medical devices outsourcing is the practice of hiring a third party for different business purposes such as manufacturing, supply chain management, prototyping, and product designing. They help the OEM to decrease their production time and labor cost. Outsourcing of medical devices is comparatively a new concept to concentrate on the core skills of the business, such as technological and clinical advances. They have the ability to provide different services such as regulatory affair services, product testing, product maintenance services, product design & development, product maintenance services, and contract manufacturing.
Segmentation: Global Medical Device Outsourcing Market
Medical Device Outsourcing Market : By Service
- Quality Assurance
- Regulatory Affairs Services
- Product Design and Development Services
- Product Testing & Sterilization Services
- Product Implementation Services
- Product Upgrade Services
- Product Maintenance Services
- Contract Manufacturing
Medical Device Outsourcing Market : By Application
- Diagnostic Imaging
- General and Plastic Surgery
- Drug delivery
- Diabetes Care
Medical Device Outsourcing Market : By Product
- Finished Goods
- Raw Materials
Medical Device Outsourcing Market : By Device Type
- Class I Devices
- Class II Devices
- Class III Devices
Medical Device Outsourcing Market : By Geography
- North America
- South America
- Middle East and Africa
Key Developments in the Medical Device Outsourcing Market:
- In September 2019, Heraeus Holding announced the acquisition of Via Biomedical. This investment extends the current capabilities of Heraeus in the growing market for interventional devices. By combing the Via Biomedical strength with the Heraeus global reach and excellence in high-volume manufacturing, customers of OEM medical devices will be able to shorten development cycles and get quicker marketing of innovative products
- In December 2018, Cirtec announced the acquisition of Metrigraphics, LLC. The micron-component expertise of Metrigraphics further extends the design, development and manufacturing capabilities of Cirtec, establishing one of the industry’s most integrated outsourcing companies for medical devices. This acquisition is important part of their strategy of expanding their minimally invasive interventional therapeutic products
Medical Device Outsourcing Market Drivers
- Rising aging population will drive the market growth
- Increasing cases of different health disorders also accelerates the growth of this market
- Increasing compliance with quality standards acts as a market driver
- Growing product marketing will also propel the market growth
Medical Device Outsourcing Market Restraints
- Rising data security concern will restrain the market growth
- Unfavorable reimbursement policies will also hamper the market
Opportunities in the Medical Device Outsourcing Market :
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and detail the competitive landscape for market leaders
- To describe and forecast of Medical Device Outsourcing market, in terms of value, for various segments, by region North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- Comprehensive quantitative analysis of the industry is provided for the period of 2020-2026 to assist stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps in understanding the trends in types of point of care test across Europe.
- To get a comprehensive overview of the Medical Device Outsourcing market.
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