Global Medical Device Outsourcing Market was valued at $44,326 million in 2016, and is estimated to reach $83,952 million by 2023, growing at a CAGR of 9.5% from 2017 to 2023. Outsourcing of medical devices gains wide acceptance among original equipment manufacturers these days.
Increase in pressure on the manufacturers to reduce the overhead expenses and operational costs while maintaining quality of healthcare services drives the market growth. In addition, benefits such as reduction of production time, which ensures early entry of product into the market coupled with the need to meet the regulatory standards, boost the market growth.
However, this poses threat to the security of the confidential information of the company, which impedes the market growth.
There is an increase in the number of aging population worldwide.
According to a WHO report, around 524 million people were above 65 years in 2010, and the number is expected to reach 1.5 billion by 2050; which is estimated to constitute about 16% of the total world population. Moreover, there is a positive correlation between elderly individuals and increase in incidence of disorders such as cardiovascular, neurological, and orthopedics.
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Asia-Pacific offers lucrative opportunities for the market growth, owing to presence of large pool of patients suffering from disorders, such as cardiac and neurological. In addition, most of the medical device companies opt to manufacture their devices in Asia, which is primarily attributed to the low labor costs, improvement in technical knowledge, and low overhead costs.
The market for outsourcing witnesses a huge increase owing to the benefits, which include reduction in overall cost and decrease in the time required for the product to enter into the market. In addition, outsourcing also allows the companies to focus on their core activities such as marketing of the product or device.
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The key companies operating in the market include Celestica, Inc., Creganna, Flextronics International Ltd., Heraeus Holding, Integer Holdings Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation, Tecomet, Inc., and West Pharmaceutical Services, Inc.
The global medical device outsourcing industry is segmented on the basis of product, regulation, application, service, and region. Based on product, the market is divided into electronics, finished goods, and raw materials.
On the basis of device type, the market is classified into class I, II, and III devices.
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