Medical Devices Outsourcing: A Global Strategic Business Report
San Jose, CA (Vocus) June 15, 2010
Medical device manufacturers at all stages, face mounting pressures to reduce costs, increase margins, while still delivering product advancements, superior quality, and excellent customer service. As companies modernize their business practices, driven by the need to remain competitive, and retain critical survival capabilities, such as, agility and flexibility in a fast changing marketplace, it is opportunities galore for players in contract manufacturing market. Primary drivers for medical device outsourcing include not only the growth pattern of overall medical device market, but also the extent to which device manufacturers choose to outsource their manufacturing and assembly operations. The present frugal economic conditions have additionally reinforced the need to upgrade medical device manufacturing in a cost-effective, yet compelling way.
Against this process of re-evaluating business strategies, devising innovative ways of creating competitive advantages, and strict monitoring of expenditure, poised to benefit are concepts that reduce expenditures, and step up competitiveness. Besides these advantages, medical device outsourcing also allows OEMs to direct efforts on specialized areas including technology, R&D, marketing and sales.
Miffed with frugal economic conditions, revenue starved companies prowl for outsourcing solutions that are cost-effective, and convert their costs from fixed to variable. Technically, the feature of multi-tenancy, or the ability to scale up or scale down services on demand, makes fiscal sense as in the present economic condition. Simplicity in implementation and low costs are prime factors driving adoption of medical device outsourcing by large and small enterprises alike. Also, the rise in the number and variety of vendor products/offerings in this space will additionally drive acceptance. The current global economic slowdown is also expected to encourage OEMs from Europe and North America to tap labor from low-cost destinations such as India and China, which offer highly skilled labor at relatively low cost. As stated by the new market research report on global market for Medical Devices Outsourcing is expected to reach US$ 42.6 billion by 2015. As contract manufacturing gains wide acceptance and recognition, OEMs are seeking adroit ways to better manage their outsourcing partners, and preferably have to manage fewer of them. Such a trend has led to the emergence of one-stop shops, which demonstrate capability to synchronize multiple services.
Key players in this marketplace include Accellent Inc, Advanced Scientifics Inc, ATEK Medical, Avail Medical Products Inc, Creganna Tactx Medical, Greatbatch Inc, HCL's Life Science, Heraeus Medical Components, Lake Region Medical, Memry Corporation, Minnetronix Inc, Sandvik Materials Technology GmbH, Symmetry Medical, The MedTech Group Inc, The Tech Group Inc, and TriVirix International Inc, among others
The report titled “Medical Devices Outsourcing: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a review of noteworthy market trends, growth drivers and challenges. The report in addition also enumerates recent acquisitions, and other strategic industry activities. The report offers latent demand estimates and projections for world medical devices outsourcing in value terms by following regions: US and Rest of World.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1100 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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