Time-to-Market and Cost Benefits to Drive the Global Medical Device Outsourcing Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) January 14, 2015 -- Follow us on LinkedIn – Medical device companies across the world are constantly looking to improve time-to-market, time-to-volume (TTV), and time-to-profit (TTP), to enhance competitiveness in the market. Shorter product lifecycles, incrementally higher levels of technology sophistication, and the shrinking window of opportunity, exert pressure on their ability to quickly bring products to the market, and gain first mover advantages. Intensifying competition in the industry is forcing companies to recalibrate their strategies and explore new efficiencies in product design, development, manufacturing and marketing. Focus on manufacturing agility and flexibility to reduce costs and accelerate time to market is driving demand for outsourcing services. Medical device outsourcing services help OEMs to shorten development and production scale-up time, expand market share, and benefit from premium pricing and cost advantages. The market, in general, closely follows the growth patterns in the medical device industry, and is also dependent on the extent to which device manufacturers choose to outsource their manufacturing and assembly operations. The market is also significantly influenced by rising incidence of diseases specifically cardiac and neurological disorders, which are driving demand for a wide variety of medical devices.
Key factors driving demand for medical devices include aging population, increased spending on healthcare, enhanced disease screening and detection techniques, greater emphasis on cost-effective and minimally invasive therapies, and technological advances in diagnostics and therapeutics. Rising acceptance of outsourcing among OEMs of ophthalmic, cardiovascular, oncology, neurology and dental devices will foster growth in the market. Rising demand for R&D and post market engineering support services for medical devices is also expected to benefit the market. OEMs are now focused on leveraging services that can help reduce product recalls, shorten regulatory validation time and increase time-to-market. This is expected to spur demand for a wide gamut of services ranging from R&D to product manufacturing. Demand for testing services especially has surged due to increasing use of electronics in medical devices. As several Class II and III medical devices are embedded with microelectronic chips, meticulous device testing has become vital to ensure user safety and product performance.
As stated by the new market research report on Medical Device Outsourcing, the United States represents the largest market worldwide. Asia-Pacific is forecast to record the fastest CAGR of 14.9% over the analysis period. Cheaper production of devices coupled with adherence to stringent international quality standards marks the emergence of Asia as the most desirable production hub. Asian countries, specifically India and China, are emerging as attractive low-cost destinations for leading medical devices OEMs.
Key players covered in the report include Aptiv Solutions, Benchmark Electronics Inc., Cadence Inc., Celestica HealthTECH, CoorsTek Medical LLC, CregannaTactx Medical, Flextronics International, Greatbatch Inc., HCL Technologies Limited, Lake Region Medical, Laserage Technology Corporation Inc., Memry Corporation, Millstone Medical Outsourcing LLC, Minnetronix Inc., Nortech Systems Inc., Plexus Corporation, Providien LLC, RTEmd, Symmetry Medical Inc, The Tech Group Inc., and Venta Medical Inc., among others.
The research report titled “Medical Device Outsourcing: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies. The report provides market estimates and projections for major geographic markets including United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific and Rest of World. The market is also analyzed by type of device - Class I, Class II, and Class III medical devices. The report also analyzes the market by Therapeutic area - Radiology, Orthopedic, Neurology, Cardiology, and Others.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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