LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global medical device manufacturing outsourcing market to grow to USD 87.289 billion by 2022, according to their latest market research report.
The increasing M&A activities are one of the major trends being witnessed in the global medical device manufacturing outsourcing market. This market is highly fragmented and competitive with the presence of numerous global, regional, and local players. As the competition is intense, global and regional players are focusing on M&A to gain advantage from inorganic growth.
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In this report, Technavio analysts highlight the growing focus of OEMs on reducing medical device manufacturing cost as a key factor contributing to the growth of the global medical device manufacturing outsourcing market:
Global medical device manufacturing outsourcing market: Growing focus of OEMs on reducing medical device manufacturing cost
Healthcare budget cuts across the world have increased the pressure on medical device manufacturers to offer high-quality healthcare services at low costs. Consequently, manufacturers have started to cut down their operational and production costs due to which outsourcing of medical device manufacturing is gaining significant importance among OEMs.
According to a senior analyst at Technavio for orthopedics and medical devices, “Manufacturing of medical devices requires high engineering capabilities and increased labor costs. Thus, outsourcing the business will help OEMs to substantially cut down product development costs. The high growth potential and increasing demand for medical device products from end-users have compelled OEMs to outsource their manufacturing capabilities.”
Global medical device manufacturing outsourcing market: Americas tops the geographical segments
This market research report segments the global medical device manufacturing outsourcing market into the following products (EMS, raw materials, and finished goods), applications (orthopedics, medical imaging, IVDs, general medical devices, and cardiovascular), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the EMS segment held the largest market share in 2017, contributing to nearly 49% of the market. The market share occupied by this segment is expected to increase by over 4% by 2022.
The Americas led the global medical device manufacturing outsourcing market in 2017, accounting for a market share of more than 45%. The market in the Americas is growing at a significant pace because of the increasing outsourcing demand from OEMs.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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