LONDON--(BUSINESS WIRE)--The global medical device manufacturing outsourcing market is poised to grow by USD 39.25 billion during 2020-2024, progressing at a CAGR of nearly 11% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Medical Device Manufacturing Outsourcing Market Analysis Report by Product (EMS, Raw materials, and Finished goods), Application (Orthopedics, Cardiovascular, Medical imaging, In-vitro diagnostics (IVDs), General medical devices, and Others), Service (Product design and development, Product upgrade and maintenance, Regulatory consulting, Product testing, Supply chain management, and Product implementation), Medical device regulatory classification (Class II, Class III, and Class I), and Geographic segmentation (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the growing focus of OEMs on reducing medical device manufacturing costs. In addition, the rise of emerging countries as preferred outsourcing destination for medical device manufacturing is anticipated to boost the growth of the market.
The manufacturing process of medical devices involves high labor costs and requires advanced engineering capabilities. However, medical device manufacturers are pressured to provide high-quality healthcare services at low costs due to healthcare budget cuts across the globe. As a result, outsourcing of medical device manufacturing is gaining prominence among OEMs, which helps medical device manufacturers to cut down their operational and product development costs. It is observed that about 15% of the total production costs can be saved through outsourcing of medical device manufacturing. Thus, the growing focus of OEMs on reducing medical device manufacturing costs is expected to drive market growth during the forecast period.
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Major Five Medical Device Manufacturing Outsourcing Market Companies:
Cardinal Health Inc.
Cardinal Health Inc. operates the business under various segments such as Pharmaceutical and Medical. The company offers over-the-counter healthcare and consumer products, specialty pharmaceuticals, and branded and generic pharmaceuticals in the US. They also provide Single Slide Automated Gram Stainer and Large Capacity Reach-In CO2 Incubator.
Celestica Inc. offers products through the following business units: ATS and CCS. The company offers microelectronics, design, engineering, and laboratory services. They also provide equipment for smart energy, health tech, aerospace and defense, and more.
Eurofins Scientific S.E
Eurofins Scientific S.E operates under various business segments, namely Western Europe, North America, and Rest of the World. The company caters to the testing needs of research organizations, governments, and industries by providing life sciences, food, and rapid environmental test systems such as immunochemistry products and methods.
Flex Ltd. offers products through the following business segments: High Reliability Solutions, Industrial & Emerging Industries, Communications & Enterprise Compute, and Consumer Technologies Group. The company offers Diagnostic and medical equipment, monitoring devices, diagnostic imaging, and DNA sequencing.
Integer Holdings Corp.
Integer Holdings Corp. offers products through the following business segments: Medical and Non-medical. The company provides medical products for trauma, spine, extremities, joints, and more. They also provide solutions such as comprehensive breadth of technologies, general surgery, arthroscopic devices, biopsy, drug delivery, and more.
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Medical Device Manufacturing Outsourcing Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Raw materials
- Finished goods
Medical Device Manufacturing Outsourcing Market Application Outlook (Revenue, USD Billion, 2020-2024)
- Medical imaging
- In-vitro diagnostics (IVDs)
- General medical devices
Medical Device Manufacturing Outsourcing Market Service Outlook (Revenue, USD Billion, 2020-2024)
- Product design and development
- Product upgrade and maintenance
- Regulatory consulting
- Product testing
- Supply chain management
- Product implementation
Medical Device Manufacturing Outsourcing Market Medical Device Regulatory Classification Outlook (Revenue, USD Billion, 2020-2024)
- Class II
- Class III
- Class I
Medical Device Manufacturing Outsourcing Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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