The mounting need for quality healthcare services drives the market growth. Therefore, most of the companies are outsourcing R&D services as it helps to reduce costs, minimize business risks, and hasten product market entry and thus fuel the market growth.
The major companies profiled in the report 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 Market generated $44,326 million in 2016 and is expected to garner $83,952 million by 2023, registering a CAGR of 9.5% during the forecast period, 2017-2023.
Surge in medical device disorders, adherence to quality standards, reduction in market cost, and rise in geriatric population drive the growth of the global medical device outsourcing market. However, unfavorable reimbursement policies and threat of loss of confidential information impede market growth. Conversely, affordable outsourcing facilities in developing nations provide lucrative opportunities for emerging market players.
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The report segments the global medical device outsourcing market by product, device type, application, services, and geography.
Based on product, the report sub-segments the market into finished goods, electronics, and raw materials. While the electronics segment occupied more than two-fifth share of the global market in 2016, the finished goods segment is anticipated to grow at the fastest rate during the forecast period, registering a CAGR of 10.0%. The market is categorized into Class I, Class II, and Class III devices based on device type, where Class II devices occupied more than half of the global market share in 2016.
Based on application, the market is fragmented into orthopedic & spine, cardiovascular, radiology, general medical devices, and others. During the forecast period, the cardiovascular segment is expected to register the highest CAGR of 9.9%.
Based on services, the report divides the market into prototype development, finished device manufacturing, assembly & packaging, and testing & regulatory support services.
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The finished device manufacturing segment is projected to extend its dominance through 2023, owing to an increase in demand for affordable devices. Meanwhile, testing and regulatory support services are expected to register the highest CAGR of 10.0% during the forecast period. In Europe, France and Germany collectively contributed more than two-fifth share of the regional market in 2016.
However, Asia-Pacific is projected to register the highest CAGR of 10.5% during the forecast period, owing to low labor costs, low overhead expenses, and improving technical abilities to produce class III medical devices.
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