The Global Healthcare OEM Market is set to witness a CAGR of USD 16.2% during the forecast period of 2017 to 2023. This projection among others has been made in Market Research Future’s market report on healthcare OEM market.
The global healthcare sector is booming with advancing technologies and a rising patient pool, thus driving the demand for a wide range of medical products. Valued at USD 160 Bn in 2016, the market is due to grow to reach an estimated evaluation of USD 250 Bn by the end of 2023. The medical device market has been experiencing significant accruals in the last few years and is expected to continue to grow with a considerable CAGR. Additionally, factors such as the growing emphasis on quality healthcare products and the rising importance of patient safety are substantiating the growth of this market.
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The highly competitive market is likely to challenge the entry of new players in the market which will hinder market growth. However, the abundant availability of opportunities for growth in the market is expected to make the market highly lucrative for market participants in the coming years.
Highly competitive, the healthcare OEM manufacturing market appears to be fragmented characterized by the presence of several large and small players. Well-established players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain an edge over their competitors to maintain their position in this market.
Key players leading the global healthcare OEM manufacturing market include
- GE Healthcare (U.K.),
- Johnson & Johnson (U.S),
- Siemens Healthcare GmbH (Germany),
- Koninklijke Philips N.V. (Netherlands),
- Baxter International (U.S),
- Aramark (U.S.),
- Fujifilm Holdings Corporation (Japan),
- Toshiba Medical Systems Corporation (Japan),
- Hitachi Medical Systems America, Inc. (U.S.),
- Drägerwerk AG & Co. KGaA (Germany), and More
Esaote SpA (Italy), Accenture Plc. (U.S.), Infosys Ltd. (India), Cognizant Technology Solutions Corporation (U.S.), Allscripts Healthcare Solutions (U.S), IBM Corporation (U.S), Dell (U.S), Wipro (U.S), Xerox Corporation (U.S.), and Tata Consultancy Services Ltd. (India) among others.
Industry Related News
January 31, 2019 – Vance Street Capital LLC (the US), a private equity firm, announced the acquisition of Applied Plastics Co. (the US), a leading advanced coatings provider to the medical end markets including medical device OEMs and contract manufacturers.
September 18, 2018 – Quest International, Inc. (the US), a leading global post-sales service support partner for OEMs across multiple industries including healthcare, announced the additional proficiencies of Ophthalmic and Dental technologies. Over the years, Quest has become an expert in various Class I, II and III medical devices.
For ease of understanding, the market is segmented into four key dynamics: –
By Type: Healthcare Software, Medical Device and Instruments among others.
By OEM Solutions: Product Design & Development, Manufacturing & Fabrication, Quality Control & Regulatory Compliance, Packaging & Sterilization, Order Fulfilment & Flexible Distribution, Technical Support, and Project Management among others.
By Application : Healthcare Administration, Surgery, Dentistry, Laboratory, Pharmaceutical & Cosmetics, Veterinary, Ophthalmology, and Dialysis among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
North America is the dominating region in global healthcare OEM manufacturing market followed by Europe and the Asia Pacific. Factors such as the growing market demand for proactive healthcare technologies for equipment monitoring, rapid digitalization in the healthcare system to aid efficient patient care, and the benefits of full-time maintenance and service agreements by OEMs are driving the growth of the regional market.
The US, backed by the presence of a flourishing medical device industry accounts for the largest market in the region.
The Asia Pacific Healthcare OEM Market has emerged as a profitable market globally. Factors such as the subsequent rise in demand for healthcare products & services drive the growth in the regional market. Moreover, increased demand for hospital services creates demand for OEM manufacturing to provide technologically upgraded, innovative and efficient devices.
Among other Asian countries, Taiwan accounts for the leading market for Healthcare OEM manufacturing in the region. Taiwan is one of the most progressive health systems and has a highly-regarded national health insurance programme. This nation is spending about 6-7% of its GDP on healthcare, which is similar to regional levels. Also, the medical device market in Taiwan has proliferated substantially.
Also, South East Asian countries have efficient healthcare systems. Despite economic prosperity that is still in the developing stage or health system maturity, there are two common factors that countries share –an increase in geriatric population and the increasing prevalence of various chronic diseases and disorders.
Global Healthcare Claims Management Market Research Report: By Component (Software and Services), by Delivery Mode (On-Premise and Cloud Based), by Type (Integrated and Standalone), and by End-User (Healthcare Payers and Providers) – Forecast Till 2023
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