The Detailed Market intelligence report on the Medical Device Outsourcing Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Medical Device Outsourcing Market place for the forecast 2021– 2027.
 Medical Device Outsourcing Market: An Overview
Conventionally, outsourcing customer service and information technology remained two key prospects for the medical device manufacturers. However, with growing opportunities for innovation through collaboration with third-party centers, key areas including product design, production, engineering, packaging, and supply chain management have opened new opportunities for medical device outsourcing. Conventional services like information technology, facility management, human resource, finance, accounting, and R&D areas also remain strong opportunities for growth. Growing race to discover new patents, increased efficacy of collaboration, increased collaboration tools like digitalization, and 3D printing, and promising reduction in costs remain key drivers of growth in the medical device outsourcing market.
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Growing elderly population, and rise of chronic diseases globally remains a key driver for Original Equipment Manufacturers (OEMs) to outsource. Furthermore, the advent of wearable medical technology, digitalized medicine, and new cost-cutting opportunities in regions like Asia Pacific remain key drivers of growth. The key focus of OEMs remains on maximizing strategic competitive advantage, with cost-cutting advantages, while simultaneously improving efficiency, and quality. The increasing move to developing countries like India has also promised an increased regulatory support for global OEMs. For example, the Indian government in 2020 announced a plan to help global OEMs in healthcare by utilizing its best universities including Indian Institute of Technology (IITs) to develop world class infrastructure for setting safety guidelines, and global benchmarks for certifications. Growing regulatory support, and increased promise of strategic, and cost-effective manufacturing promises robust growth for players in the medical device outsourcing market. Lack of expertise, and skilled labor remain key challenges to growth in the medical device outsourcing market.
According to Brandessence Market Research, the Medical Device Outsourcing Market size reached USD 127.06 Billion in 2020. It is expected to cross USD 249.17 Billion by 2027 with the CAGR of 10.10% over the forecast period.
Medical Device Outsourcing Market: Key Trends
Virtual companies, or companies that support early research, and development are becoming key to medical device manufacturers. Earlier, the pharmaceutical companies relied on outsourcing to prioritize resources, amidst a limited resources pool. However, increasingly pharmaceutical companies are outsourcing development, and discovery stages work including early research. The virtual companies remain extremely small in size, with top scientists doing the bulk work, with keen insights in biology, as well as drug development process. These scientists remain far away from actual development, due to limited resources like labs, or capability. The increasing adoption of outsourcing valuable knowledge in primary stages is a new horizon of growth for medical device outsourcing market.
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The pandemic has had a positive impact on the growth of outsourcing. As operations in key regions remained affected, manufacturers of medical devices turned to collaborators, and third-party manufacturers to open up supply chains. According to Neil Chapman, the president of Impact Analytical, a testing lab for medical devices, the company witnessed nearly 40% growth as a testing lab. The company also remained opened, thanks to their essential work, and provided uninterrupted services during the pandemic. Similar views were echoed by Todd McEvoy, site manager at Intertek Allentown, a contract analytical lab in Pennysylvania. He noted that his company witnessed considerable growth, particularly in areas like problem solving. The growing standardization in testing, and its non-core nature from the point-of-view of manufacturers make it an ideal step for outsourcing medical device manufacturing.
Outsourcing agencies have been forced to become a one-stop shop as a result of pandemic. Collaborating with third-party agencies always require losing some level of control or trust for manufacturers. Hence, ideally it is important for third-party outsourcing organizations to become a one-stop solution for all needs. Recently, it has come to include myriad of services including onboarding, training employees. Moreover, it also includes handling backlogs of cases amidst the pandemic, instrument troubleshooting, and preventing maintenance as well as outsourcing analytical work. New requirements like software development customization, asset utilization, optimizing workflows, and consulting remain highly valuable services for players in the medical device outsourcing market.
Lack of skilled labor remains a major challenge for pharmaceutical companies, and recruitment for various positions remains key to future growth. For example, earlier candidates for top-level positions required headhunting by recruiters. However, today recruiters are used for headhunting a wide range of positions. This has driven need for nimble technology solutions to get good information on candidates, and greater need for outsourcing to external labs with highly skilled people. The trend for outsourcing continues to grow in new areas including discovery, site operation, logistics, and even regulatory expertise.
Medical Device Outsourcing Market: Regional Analysis
The medical device outsourcing market report is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these, the North America region is expected to register highest total revenues during the forecast period. During 2020-2027 period, the region is expected to attract major private and public funding for medical device manufacturing. The increasing public outcry about healthcare, and increased expansion of public programs like Medicare remain key drivers of this growth. Furthermore, the establishment of globally recognized institute for education also remain key drivers of innovation in the region.
The Asia pacific region with its large population is increasingly becoming a home to outsourcing global needs. The expansion of healthcare facilities in the region, and increased private reimbursement mechanism, especially in their expansion phase are highly attractive proposition for medical device manufacturing players.
Medical Device Outsourcing Market: Competitive Landscape
The medical device outsourcing market is a fragmented, competitive, and innovative landscape. The increased demand for medical devices globally, and promise of innovation like wearable technology continues to drive new players to the landscape globally. Some key players in the medical device outsourcing market are Celestica, Inc., Creganna, Heraeus Holding, Flextronics International Ltd., Nortech Systems, Inc, Integer Holdings Corporation.
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