The worldwide medical device outsourcing market was found around USD 21 billion in 2012. It is estimated to increase through the predicted phase, at a CAGR of almost 12 percent. The increase is anticipated to happen from 2012 to 2018 and lead to revenue worth about USD 41 billion in 2018. The medical device outsourcing market is propelled, mainly by increased requirement for quality healthcare and developments in medical equipments.
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Entry of new participants in the industry of medical devices and growing need for lower medical costs drive the medical device outsourcing market. Decrease in the time and cost to market also propels the same. As several makers are opting to outsource their device making procedures to third party medical agreement makers, the medical devices outsourcing market is undergoing a rising trend on a worldwide level. The demand for the market is increasing exponentially at present.
The medical device outsourcing market is also expanding owing to constant advancements in healthcare technology and analogous operational requirements to decrease the costs for permanent sustainability. In the years gone by, industrialized developments, new technologies, and increasing population of the aged have added further growth to the medical device market. Increased demand in the research and development section of manufacturing for medical devices is estimated to add revenue to the market as well.
Outsourcing has enabled the makers of medical devices with about ten to thirty percent savings on the development of products. This has enhanced not only the rivalry of the medical device outsourcing market but has also caught the attention of new participants. Some of the other significant drivers of the market include increasing costs of raw materials and fast growing pressure to sustain the rivalry of the market.
The chief geographical areas studied and examined under the worldwide medical device outsourcing market are Europe, Asia Pacific, North America and rest of the world.
Source: Grand View Research