NEW YORK, March 23, 2017 /PRNewswire/ -- The global medical device outsourcing market is expected to reach USD 88.2 billion by 2025, according to a new report by Grand View Research, Inc. Rising price competition and rising need for reduction of production cost are the most impact rendering driver of the medical device outsourcing market.
Sharp cutbacks in the public spending in major EU regions and the U.S., is the major issue currently faced by medical devices manufacturers. Increasing profitability pressure and growing competition coupled with high degree of industry maturity is expected to impact growth.
The medical device outsourcing market is dynamic and highly competitive. Over the next seven years, the industry is expected to witness significant growth owing to steep decline in duration for product commercialization by companies in order to gain the advantage of being the first mover.
Product design and development services are anticipated to be one of the highly availed services by device manufacturers over the forecast period. By opting for this service, manufacturers are expected to benefit in speeding up the time to market and faster return on investment, thereby supporting growth for this segment.
Further key findings from the study suggest:
In the services segment, contract manufacturing is anticipated to be the fastest growing and contributes over 19.0% of the revenue share by 2025 owing to complete assistance and assurance to the medical device manufacturers.
Class II medical devices are expected to grow at the fastest rate and hold the largest share of the medical devices outsourcing market by 2025.
In the therapeutic segment, cardiology, IVD, and drug delivery are the top performing segments. Rising incidences of cardiac failures, infectious diseases and high research activity in the field of drug delivery are certain vital impact rendering factors.
Regionally, Asia Pacific is predicted to contribute higher revenue share over the forecast period. Improving healthcare infrastructure, rising disposable income, and growing incidence of conditions such as diabetes within the region are expected to support growth.
Medical device outsourcing market players include; Daiichi Jitsugyo Co. Ltd., Mitutoyo Corp., Hamilton Company, Cirtec Medical Systems LLC, Kinetic Climax Inc., Creganna Tactx Medical Inc. and Omnica Corp. among others.
In January 2014, Creganna acquired Tactx Medical Inc. in order to expand their business of providing technologies and services for minimally invasive delivery and access devices
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