Outsourcing services are becoming a popular choice among medical device manufacturers due to the numerous benefits that it can offer, such as increased agility, lower costs, and reduced time to market. However, the global medical device manufacturing services outsourcing market is not without its challenges, namely the increasingly competitive industry and the complicated regulatory environment. The following sections highlight the most important factors that drive this market. Read on to find out how outsourcing can benefit your business.
The growth of the global medical device manufacturing services outsourcing market is fueled by the increasing demand for advanced medical products and the trend of offshoring. Regulatory bodies are increasingly focusing on quality when it comes to healthcare devices, and industry players are providing services and consulting that can help companies meet the requirements of regulatory authorities. For instance, the European Medical Device Regulation has started conducting special spontaneous inspections of outsourced products. As a result, this market is expected to reach USD 210.5 billion by 2026.
The report also covers the value chain of the medical device manufacturing process.
This includes the role of contract manufacturing organizations (CMOs), post-production services, and supply chain management. Additionally, it highlights the benefits of outsourcing medical device manufacturing services and discusses the risks and benefits of choosing a CMO partner. There are many benefits to outsourcing medical device manufacturing services, but they must be considered carefully before embarking on this journey.
As a result, it is essential to understand the dynamics driving this market. The global medical device manufacturing services outsourcing market is estimated to grow by 10.9% CAGR during the forecast period. The global medical device manufacturing services outsourcing market will surpass USD 21.1 billion by 2025, demonstrating a high growth rate. The report also identifies key players and highlights opportunities in this industry. So, read on to find out how you can benefit from this emerging market segment.
Medical device OEMs are increasingly turning to contract manufacturers to reduce their brick-and-mortar operations and turn the manufacturing of their products over to one-stop shops. However, this has created a different relationship dynamic with their suppliers. With contract manufacturers providing a full range of services from concept to delivery, medical device manufacturing services will likely never resemble a tiered system like the automotive industry. So, if you are in the medical device manufacturing market, now is the time to consider outsourcing your production processes to partner with a proven provider.
Increasing consolidation in the medtech industry has resulted in many large companies merging.
This allows them to pool complementary skills and secure more market share. One of the most notable examples of this type of consolidation is Accellent, which was formed from a group of smaller companies with different skills and specialties. The Accellent model was ahead of its time, assembling a group of companies with diverse capabilities that would later work together to form a global enterprise.