The global medical devices outsourcing market is driven by rising demand for quality healthcare services, ongoing developments in the field of medical technology, and parallel operational requirements to cut costs for long term sustainability.The global market, which is seeing a rising trend of services and product outsourcing by leading global players to small and specialized service providers in emerging markets, is broadly categorized into product outsourcing and services outsourcing markets.
The medical devices services market is highly diversified and market leaders are expanding their portfolio to tap the high potential. The global medical devices market can be segmented based on factors such as – Application: Class I medical devices, Class II medical devices, and Class III medical devices, and Services: Product design and development services, Regulatory consulting services, Product testing services, Product implementation services, Product upgrade services, and Product maintenance services. Geographically, the market is segmented into Asia Pacific,Europe, North America, andRest of the World (RoW).
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Medical Devices Outsourcing Market: Key Segments
Within the medical devices manufacturing industry, orthopedic devices constitute the leading share with cardiology devices quickly catching up as the fastest growing device type being outsourced for manufacturing services. The need for integration of other supportive technologies, such as telecommunications, digital imaging and diagnostics, robotics, and many more is further contributing to the market growth and guiding the entry of players from different industries into the market. By application, Class II devices are the largest market share holder due to moderate associated risks and limited regulatory requirements. However, due to high technical and manufacturing cost containment challenges, product design services form the largest market segment of all other medical device services outsourced. Also, outsourcing is helping companies to focus on other business activities and manage their product life cycles, which again is driving the market growth.
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