Outsourcing Opportunities in the Medical Device (2009 - 2014)
Medical devices form one of the largest industries in healthcare sector with an estimated size of $250 billion in 2009 and a growth rate of 6%-8%. The industry has been outsourcing medical device manufacturing services for almost a decade now. This trend has brought about huge profit margins, which has attracted many new players.
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Outsourcing has helped medical device manufacturers reduce product development cost by 10% to 30%. The services outsourcing industry has also gained from the entry of new medical device manufacturing companies, as these players lack experience in the field.
Orthopedic devices hold the largest market share and cardiology devices have the highest growth rate in the medical device manufacturing industry. The increasing regulations for class 2 and class 3 devices have increased the demand for regulatory consulting services. Growing complexities in supply chain and the need for efficient management of client accounts have increased the scope of product lifecycle management solution providers in the medical devices industry. Firms offering chip designing services have also benefitted from the increasing incidence of chronic diseases and the growing use of electronic and embedded systems in cardiovascular and neurology devices.
The report analyzes the outsourcing opportunities in cardiovascular, ophthalmic, oncology, dental, and neurology devices, along with a study of various tools used for developing, testing and simulation tools used for medical devices. The report categorizes the service outsourcing in medical device market as follows:
Services Market: Product design and development services, product testing and certification services, product implementation services, product maintenance services, product upgrade services and Regulatory consulting services for medical devices.
Applications Market: Class I Devices, Class II Devices and Class III Devices.
STAKEHOLDERS
The intended audience includes:
Service outsourcing companies
Medical devices manufacturers
Consulting companies
Financial institutions
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