Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new report has been published by Transparency Market Research, titled "Medical Devices Outsourcing Market - Global Industry Size, Market Share, Trends, Analysis, and And Forecast 2012 - 2018". TMR, a market intelligence company based in the U.S., states that the global medical devices outsourcing market was estimated at US$21.1 billion in 2012, is growing at a CAGR of 11.6% between 2012 and 2018, and is likely to reach US$40.8 billion by 2018.
According to this TMR report, the market for global medical devices is experiencing an increasing trend of product and services outsourcing by prominent worldwide players to specialized and small service providers in developing markets; it is broadly divided into services outsourcing and product outsourcing markets. This market is stimulated by an increasing demand for continuing developments in medical technology as well as increasing demand for quality healthcare services.
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In order to tap the high potential of the market for medical devices and services, prominent companies in the market are broadening their portfolio. Based on application, the market for global medical devices is segmented into Class I, Class II, and Class III medical devices, and based on services, the market is segmented into regulatory consulting services, product design and development services, product testing services, product upgrade services, product maintenance services, and product implementation services.Among these, Class II devices hold the biggest share in the market owing to limited regulatory requirements and moderate related risks. But, because of a large number of challenges in manufacturing and technical cost containment, product design services constitute the biggest market segment amongst all other medical device services outsourced. Additionally, with the help of outsourcing, companies can manage their product lifecycles and concentrate on other business activities, which is stimulating the growth of the medical devices outsourcing market.
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The report states that competition amongst medical device manufacturers as well as the need to raise profit margins is propelling demand for medical devices outsourcing. In the industry for medical devices manufacturing, orthopedic devices held the biggest share, with cardiology devices rapidly emerging as the most swiftly expanding device type, which is being outsourced in manufacturing services. Requirement for the integration of other supportive technologies, namely digital imaging and diagnostics, telecommunications, robotics, etc. also contributes to the market development.As per this TMR research report, the medical devices outsourcing market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The biggest share of the medical devices outsourcing market is held by North America owing to the growing costs of healthcare. In this region, rising coverage and penetration by the providers of medical insurance is also further serving to accelerate the demand for high-quality healthcare services, compelling company players to outsource the services. The swiftly growing Asia Pacific market, in order to leverage its vast market potential, is consistently attracting foreign players and as an outcome, this region's service providers are invariably searching for advanced and higher quality certifications. Key players in the market include CIRTEC Medical Systems LLC, Accellent Inc., Active Implants Corporation, MDMI Technologies INC, Micro Systems Engineering GMBH, and Avail Medical Products.
Key segments of the Medical Devices Outsourcing Market
Medical Devices Outsourcing Market, By Geography
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research