Medical Device Outsourcing Market Top Companies Analysis to growing at CAGR of 9.5% by 2023

Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND

The research report published by Allied Market Report states that the global medical device outsourcing market is estimated to reach $83,952 million by 2023. The report provides an in-depth analysis of growth factors, opportunities, market trends, key segments, and competitive landscape. Current market conditions and the future scenario of various regions have been analyzed in the report to help market players in devising expansion strategies. Moreover, it includes country-wise analysis of each region. Product portfolio and business segments of leading market players outline the competitive scenario. The report provides insights to help investors, stakeholders, and new entrants to determine potential opportunities and tap on them to gain competitive advantage. The electronics segment held more than two-fifth share of the total market in 2016.

Medical device outsourcing involves taking the assistance of third-party companies to manufacture medical devices. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as spine disorders, diabetes, and cardiovascular diseases, are expected to drive the market growth. Moreover, outsourcing also allows the companies to focus on their core activities, which in turn boosts the market growth. However, threat of loss of confidential information is expected to impede the market growth.

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Finished device manufacturing segment is expected to dominate the market throughout the analysis period, owing to increase in demand for affordable devices. Testing and regulatory support services is expected to register highest CAGR of 10.0% during the forecast period.

Asia-Pacific is projected to register the highest CAGR of 10.5% during the forecast period, owing to low labor costs, low overhead expenses, and improving technical abilities to produce class III medical devices. In addition, tax breaks and incentives such as lowered tariffs and duties to foreign companies in these nations offer a lucrative opportunity for the market growth.

The Major Key Players Are:

•    Celestica, Inc.
•    Creganna
•    Flextronics International Ltd. 
•    Heraeus Holding
•    Integer Holdings Corporation
•    Nortech Systems, Inc.
•    Plexus Corp.
•    Sanmina Corporation
•    Tecomet, Inc. 
•    West Pharmaceutical Services, Inc.

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Key Findings of the Medical Device Outsourcing Market:

•    Finished goods segment is projected to grow at a CAGR of 10.0% during the forecast period.
•    Class II devices accounted for more than half of the share of the global medical device outsourcing market, in 2016.
•    In terms of application, cardiovascular segment is expected to register the highest CAGR of 9.9% during the analysis period.
•    Prototype & development is expected to grow at the CAGR of 10.0% during the forecast period.
•    France and Germany collectively contributed for more than two-fifth share of the European medical device outsourcing market in 2016.
•    Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific medical device outsourcing market in 2016.

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