New Report Global Services Outsourcing Opportunities in Medical Devices
The medical device industry is one of the largest healthcare segments, generating an estimated $250 billion in 2009. The industry has been outsourcing medical device manufacturing services for about a decade. Outsourcing has helped medical device manufacturers to cut product development costs by 10% to 30%. The huge profit margins of the industry have attracted many new players, increasing the industry’s competitiveness. The entry of new medical devices manufacturers has also increased the demand for outsourcing services, as these players lack experience in the field. Firms have also begun offering chip designing services, following the increasing incidence of chronic diseases and of the growing use of electronics and embedded systems in medical devices.
The medical device service outsourcing market is categorized into the applications and services submarkets. The services market covers designing, prototyping, validation and verification and regulatory consulting; while the applications market covers Class I, II, and III medical devices as per FDA norms. The report also analyzes outsourcing opportunities in cardiovascular, ophthalmic, oncology, dental and neurology devices. It also studies the markets for various testing and simulation tools used for medical devices. Orthopedic devices hold the largest market share in medical device manufacturing industry and cardiology market is expected to be the fastestgrowing market.
Scope of the report
The report categorizes the service outsourcing in medical device market as follows:
Applications Market: Class I devices, Class II devices, and Class III devices.
Services Market: Product design and development, testing and certification, implementation and maintenance, upgrade and regulatory consulting for medical devices.
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source: Market Research Reports
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