The analysts forecast global medical device manufacturing outsourcing market to grow at a CAGR of 11.39% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global medical device manufacturing outsourcing market for 2016-2020. To calculate the market size, the report considers the revenue generated from various medical device manufacturing outsourcing activities. The global medical device manufacturing outsourcing market is segmented based on categories, services, regulatory classification, and applications.
The following companies are the key players in the global medical device manufacturing outsourcing market: Creganna Medical, Flex, Greatbatch, Nortech Systems, and Tecomet. Other Prominent Vendors in the market are: CFI Medical, Daiichi Jitsugyo, Dynacast, Ekso Bionics, Foxconn Technology Group, Hamilton Company, Infinity Plastics Group, Inteprod, J-Pac Medical, New Kinpo Group, Orient Semiconductor Electronics, Plexus, ProMed Molded Products, Sanmina-CI, Sterigenics International, and UMC Global.
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According to the medical device manufacturing outsourcing market report key growth driver is the entry of new medical device companies. The entry of new medical device manufacturers has increased the demand in the market, but these companies lack experience in manufacturing and may have fewer capabilities. Also, there is an increase in small-sized manufacturers that lack in-house production expertise. These newly entered companies seek to outsource manufacturers to get a high-quality product in a short span of time at a low cost. These new entrants drive medical device manufacturing outsourcing market.
The global medical device manufacturing outsourcing market analyst said a trend that is propelling market growth is outsourcing of manufacturing to emerging markets. Outsourcing of medical device manufacturing to emerging economies is a growing trend in the market. Leading medical device companies by doing so not only take advantage of reduced costs but also position them to serve better local markets of emerging countries. Low cost of labor, high level of technical expertise, and funding by country's government for R&D investment to foster new product development in emerging economies such as China, India, Malaysia, Mexico, and Brazil have made them the most-favored destination for outsourcing manufacturing services.
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Global Medical Device Manufacturing Outsourcing Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Medical technology is an integral part of the healthcare sector, which includes a wide range of healthcare products, devices, and techniques that are used to diagnose and treat diseases or medical conditions. These technologies are used to improve the quality of healthcare delivered through early diagnosis and effective therapy. Recent advancements in medical technology are more focused on cost reduction. Medical technology broadly includes medical devices, information technology, and biotech and healthcare services. The medical technology industry has expanded in recent years, driven primarily by increased expenditure on research and development of innovative products and techniques in the healthcare industry.
Further, the report states that one challenge that could restrict market growth is intense competition in the market. The intense competition within this market is mainly based on the product design.
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