U.S. Medical Device Outsourcing Market Size Was Valued At USD 27.8 Billion By 2022: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.

The U.S. medical device outsourcing market is expected to reach USD27.8billion by 2022, according to a new report by Grand View Research Inc. Increasing geriatric population base, surgical procedures and demand for cost curbing tools are some key growth drivers for the U.S. medical device outsourcing market. 

The medical device industry has become competitive and categories such as coronary stents, orthopedic devices, and wound care are moving towards maturity. As high-impact scientific innovation in the above categories is difficult to identify, smaller companies are gaining market share by offering low prices and introducing innovative business models. 

Due to the convergence of mounting challenges and changing market dynamics, many medical device manufacturers have opted for outsourcing business models to reduce cost, manage business risks, and improve service delivery. All the aforementioned facts are hence expected to propel market growth over the forecast period.

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Key Takeways Of The Report :

• Class II medical devices are expected to dominate the overall market throughout the forecast period, with revenue share estimated at over 48.0% in 2022. Relatively lower associated risk levels compared to class III devices coupled with increasing demand for self care equipment such as powered wheelchairs, infusion pumps etc. are expected to boost the segment growth over the forecast period.
• Class II medical devices are outsourced for designing, manufacturing, sales and marketing, clinical and advisory services, and after sales services. Maximum numbers of medical equipment fall into this category and they are outsourced due to the requirement of special skilled personnel, cost-effectiveness, and in order to reduce the time to market these equipment.
• Product design and development was the largest service segment, with revenue share valued at 28.6% in 2014. This dominance is attributed to associate benefits to companies such as aid in innovative product development. Also, the expertise provided by the outsourcing partners, help reduce costs and product development duration, pilot testing, and commercialization.
• Key players of this market include Active Implants Corporation LLC, Accellent Inc., MDMI Technologies Inc., Avail Medical Products Omnica Corporation, Kinetics Climax, Inc, and Teleflex Medical OEM.
• Market participants are striving to gain competitive advantage by providing products and services across broader portfolio such as cardiac rhythm management, cardiac surgery, orthopedics and endoscopy.
• For Example, in March 2015 Teleflex Medical OEM added balloon catheter manufacturing technology to its portfolio of in-house capabilities. New product offerings include compliant, semi-compliant and non-compliant medical balloons for a variety of coronary, peripheral and neurovascular applications.
• Expansion of distribution network across North America, is also likely to support key players increase market penetration

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Grand View Research has segmented the U.S. medical device outsourcing market on the basis of application and service:

U.S. Medical Device Outsourcing Application Outlook (Revenue, USD Million, 2012 – 2022)

• Class I
• Class II
• Class III

U.S. Medical Device Outsourcing Services Outlook (Revenue, USD Million, 2012 – 2022)

• Regulatory Consulting
• Product Design and Development
• Product Testing
• Product Implementation
• Product Upgrade
• Product Maintenance

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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