According to a new market report, "Medical Devices Outsourcing Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast, 2012 - 2018," published by Transparency Market Research, the global medical devices outsourcing market, amidst ongoing medical technology development is expected to rise from $21.1 billion in 2012 to $40.8 billion in 2018, registering a CAGR of 11.6% from 2012 to 2018. The product design segment holds the largest share - i.e. 29% - of the service market; whereas class II devices segment forms the largest application market as these are medium risk devices that involve fewer regulatory issues in comparison to class III devices.
The medical device market is one of the fastest growing and the most dynamic sector in the life sciences industry due to its high profit margins and the increasing demand for advanced medical devices. The medical device industry consists of three major participants - medical device manufacturers, product outsourcing companies, and service outsourcing companies. These three participants have together increased product efficiency and reduced costs by improving the product lifecycle management in medical device manufacturing.
The medical devices industry, in recent times, has grown considerably owing to technological advances and growing demand for sophisticated equipment. However, the competition in the market has also grown exponentially, posing challenges for medical device manufacturing companies such as cost, product innovation, time to market, and stiffer regulatory impositions. Outsourcing aids the medical device manufacturing industry to overcome these challenges by offering expertise in product design, regulatory consulting, testing and validation, product implementation and strategic consulting services.