Outsourcing in the Global Medical Equipment Industry - The Market Expected to Register High Growth in the Future
IT provides key data information and analysis on the global medical equipment outsourcing industry. The report analyses the drivers behind
outsourcing of manufacturing clinical research and other support services to low-cost service providers based in Asian countries and elsewhere. The report also provides information on the key economies attracting majority of medical equipment outsourced
work. The report is also supplemented with information on the preferred vendors executing most of the medical equipment outsourcing work. http://www.tinyurl.com/yl2frpu
Outsourcing Market will Continue to Grow Driven by the Demand from Medical Equipment Industry
The global medical equipment outsourcing market is forecast to reach $40.1 billion by 2016 with a CAGR of 16.3%. The ageing population advancements in technology desires to lead active lifestyles the rise in chronic conditions and increased public & private spending are expected to drive the medical equipment market. These drivers are providing a promising opportunity for the medical equipment companies and service providers. Also the increasing desire by the medical equipment companies to improve cost savings and to bring products to the market quickly is expected to drive the medical equipment outsourcing market in the future.
Contract Manufacturing is Expected to Remain the Major Contributor of Medical Outsourcing Market
Contract manufacturing accounted for 90% of the global medical equipment outsourcing market in 2009 and is expected to contribute 91.7% by 2016. This market is forecast to reach $36.8 billion by 2016 with a CAGR of 16.5%. Contract manufacturing remains the key market segment driving growth within the outsourcing market. The contract manufacturing market is expected to be driven by the increasing desire of the medical equipment manufacturers to reduce direct expenses and streamline supply chains. Outsourcing of manufacturing activities has helped medical equipment companies to reduce costs by between 10% and 25%.
Contract Organizations are Emerging as Strategic Partners to Reduce Time to Market and Cost
The medical equipment industry is forming strategic partnerships with contract organizations to leverage their global presence and research expertise. The agreements with contract organizations are aimed at lowering the time to market as well as reducing costs. The service models of the contract organizations are evolving to become more functional where services are outsourced based on the analysis of their core competencies. The increasing focus on strategic partnerships will drive the growth in emerging outsourcing destinations which have many small niche contract organizations specializing in different functions. Medical equipment companies are expected to increasingly rely on contract organizations to enhance their product pipeline strength by bringing the products to approval at a faster rate.
Regions such as Latin America India and China Attract Increased Contract Research Outsourcing due to Competitive Benefits and Increased Regulatory Compliance
The US and Europe dominate the contract research outsourcing market and account for the majority of clinical research activities. However this trend is changing with the emergence of regions such as Latin America India and China as preferred locations for outsourcing. These regions provide a cost advantage better patient enrollment and expert personnel. These emerging regions are more cost effective with quality standards on par with the developed regions. All these countries have aligned their clinical research regulations with the international standards and requirements which allows them to conduct clinical trials and research on behalf of medical device companies in developed countries.
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