The U.S. medical device outsourcing market generated around USD 13.3 billion in 2014. The major market driver is demand for healthcare instruments & cost control. Additionally, connected advantages like decreased production costs and concentration on core proficiencies are predicted to boost the market in the forecast period (2015 to 2022).
The geriatric populace is susceptible to chronic illnesses and also drives the market. Complications in product manufacturing and growing small-sized manufacturers provide future prospects to this market. However, the market faces hindrances from drastic reductions in U.S. public investments.
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Moreover, productivity pressure, escalating costs & competition, and higher market penetration have impacted the U.S. medical device outsourcing market. Wide prevalence of traumatic wounds, cardiac illnesses, and cancers enhance the demand for surgical practices. This causes growth in surgical equipment and propels market incomes.
The market is bifurcated into applications and services. Class II, class III, and class I are the application segments. Class II devices captured around 48% shares in 2014. They should notice the fastest expansion (at about 9.8% CAGR) in the coming seven years. These equipment decrease the dangers of death & injuries.
Class II devices include surgical drapes, powered wheelchairs, infusion pumps, and others. Easier technologies in comparison to class III devices turn class II devices into the most outsourced. In regards to services, the U.S. medical device outsourcing market was led by product development & design in 2014. This segment held more than 25 % shares that year.
It is the most capital extensive industrialized segment and will experience maximum outsourcing rates. Regulatory services occupied the second biggest share in 2014. They are highly popular and broadly recognized. Product implementation services are anticipated to grow lucratively (at more than 11 % CAGR) during the forecast period.
Use of process overlapping as a beneficial alternative and synchronized product design implementations are the reasons for their fast growth. Some key players in the U.S. medical device outsourcing market comprise Accellent Inc., Kinetics Climax, Avail Medical Products Inc., Active Implants Corporation LLC, and Teleflex Medical OEM.
They offer cost-effective equipment & services to recipient establishments. The players also indulge in mergers and acquisitions for market penetration.
Information Source: Grand View Research