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Medical Device Outsourcing Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects - P&S Intelligence
medical device outsourcing
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Among the different applications of medical device outsourcing, general medical devices contributed largest revenue in the global market, with a 25.9% share in 2016. General medical devices such as drug delivery devices, surgical devices, diagnostic consumables, and inhalation drug delivery devices are increasingly being outsourced by the medical device industry players, since these devices have a high market demand from healthcare providers.
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The APAC medical device outsourcing market is expected to witness the fastest growth in demand and is predicted to grow at a CAGR of around 10.9% during the forecast period, due to the low cost of labor and comparatively less expensive infrastructure cost as compared to other developed economies of the world. The growth of the APAC market is also supplemented by the presence of a large patient pool suffering from chronic disorders and increase in the need for affordable medical devices.
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Globally, key players in the medical device outsourcing market are focusing on business expansions and acquisitions to gain a larger market share. For instance, in April 2016, TE Connectivity Ltd, a major player in connectivity and sensors, announced the completion of its previously announced acquisition of the Creganna Medical Group (Creganna). Creganna designs and manufactures minimally invasive delivery and access devices serving medical device original equipment manufacturers (OEMs).
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