Medical Device Outsourcing Market to Grow Valuation of $83.95 Billion by 2023 | Celestica, Inc., Creganna

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According to the report by Allied Market Research, the global medical device outsourcing market is estimated to register a CAGR of 9.5% from 2017 to 2023. The research helps leading players and startups to devise new strategies based on current market trends and changing dynamics. Competitive landscape is mentioned in the report based on business segments, products portfolio, and strategic moves & developments of leading market players. Detailed segmentation assists in determining growing segments and determining further steps to capitalize on lucrative segments. Regional landscape is helpful in determining opportunities and driving factors of each region and taking further steps.

The electronics segment held more than two-fifth share of the total market in 2016.

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Medical device outsourcing involves taking the assistance of third-party companies to manufacture medical devices. Increase in geriatric population and rise in number of patients suffering from chronic disorders, such as spine disorders, diabetes, and cardiovascular diseases, are expected to drive the market growth. Moreover, outsourcing also allows the companies to focus on their core activities, which in turn boosts the market growth. However, threat of loss of confidential information is expected to impede the market growth.

Finished device manufacturing segment is expected to dominate the market throughout the analysis period, owing to increase in demand for affordable devices. Testing and regulatory support services is expected to register highest CAGR of 10.0% during the forecast period.

Asia-Pacific is projected to register the highest CAGR of 10.5% during the forecast period, owing to low labor costs, low overhead expenses, and improving technical abilities to produce class III medical devices. In addition, tax breaks and incentives such as lowered tariffs and duties to foreign companies in these nations offer a lucrative opportunity for the market growth.

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The Major Key Players Are:

• Celestica, Inc.
• Creganna
• Flextronics International Ltd.
• Heraeus Holding
• Integer Holdings Corporation
• Nortech Systems, Inc.
• Plexus Corp.
• Sanmina Corporation
• Tecomet, Inc.
• West Pharmaceutical Services, Inc.

Key Findings of the Medical Device Outsourcing Market:

• Finished goods segment is projected to grow at a CAGR of 10.0% during the forecast period.
• Class II devices accounted for more than half of the share of the global medical device outsourcing market, in 2016.
• In terms of application, cardiovascular segment is expected to register the highest CAGR of 9.9% during the analysis period.
• Prototype & development is expected to grow at the CAGR of 10.0% during the forecast period.
• France and Germany collectively contributed for more than two-fifth share of the European medical device outsourcing market in 2016.
• Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific medical device outsourcing market in 2016.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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