| The global services outsourcing market in medical devices is expected to be worth $26,770 million by 2014. Further According to a new market research report “Service Outsourcing Opportunities in medical Device Market (2009-2014)” the market is growing at a CAGR of 13 per cent form 2009 to 2014.
Medical device manufacturing is one of the largest industries in healthcare sector with an estimated growth rate of 6 to 8 per cent in 2009. Outsourcing has helped medical device manufacturers reduce product development cost by 10 to 30 per cent. The industry has been outsourcing medical devices for almost a decade. This trend has brought about huge profit margins, which has attracted many new players. Also the services outsourcing industry has gained from the entry of new medical device manufacturing companies, as these players lack experience in the field.
Cardiology devices have the highest growth rate in the medical device manufacturing industry and orthopedic devices hold the largest market share. The need for efficient management of client accounts and growing complexities in supply chain have increased the range of product lifecycle management solution providers in the medical devices industry.
The report analyses the outsourcing opportunities along with a study of various tools used for developing, testing and simulation tools used for medical devices. The report categorises the service outsourcing in the medical device market as services market and applications market. The service market includes product design and development services, product testing and certification services, product implementation services, product maintenance services, product upgrade services and Regulatory consulting services for medical devices. The applications market contains class I devices, class II devices and class III devices. The increasing regulations for class II and class III devices have increased the demand for regulatory consulting services as well.
An analyst Briefing Presentation on the service outsourcing opportunities in medical device market will take place on the 3rd Dec 2009.
by Sarah Ostheimer
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