‘The Global
Medical Device Contract Manufacturing Market Will be Worth $119.5bn By 2023’
Visiongain’s analysis predicts
the medical device contract manufacturing market to be worth $119.5bn by 2023.
The market generated $33.6bn in 2011, according to Medical Device Contract
Manufacturing: World Market Outlook 2013-2023, published in January 2013. With
increased pricing pressures particularly in developed countries, the survival
tool for the medical device manufacturers is to cut costs.
Amritha M. Ramakrishnan,
healthcare industry analyst says “The contract manufacturing market is
witnessing higher growth than the overall medical device industry, which is
driven by an increasing aging population and demand for more innovative devices.
As companies struggle to reduce costs and remain competitive, the opportunities
for contract manufacturers are enormous. Outsourcing is now widely accepted
among medical device companies due to the benefits it offers like speed to
market, reduced cost, quality improvement and availability of highly skilled
labor.”
Currently, the medical device
contract manufacturing industry is highly fragmented with several thousand
companies providing a range of services. It is expected that there will be major
consolidations in the future as CMOs seek to provide increased operational
capabilities. Major companies operating in this space include Accellent,
Flextronics, Symmetry medical, The Tech Group, Greatbatch and Nortech systems.
Developed markets such as the US
and Western Europe still continue to dominate the medical device contract
manufacturing market. However, fastest growing markets include Asian countries
like China and India where OEMs can take advantage of reduced cost and highly
skilled labor.
(Ref:
http://www.prnewswire.co.uk/newsreleases/the-global-medical-devicecontract-manufacturing-market-will-beworth-1195bn-by-2023-says-visiongain-189360361.html
)
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