Increasing Cost Pressures and Focus on Reducing Time to Market Devices to Augment Growth of Medical Devices Outsourcing Market

 

Medical Devices Outsourcing Market

Medical device outsourcing is a process of contracting a third-party for different corporate business purposes such as product design, production, distribution, and prototyping. It is considered as one of the cost-effective options to improve the profitability of a medical device company. Medical device companies usually outsource their requirements to third-party manufacturers that are specialized and experienced in this industry domain. These manufacturers are equipped with the necessary skills to manufacture any kind of device that falls under the spectrum of medical device.

Market Dynamics

Increasing cost pressures and focus on reducing time to market devices to propel growth of the medical devices outsourcing market. Moreover, remote audits of medical devices due to Covid-19 pandemic is also expected to aid in growth of the market. For instance, in January 2021, The European Union announced to temporarily allow remote audits of medical devices and in vitro diagnostics under the new regulations (MDR IVDR), set to go into effect on May 2021 and 2022 respectively.

Favorable reimbursement and insurance coverage is expected to offer lucrative growth opportunities for players in the global medical devices outsourcing market. For instance, in January 2021, the Centers for Medicare and Medicaid Services issued a final rule that allows FDA-designated breakthrough devices to have Medicare coverage the same day they are approved. Moreover, investment in R&D is also expected to aid in growth of the market. For instance, in June 2020, Integer Holdings Corporation started The Galway Research and Development (R&D) Innovation Centre in Ireland to enhance Integer’s capability to provide high-quality medical devices and technologies.

The medical devices outsourcing market is witnessing several M&A activities. For instance, in April 2020, Onex Corporation agreed to acquire Independent Clinical Services Group Ltd., a provider of healthcare staffing services.

Competitive Analysis

 Major players operating in the global medical devices outsourcing market include, Onex Corporation, Cardinal Health, Inc., Integer Holdings Corporation, TE Connectivity Ltd., Flex Ltd., Heraeus Holding GmbH, Plexus Corporation, Teleflex Incorporated, Sanmina Corporation, West Pharmaceutical Services, Inc., Accellent Inc., Active Implants Corporation, CIRTEC Medical Systems LLC, Mdmi Technologies Inc., Micro Systems Engineering GmbH, Creganna-Tactx Medical, and Avail Medical Product.

Major players operating in the global medical devices outsourcing market are focused on adopting M&A strategies to expand their product portfolio. For instance, in December 2020, Teleflex Incorporated acquired hemostatic product maker Z-Medica.

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