How is Growing Medical Device Industry Driving Medical Device Outsourcing Market?
The healthcare industry is witnessing rapid growth because of the surging prevalence of diseases all across the world. The medical industry does not only deal with drugs and therapy, but medical devices are an important part of it. Attributed to this, the medical devices industry is registering swift growth as well. In 2018, the global medical devices market attained a value of $425.5 billion and is predicted to reach $612.7 billion by 2025, registering a 5.4% CAGR during 2018–2025. Medical devices are used widely across different medical settings for both therapeutic and diagnostic purposes.
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However, the cost of most of the medical devices is quite high, which makes it difficult for hospitals at times to provide important services to the patients. Because of this reason, medical settings are increasingly outsourcing medical devices. The concept of outsourcing is not a new one, and now the medical device industry is taking advantages of its benefits as well. With the continuous technological advancements going on in the medical industry, medical settings need to keep up with making sure that their patients are being offered the best and latest technology. According to P&S Intelligence, in 2016, the global medical device outsourcing market generated a revenue of $44.9 billion and is expected to attain $84.9 billion, witnessing a 9.7% CAGR during 2017–2023.
All these outsourced devices have a number of applications, such as orthopedics & spine, cardiovascular, radiology, and general medical devices. Because of the growing prevalence of cardiovascular diseases, the demand for medical devices for cardiovascular applications is expected to be the highest in the coming years. The services offered by vendors in the medical device outsourcing market are testing & certification, prototype development, assembly & packaging, and finished device manufacturing.