Research and Markets officials have announced the addition of the "Global Medical Device Manufacturing Services Outsourcing Market 2014-2018" report to their offering.
The analysts forecast the global medical device manufacturing services outsourcing market to grow at a CAGR of 11.86% over the period 2013-2018. One of the key factors contributing to this market growth is the advancement in healthcare technologies. The global medical device manufacturing services outsourcing market has also been witnessing the outsourcing to emerging countries. However, the stringent regulatory guidelines could pose a challenge to the growth of this market.
The key vendors dominating this market space are Accellent Inc., Creganna-Tactx Medical, Greatbatch Inc., and Flextronics Int’l Ltd.
Other vendors mentioned in the report are Cadence Inc., Celestica Inc., Nortech Systems Inc., Plexus Corp., WuXiAppTec Co. Ltd., CIRTEC Medical Systems LLC, and Micro Systems Technologies Management AG.
Commenting on the report, an analyst from the team said: Outsourcing of medical device manufacturing services to emerging countries is a growing trend in the market. By outsourcing, leading medical devices companies not only take advantage of reduced costs but also position themselves to better serve the local markets of emerging countries. Reduced cost of labor, a high level of technical expertise, and funding from governments for R&D investment to accelerate new product development in emerging countries such as China, India, Malaysia, Mexico, and Brazil have made them the most favored destinations for outsourcing manufacturing services. Hence, outsourcing to emerging countries is expected to drive the global medical device manufacturing services outsourcing market during the forecast period.
Further, the report states that one of the major challenges in the market is stringent regulatory guidelines that need to be adhered to by outsourcing services providers for quality control and meet environmental requirements.
Source: Research and Markets