The global medical device market stands at $350 billion, with projections for 4.9% compounded annual growth through 2020. This growing industry has manufacturers accelerating design and production to get products to market quickly, often requiring new materials and advanced manufacturing technologies.
Also covered is how in the industry, medical device original equipment manufacturers (OEMs) are continuing to turn manufacturing over to one-stop shops and are demanding more from their suppliers, significantly changing the complexity of contract manufacturing work. It used to be that most contract manufacturers were told what products to manufacture and how to manufacture them. In the last decade, that has shifted. Today, contract manufacturers provide services from product concept and development to highly specialized manufacturing, supply chain management, and delivery to the end customer.
Top suppliers are partners who are tightly integrated into the supply chains of the OEM – they may also manage other smaller and non-strategic suppliers on behalf of the OEM.