By 2020, the U.S. medical device outsourcing market is expected to reach $27.8 billion, according to a Grand View Research report.
Here are five trends:
1. A growing geriatric population, more surgical procedures and increasing demand for cost curbing tools are spurring market growth.
2. Various medical device manufacturers are outsourcing business models to lower costs, improve service delivery and manage business risks, which has fueled market growth.
3. In 2022, Class II medical devices are expected to have a 48 percent revenue share due to the devices' relatively lower associated risk levels and more demand for self care equipment.
4. In 2014, the product design and development segment had a 28.6 percent revenue share, making the segment the largest service segment that year.
5. Dominant vendors in the market include Active Implants, Accellent, MDMI Technologies, Avail Medical Products Omnica, Kinetics Climax and Teleflex Medical.
More articles on devices:
Medtronic stock receives target price of $87.83: 3 points
InVivo Therapeutics adds Ben Taub Hospital as INSPIRE study site: 4 things to know
Zimmer Biomet jumps into robotics with MedTech acquisition: 5 things to know