The U.S. medical device outsourcing market is expected to grow exponentially over the next few years, according to a new report by Grand View Research.
Here are six trends:
1. The market is expected to reach a value of $27.8 billion by 2022.
2. Due to challenges and changing market dynamics, many medical device manufacturers have opted for outsourcing business models to reduce costs and manage business risks.
3. Key drivers of medical device outsourcing market growth include increasing geriatric population base, surgical procedures and demand for cost curbing tools.
4. Class II medical devices are expected to dominate the overall market throughout the study period, with revenue share estimated at over 48 percent in 2022.
5. Product design and development was the largest service segment, with revenue share valued at 28.6 percent in 2014.
6. Key players of this market include Active Implants, Accellent and MDMI Technologies.