Medical Devices Industry News

With the rising incidence of chronic diseases and the surging healthcare expenditure of several countries, the demand for medical devices is shooting up across the world. For instance, according to the World Health Organization (WHO), cancer caused the deaths of 9.6 million people in 2018 and it was the second biggest cause of death across the world. Furthermore, the organization found the around 422 million people around the world are living with diabetes, and the disease is responsible for 1.6 million deaths every year.  Additionally, as per an article published in the Cardiac Failure Review, 5.7 million heart failures were reported in the U.S. in 2016, and this number is expected to rise to 8 million by 2030. As a result of the rising incidence of these diseases, many medical device manufacturers are outsourcing the production processes as it helps them reduce cost and save time. Moreover, in order to manage maintenance and quality control, medical device manufacturers are outso...

High-quality products making it to the market and the need to reduce rising medical equipment cost are driving the medical device outsourcing market. It valued at $45.0 billion in 2016 and is expected to grow at a 9.7% CAGR during the forecast period (2017–2023). Medical device outsourcing is the contract manufacturing of medical equipment, devices, and components done by third-party companies. One of the factors driving the market is the rising demand for reduction in the cost of devices. The outsourcing of medical device manufacturing helps original equipment manufacturers (OEMs) cut down on manufacturing costs, thereby making products cheaper for end users. They are focusing on effective technology reuse to lower the production cost of their products. Quarterly cost savings in areas, such as custom electronic components, sheet/metal enclosure fabrication, standard electronic components, box build/systems integration/mechanical assembly work, printed circuit board, and contract ...