October 8, 2011: Medical device outsourcing sector is in boom.
Medical device outsourcing sector has to achieve another biggest milestone, according to Global market Analysts. The sector is in boom from past few years and is in rapid growth. A recent study by Global Market Analysts, which is considered one among the best in analysis of global outsourcing trends, has found out that the sector might reach an overall business worth US $ 44.7 billion by 2017.
Today there is a huge demand for the services from medical device outsourcing market. People have become more health conscious and ready to pay even higher price for healthcare solutions so that they could avoid diseases. Facilities such as disease screening, disease detection and other diagnostics are today enhanced by Medical device outsourcing market.
According to the study of GIA, outsourcing medical devices and other related jobs offers immense advantages to OEMs. To point out some of the advantages quoted by the survey team, first and foremost it is the manufacturing cost reductions, and then comes the expert guidance available and also lesser number of process and steps required for quick completion of manufacturing products. Some of the companies also feel that dedicated product design teams are ensured by depending on outsourcing which is again an additional benefit.
The study also sates that regulatory issues are the foremost constrain that any company has to face while deciding on outsourcing which has been minimized now a days. Earlier, as far as outsourcing medical devices were concern there were different legal issues prevailing in different countries because it is governed by the medical legislations directly. But today the scenario has changed and restrictions have been relaxed and as a result outsourcing is picking up the trend. Original equipment manufacturers across the globe are more concern about supply chain benefits and other manufacturing cost reduction benefits so that more business could be achieved at a lesser cost. As increase in production efficiency and logistic management are given prior importance, outsourcing becomes the feasible option, because there are highly experienced service vendors who are into medical device outsourcing.
In the coming five to six years we could see OEMs vigorously depending on third party service providers. Companies are taking up strategies to lessen the burden of cost and also to increase their efficiency at more considerable speed. This particular sector is foreseeing a steady growth in the coming year which will be an ultimate benefit for both business process outsourcing firms as well as original equipment manufacturers or service buyers across the globe.