Medical Device Outsourcing Sector Expected to Expand Through 2022

According to Grand View Research Inc., the global medical outsourcing market is anticipated to reach $62.6 billion by 2022. lista medical storage

Increasing price competition and the demand for reduced production costs are expected to drive the medical device outsourcing market, reports a recent EconoTimes article.

Drastic budget cuts in major European and U.S. markets are challenges faced by medical devices manufacturers, the article reports. Rising pressure to optimize profitability in an effort to cope with the rapidly maturing medical devices markets and growing competition is expected to elevate the demand for outsourcing.

In the next seven years, the sector is expected to experience substantial growth due to steep decline in duration for product commercialization by businesses in order to gain the advantage of being the first mover, the article says.

Class II devices, which include most surgical equipment, are anticipated to grow at the fastest rate, and also hold the largest share of the medical devices outsourcing market through 2022. Class II devices and the increasing surgical procedure volume is expected to drive the segment growth to about $30 billion in 2022.

The U.S. is predicted to lead the market throughout the forecasted period due to rising surgery volume, an increasing geriatric population base, and higher healthcare expenditure levels, says the article. 

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