Global Markets for Medical Device Outsourcing 2005
Global Markets for Medical Device Outsourcing 2005
(PRWEB) November 16, 2005
In an effort to remain profitable and to capitalize on strong organic growth in the medical device industry, original equipment manufacturers (OEMs) no longer focus exclusively on revenue growth, but also on the reduction of escalating cost structures. OEMs currently use outsourcing to improve manufacturing efficiency, accelerate product development, and reduce the cost of production, thereby permitting them to redirect their attention to core competencies such as research, sales and marketing, and the development of innovative technologies.
Although outsourcing will prove beneficial to OEMs and the medical device industry, an increase in production efficiency will reduce the cost of goods sold, which will inadvertently dampen the outsourcing potential. Other factors inhibiting the outsourcing market’s growth include concerns over intellectual property, regulatory concerns by OEMs, vertical integration by some leading OEMs, and contract manufacturers’ lack of control over production decisions. Despite these limiters, a new report by Millennium Research Group (MRG) estimates that the global medical device outsourcing market will expand at a CAGR of 14% to reach revenues of $ 7.7 billion by 2009.
MRG’s Global Markets for Medical Device Outsourcing 2005 includes analyses of the cardiovascular, endoscopic, and orthopedic medical device outsourcing markets. The report covers the numerous established and emerging medical device and contract manufacturing competitors vying for OEM contract manufacturing business, such as Accellent Inc, Plexus Corporation (PLXS), Heraeus, Symmetry Medical (SMA), Greatbatch Inc (GB), and Avail Medical .
A leading source of competitive intelligence, MRG is now the largest provider of medical device market research in the world. Located in Toronto, Canada, MRG covers global markets and has pioneered reporting of numerous emerging products.
Contact Information:
Marlon Deogracias
Millennium Research Group Inc.
(416) 364-7776 ext.165
http://www.mrg.net
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