| Outsourcing in the Global Medical Equipment Industry - | | | | reduce direct expenses and streamline supply chains. |
| The Market Expected to Register High Growth in the | | | | Outsourcing of manufacturing activities has helped |
| Future | | | | medical equipment companies to reduce costs by |
| | | | | between 10% and 25%. |
| IT provides key data, information and analysis on the | | | | |
| global medical equipment outsourcing industry. The | | | | Contract Organizations are Emerging as Strategic |
| report analyses the drivers behind outsourcing of | | | | Partners to Reduce Time to Market and Cost |
| manufacturing, clinical research and other support | | | | The medical equipment industry is forming strategic |
| services to low-cost service providers based in Asian | | | | partnerships with contract organizations to leverage |
| countries and elsewhere. The report also provides | | | | their global presence and research expertise. The |
| information on the key economies attracting majority | | | | agreements with contract organizations are aimed at |
| of medical equipment outsourced work. The report is | | | | lowering the time to market as well as reducing costs. |
| also supplemented with information on the preferred | | | | The service models of the contract organizations are |
| vendors executing most of the medical equipment | | | | evolving to become more functional, where services |
| outsourcing work. | | | | are outsourced based on the analysis of their core |
| | | | | competencies. The increasing focus on strategic |
| Outsourcing Market will Continue to Grow Driven by | | | | partnerships will drive the growth in emerging |
| the Demand from Medical Equipment Industry | | | | outsourcing destinations which have many small niche |
| The global medical equipment outsourcing market is | | | | contract organizations specializing in different functions. |
| forecast to reach $40.1 billion by 2016 with a CAGR of | | | | Medical equipment companies are expected to |
| 16.3%. The ageing population, advancements in | | | | increasingly rely on contract organizations to enhance |
| technology, desires to lead active lifestyles, the rise in | | | | their product pipeline strength by bringing the products |
| chronic conditions and increased public & private | | | | to approval at a faster rate. |
| spending are expected to drive the medical equipment | | | | |
| market. These drivers are providing a promising | | | | Regions such as Latin America, India and China |
| opportunity for the medical equipment companies and | | | | Attract Increased Contract Research Outsourcing due |
| service providers. Also, the increasing desire by the | | | | to Competitive Benefits and Increased Regulatory |
| medical equipment companies to improve cost savings | | | | Compliance |
| and to bring products to the market quickly is | | | | The US and Europe dominate the contract research |
| expected to drive the medical equipment outsourcing | | | | outsourcing market and account for the majority of |
| market in the future. | | | | clinical research activities. However, this trend is |
| | | | | changing with the emergence of regions such as Latin |
| Contract Manufacturing is Expected to Remain the | | | | America, India and China as preferred locations for |
| Major Contributor of Medical Outsourcing Market | | | | outsourcing. These regions provide a cost advantage, |
| Contract manufacturing accounted for 90% of the | | | | better patient enrollment and expert personnel. These |
| global medical equipment outsourcing market in 2009 | | | | emerging regions are more cost effective with quality |
| and is expected to contribute 91.7% by 2016. This | | | | standards on par with the developed regions. All these |
| market is forecast to reach $36.8 billion by 2016 with a | | | | countries have aligned their clinical research regulations |
| CAGR of 16.5%. Contract manufacturing remains the | | | | with the international standards and requirements |
| key market segment driving growth within the | | | | which allows them to conduct clinical trials and |
| outsourcing market. The contract manufacturing | | | | research on behalf of medical device companies in |
| market is expected to be driven by the increasing | | | | developed countries. |
| desire of the medical equipment manufacturers to | | | | |