Outsourcing in Medical Devices
Many companies have used outsourcing as a method to utilise cheap labour and gain higher profits. This has influenced the medical device industry especially as manufacturers realise that outsourcing parts of their manufacturing process can be highly beneficial in terms of productivity, R&D and increasing competitiveness.
Growth in Aging Population
Increased competition alongside development of new products has positively impacted the industry. In 2017, the medical device industry was valued at $84.9 billion, and this number is expected to rise.
The industry has also experienced this growth due to an aging population, which has also pushed them to outsource part of their manufacturing process.
The increase in the geriatric population correlates with higher health implications such as neurological, cardiovascular and orthopaedic. This has impacted the medical device outsourcing industry as many businesses are now opting to outsource their production further.
Lower Costs in Outsourcing
The other reasons why outsourcing has become an attractive method to many companies is the lowering of costs and improved service delivery. Lowering the costs of manufacturing will help businesses stay competitive in the global medical device market.
Businesses are now restructuring their current business models to one that helps them manage risk, lower costs and improve service delivery. Outsourcing parts of medical device manufacturing can aid pushing the product to market quicker.
Access to Better Resources
Not only costs can be lowered, companies can have access to better resources and concentrate on other business goals. High quality human capital and machinery can be accessed which will be more efficient if they are better equipped. Businesses can bring back focus on R&D for new equipment to help them still have a competitive edge.
This year’s Outsourcing in Clinical Trials Medical Devices Europe 2019 event will be looking at the challenges and trends the outsourcing industry is currently facing. Come and join us at this year’s event to see how you can effectively and efficiently outsource! Click here to register now!
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