APAC medical device outsourcing to grow to US$114 Mn by 2028
The Asia-Pacific (APAC) Medical Device Outsourcing Market is projected to reach US$ 114 million by 2028 from U$ 46 million in 2020 with a compound annual growth rate (CAGR) of 12.4%.
According to a report by Data Bridge Market Research (DBMR), the rising incidence of chronic infections, acceptance of use of non-invasive devices, and rise in healthcare expenditure are likely to propel the demand of the market in the forecast period.
Medical device contract manufacturing is the outsourced assembly of a medical device for the medical marketplace.
DBMR stated that some of the innovations in the medical device outsourcing markets include medical device outsourced R&D, wearable medical devices, patient-centric approach, robotic check-ups & robotic surgery which often leads to enhanced effectiveness.
Additionally, the improved quality and reduced WIP (work in progress) in the sector, along with reduced business risks and accelerated product market entry.
DBMR added that the rise of the older population and utilization of Interventional Medical Devices (IMDs) are opportunities for the growth of the global medical device outsourcing market.
However, factors such as the changes in International Standard Organization (ISO): 13485, strict regulatory framework, and disruption in the supply chain management due to a pandemic hinder the industry’s market growth.
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