The Global Medical Device Contract Manufacturing Revenues Will Reach $95.7bn in 2021

A new report by visiongain, a London-based business information provider, predicts that the global medical device contract manufacturing revenues will reach $95.7bn in 2021. From 2011 to 2021, revenues for this industry will more than double, according to Medical Devices Contract Manufacturing: World Market Prospects 2011-2021, published in November 2011. Electronics manufacturing outsourcing will be the fastest growing segment in the market, driving the contract manufacturer's revenue streams. The medical device manufacturing industry as a whole is directly dependent on the growth of the medical device industry. Any growth in the medical device market will be directly reflected on the contract manufacturing segment as well. The medical device industry has experienced substantial growth in the past decade owing primarily to changes in patient demographics. In recent years, the market has undergone rapid globalisation which has further strengthened the industry. The economic growth of the BRIC (Brazil, Russia, India and China) nations has fuelled much of this growth due to the expanding middle class population that are able to afford improved medical services. However, the medical device industry was not immune to the recession, and companies operating in this industry continue to face pressures to cut costs to restore the profits that drive product development. As a result, in order to maintain company and industry profitability, medical device companies have had to adopt a variety of cost cutting measures; including the increasingly popular strategy of outsourcing. Activities that can be outsourced include product design, prototyping, manufacturing and supply chain management. The market for manufacturing remains the largest segment in medical device outsourcing