ART ELEMENTS: ISTOCKPHOTO.CM
Revenue
- 75% expect their company will generate more sales in 2023
- 4% expect to generate less sales in 2023
- 21% expecting to generate the same amount of sales as 2022
Reshoring
- 48% have reshored some or all operations
- 67% are likely to extremely likely to add North American suppliers to their supply chains in the next 12 months
Top 3 services to source domestically
- Additive manufacturing
- Injection molding
- Automation technologies
Barriers to sourcing domestically
- Price
- Availability
- Vendor responsiveness
Key factors when choosing a new manufacturing partner
- Experience manufacturing similar components/products
- Cost
- Responsiveness
Artificial Intelligence (AI)
- 61% have or are actively embracing AI
- 70% who deployed AI have seen an immediate ROI
- 80% plan to deploy AI technologies during the next 2 years
Source:
https://www.xometry.com/resources/design-guides/medical-device-report-2023
Explore the September 2023 Issue
Check out more from this issue and find your next story to read.
Latest from Today's Medical Developments
- Strategies to improve milling and turning for medical components
- Being proactive about your business despite uncertainty
- 10 challenges facing the manufacturing industry in 2025
- Optimizing production of high-precision components through collaboration
- An inside look at the defense maritime industrial base
- Why manufacturing, intralogistics companies need to embrace the cloud
- February 2025 US cutting tool orders total $198.6 million
- The Smoothest Surfaces For Your Toughest Materials
