Rising price competition and the need to reduce production costs are driving medical device outsourcing

Global market

$21.2 BILLION in 2012

$26.26 BILLION in 2014

$40.8 BILLION by 2018

$50.37 BILLION by 2020

$62.6 BILLION by 2022

Spurring growth

Demand for quality healthcare

Rising geriatric population

Advancement inhealthcare technologies

Increasing demand for lower healthcare costs

Entry of new players

Growing product engineering complexity

Increasing number of entrant manufacturers

Reduction in cost & time-to-market

Largest application market

Class II medical devices

Outsourcing benefits

Sources: www.grandviewresearch.com; www.transparencymarketresearch.com