While mirroring the medical device market, the medical device outsourcing market is primed for rapid change to effectively meet the growing demand for its services. By
President and Chief Executive Officer, Accellent Inc.
The medical device market is experiencing explosive growth. Currently valued at $75 billion, market growth will continue to accelerate as demographics and market drivers increase their pressure for new and innovative product offerings.
To meet this ever-growing demand, two types of companies have emerged. First are the medical device companies that sell to the clinical end user. The top companies—including Johnson & Johnson, Medtronic, and Zimmer—are skilled in determining physician and patient needs, developing products, acquiring regulatory approval, marketing and branding, and training clinicians to use the new products.
The second type of company is the medical device outsourcing company. These organizations sell to the medical device companies. They are focused on product development, design, manufacturing, engineering, and complete supply chain management.
Two types of companies have emerged: medical device companies that sell to the clinical end user, and medical device outsourcing companies that sell to other medical device companies.
QUALITY AND SPEED
Medical device outsourcing companies share the very same concerns as the companies that have historically brought the products to market. First and foremosst, they must empower their customers, the medical device companies, to ensure clinical efficacy and patient care.