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Medical Market Lucrative for OEMs, CMs
October 9, 2007 |Estimated reading time: 1 minute
ROCKVILLE, Md. The materials processing area of contract manufacturing for device manufacture will grow from $13.9 billion globally to $25.41 billion by 2011, according to "OEM Contract Manufacturing in Medical Devices, Volume I: Materials Processing," released by Kalorama Information, a division of MarketResearch.com.
The trend toward outsourcing technologies incorporated into medical devices will be prevalent in product areas where biocompatibility is required for the fusion between biotechnology, chemistry, and medical device technologies. OEMs with core competencies in one of these areas will require experienced allies in the other areas, according to Kalorama.Future growth in the medical devices/drugs fusion industry will be driven by orthopedics and implants, as well as the cardiovascular devices sector, where issues relating to biocompatibility, anti-microbial sterilization, device coatings, and drug release put specialist contract manufacturers in increasing demand.
In the nine mainstream medical-device market segments, outsourced manufacturing costs currently average 30%, so there is considerable room for growth and improved manufacturing efficiencies through 2011 and 2017, said Steven Heffner, publisher, Kalorama, who likened the medical sector's growth to that of the electronics industry in the late 80s/early 90s.
"OEM Contract Manufacturing in Medical Devices" is a three-volume series focusing on manufacturers serving healthcare and medical-devices end customers. Volumes II and III will define markets for electronic systems and finished medical device products. To see the report, visit www.kaloramainformation.com.