Global Outsourced Orthopedic Manufacturing Market to Exceed USD 2 Billion by 2020, According to Technavio
By Business Wire News
By Business Wire News
According to Technavio’s latest report, theglobal outsourced orthopedic manufacturing market 2016-2020 is likely to grow at a CAGR of around 7% during the forecast period.
In this report, Technavio covers the present scenario and growth prospects of the global outsourced orthopedic manufacturing market 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following regions:
Americas: largest outsourced orthopedic manufacturing market
The outsourced orthopedic manufacturing market in the Americas is likely to exceed USD 2 billion by 2020, growing at a CAGR of over 7%.
The outsourced orthopedic manufacturing market in the Americas is anticipated to grow at a steady rate during the forecast period. Growing aging population and high prevalence of obesity in the region are leading to an increase in the incidence of orthopedic disorders. Also, a rise in the number of minimally invasive orthopedic procedures will propel the demand for advanced orthopedic devices.
Original equipment manufacturers (OEMs) are under pricing pressure due to competition coupled with reimbursement cuts, which led to a decline in the revenue margins of vendors. Brahadeesh Chandrasekaran, lead analyst for orthopedics at Technavio, says, “However, consumers still demand cost-effective products and solutions without compromising on the quality. These factors compel the need for contract manufacturers.”
In certain Latin American countries such as Mexico and Brazil, significant economic growth will result in better accessibility of manufacturing facilities. Also, the healthcare industry in Latin American countries is more biased towards locally manufactured products, as jurisdictions implement laws favoring local companies. These factors are expected to boost the market during the forecast period.
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EMEA:outsourced orthopedic manufacturing market to grow at a CAGR of over 5%
The outsourced orthopedic manufacturing market in EMEA is expected to exceed USD 1 billion by 2020. The market is anticipated to grow at a steady rate in EMEA during the forecast period. The demand for orthopedic devices has been fueled by the rise in musculoskeletal disorders in the aging population of this region.
However, pricing constraints and reimbursement issues with regard to orthopedic devices put pressure on OEMs. These factors have led to the outsourcing of manufacturing services. The number of new contract manufacturers in Eastern Europe has increased in the past few years, and they provide services to OEMs in Europe and the US.
APAC: fastest growing market for outsourced orthopedic manufacturing
The outsourced orthopedic manufacturing market in APAC is predicted to exceed USD 1 billion by 2020, growing at a CAGR of over 9%.
The outsourced orthopedic manufacturing market in APAC is anticipated to grow at a rapid pace during the forecast period as a result of significantly low labor costs in countries like China and India as compared to the US.
Many leading OEMs across the globe, including Zimmer Biomet, Smith & Nephew, Stryker, and St. Jude Medical are focusing on entering the markets in emerging countries that have a high potential to grow during the forecast period. “These OEMs are outsourcing their orthopedic manufacturing requirements to APAC because of lower labor and supply chain costs, along with flexible regulations and policies. China, Taiwan, and India are some of the key leading countries in the outsourced orthopedic manufacturing market in APAC,” says Brahadeesh.
- Greatbatch Medical
- Paragon Medical
Some of the other prominent vendors listed in the report are: Accellent, Autocam Medical, Bradshaw Medical, Blades Technology and Hammill Medical.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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