MD&M West restarted face-to-face networking this month, as the demand for contract manufacturing continues to thrive in the global Medical Technology sector.
The global medical device outsourcing market was valued at US$ 51.66bn in 2020 and, despite the global impact of COVID-19, is expected to grow 10.6% this year through to 2029.
From 3D printing and bio-materials to robotics and digital health, MD&M West is the largest MedTech expo for suppliers and buyers to discover innovation, engineer new technology, and build life-changing medical devices.
The event this year had to be delayed from 12 months to 18 months, and the wait was worth it. We observed at this year’s event, just as previous years, that the market is still driving demand for innovative products while medical device innovators are committed to developing new medical devices that are safe, effective, high quality, and bringing them from concept to commercialization as quickly as possible.
Through discussions with key MedTech sector organizations, messaging was consistent in that outsourcing has become a core part of their business strategy. Not only is outsourcing medical device engineering and manufacturing reducing cost, but it is also accelerating market entry of product and decreases business risks.
The cost reduction comes from enhanced organizational effectiveness, greater access to advanced technologies and short product development cycles. Risk reduction is obvious in the form of outsourcing the regulatory compliance aspect of medical device manufacturing and it is gaining further momentum through constant partnerships with qualified service providers like Extel, where our quality standards meet international medical device standards.
Medical device outsourcing should be segmented into quality assurance, regulatory compliance, product design and development, product testing, product upgrade services, maintenance and contract manufacturing. It was highlighted at MD&M West that the high demand for outsourcing manufacturing processes to curb OEM production cost and focus on core competencies is the major driver for the market.
It was a fantastic change to meet so many market leaders under one roof last week at MD& West 2021 and we look forward to seeing further growth and discussions at the 2022 event in April next year.
For further information on our medical and healthcare capability and how we can support your product development please contact:
[email protected] – Chief Business Officer
[email protected] – Director Business Development
[email protected] – National Sales Manager
[email protected] – Business Development Manager