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Medical device outsourcing

Weighing the Challenges and Benefits of Medical Device Outsourcing

Owing to constant cost pressures coupled with rising expectations to reduce time to market, medical device manufacturers are increasingly engaging in outsourcing their device manufacturing and assembly in full or partially. This creates room for medical device companies to focus more on their core competencies and also capitalize on opportunities for cost reduction and speed to market. But are these the only factors that companies must consider before committing to a medical device outsourcing partner? Experts at Infiniti Research believe that there is much more to evaluate and measure when it comes to medical device outsourcing, especially in terms of adhering to the required quality standards. From the common pitfalls to assessing an outsourcing partners’ vertical integration capabilities, this article encapsulates the core benefits and the many factors to consider before engaging in medical device outsourcing.

Not sure if your business is ready for manufacturing outsourcing? Let us help you evaluate and make sound investments to rise in agility and adaptability.

Medical device outsourcingBenefits of medical device outsourcing

Capitalize on resources

Medical device outsourcing facilitates OEMs to take advantage of the third-party resources without having to source and store them locally or train personnel. This will ultimately result in more cost-effective production. Countries including Taiwan, China, and Korea are top medical device manufacturers. Therefore, it is more viable for a US medical device company to outsource production operation entirely overseas rather than bringing in equipment to manufacture medical devices, both in terms of cost and maintaining quality standards.  

Focus on core activities

Relying on medical device outsourcing companies gives the opportunity to give more attention to other core activities such as R&D of new medical devices and marketing and promotion of existing products. By doing so, medical device companies can also eliminate challenges relating to recruiting and training new employees in the manufacturing process.

Better cost savings and service delivery

Improved cost savings and service delivery are the key features that have fueled the growth of the medical device outsourcing market over the last couple of years. By outsourcing to manufacturers who are solely focused on production, MedTech companies can ensure that their delivery schedules are met without having to worry about resource (human and materials) related issues.

This is just one side of the coin of medical device outsourcing. Let’s delve into some of the key challenges that companies face in the process of outsourcing.

Challenges of Medical device outsourcing

Data and information security

One of the most pressing challenges in outsourcing medical device manufacturing is the threat of loss of private information. In the medical device outsourcing process, it is vital to share technical proprietary information with the manufacturer, increasing the chances of losing private information. This adversity of such risks is more in the case of information being shared with manufacturers in international locations.

Choosing the right outsourcing partner could be challenging, unless you have a strong market intelligence partner to guide your outsourcing decisions. Connect with us to learn why we are the trusted market intelligence partner for 70+ Fortune 500 companies.

Reimbursement policies

The incessant pressure on medical device companies to reduce the product pricing coupled with cost reduction measures taken several market players are hampering the medical device market. Although there is a protuberant increase in healthcare expenditure, many healthcare providers are still reluctant to reimburse medical devices. If this situation prevails, it could affect the medical device outsourcing market at large.

Delay in contractual obligations 

Another major challenge faced by MedTech companies while outsourcing is the delay by manufacturers in meeting contractual obligations. As in most cases, medical device outsourcing is done with manufacturers overseas, there may be several communications gaps and challenges to getting work done faster within the expected time frame. Also, quality check in case of materials used and production process becomes difficult to monitor.

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Medical imaging market

Market Opportunity Mapping for a Client in the Radiography System Medical Imaging Market

Radiography system medical imaging market overview

The radiography system medical imaging market in the United States is poised to witness unprecedented growth over the next few years. According to experts at Infiniti Research, the growth of this market is fueled by factors including the rising demand for early disease diagnosis,  widening scope of clinical applications, rapidly growing geriatric population, the subsequent growth in the prevalence of related diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by both public-private organizations.

Top segments: Our US radiography system medical imaging market analysis suggests that approximately 12% of the 4500+ hospitals in the United States are expected to procure new floor-mounted X-ray machines annually.

Top Markets: The United States and Western European nations like the UK, Germany, France, Italy, and Spain are the key dominant regions in the global radiography system medical imaging market. Furthermore, experts at Infiniti Research predict that the market in the Asia-Pacific (APAC) region will witness steady growth through 2025, especially in countries including China, Japan, and India. 

For more insights on the volumes, growth technologies, opportunities, and distribution network in the medical imaging market, RFP and we will get back to you within 24-hours.

Key radiography system medical imaging market challenges faced by the client

A top company in the US radiography system medical imaging market approached experts at Infiniti Research to help them identify solutions to the following business challenges:

  • Challenge #1: Client needed to understand radiography system medical imaging market to identify untapped opportunity areas of diversification in small and medium size hospitals in US, UK, Italy, and Germany
  • Challenge #2: Hospital specific insights in the target regions was not available in secondary domains and reaching out to hospital stakeholders to extract the information was difficult for the client
  • Challenge #3: Pricing was dynamic and dependent on multiple factors hence an efficient tracking and estimation model was needed to ensure a competitive advantage
  • Challenge #4: Multiple distributors’ presence made it difficult to design an effective sales strategy

 

Our Integrated Approach

Experts at Infiniti Research used a combination of their market opportunity assessment, market research solutions, and their growth consulting model to help the client solve critical radiography system medical device challenges and also identify new avenues for revenue generation and growth.

As a part of the market opportunity assessment and the market research solution, the client was provided with:

  • Forecast models to assess the changing trends in the radiography system medical imaging market
  • Access to high-quality internal and external published content
  • Information gained from secondary research interviews and validated the findings through 50+ industry experts and B2B interviews to provide deeper insights on the opportunities for growth across products, services, and solutions
  • Competitor analysis to analyze key competitor strategies and understand how they fared comparatively
  • Industry best practices assessment to understand how other players curtailed similar challenges
  • Quarterly updates and regular monitoring was conducted to ensure a regular track of purchase price ranges and affordability of hospitals

Furthermore, Infiniti’s growth consulting model for the radiography system medical imaging client entailed:

  • A growth pipeline to determine opportunity prioritization
  • A deep-analysis of the prioritized opportunities through market opportunity evaluation
  • Building a go-to-market strategy
  • Planning and implementation of specific plans with appropriate targets and deadlines
  • Market strategy optimizationmedical imaging industry

Want to schedule a complementary growth strategy dialogue with an industry expert?

Results obtained

By leveraging Infiniti’s market research solution and growth consulting model, the radiography system medical imaging company was able to:

  • Gain actionable insights on emerging and untapped potential in the target regions within small and medium hospitals
  • Use Quarterly price trackers to keep a tab on hospital preferences and purchase trends
  • Enter into long-term, service-based partnerships and identify the most feasible type of contract with the right vendors and distributors in each region based on the regional strength scorecards provided, which in turn created a promising business continuity
  • Identify key industry best practices related to regulatory compliance and sustainability

Infiniti’s market intelligence solutions are designed to cater to the needs of companies across regional and global markets. Learn how we help global players with superior leadership strategies, technological innovation insights, customer service best practices, and strategic product development knowledge.

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