Portland, OR — (PRESS RELEASE JET) — 09/26/2017 — The global medical device outsourcing market was valued at $44,326 million in 2016 and is projected to reach $83,952 million by 2023, growing at a CAGR of 9.5% from 2017 to 2023. The electronics segment held more than two-fifths share of the total market in 2016.

Medical device outsourcing involves taking the assistance of third-party companies to manufacture medical devices. Increase in geriatric population and rise in a number of patients suffering from chronic disorders, such as spine disorders, diabetes, and cardiovascular diseases, are expected to drive the market growth. Moreover, outsourcing also allows the companies to focus on their core activities, which in turn boost the market growth. However, the threat of loss of confidential information is expected to impede the market growth.

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Finished device manufacturing segment is expected to dominate the market throughout the analysis period, owing to increase in demand for affordable devices. Testing and regulatory support services are expected to register highest CAGR of 10.0% during the forecast period.

Some of the key findings of the Market:

-Finished goods segment is projected to grow at a CAGR of 10.0% during the forecast period.

-Class II devices accounted for more than half of the share of the global medical device outsourcing market, in 2016.

-In terms of application, a cardiovascular segment is expected to register the highest CAGR of 9.9% during the analysis period.

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