U.S., UAE & Israel Medical Device Outsourcing Market Size By Prosthetic Devices Type (Lower Prosthetic Devices, Upper Prosthetic Devices), And Forecast
U.S. UAE and Israel Medical Device Outsourcing Market
U.S., UAE & Israel Medical Device Outsourcing Market Size By Prosthetic Devices Type (Lower Prosthetic Devices, Upper Prosthetic Devices), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
U.S., UAE & Israel Medical Device Outsourcing Market Size And Forecast
U.S., UAE & Israel Medical Device Outsourcing Market size is growing at a faster pace with substantial growth rates over the last few years, and is estimated that the market will grow significantly in the forecasted period i.e. 2023 to 2030.
Increasing accident cases and technological advancements and a rising consumer base of amputees boost the demand for prosthetics devices in the healthcare market. The U.S., UAE & Israel report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
U.S., UAE & Israel Medical Device Outsourcing Market Definition
So, medical device outsourcing is basically when a company hires another company to take care of things like making prototypes, designing products, managing the whole supply chain, and even manufacturing medical equipment or parts of a complete product. Medical device companies are always trying to cut costs while still making sure everything is high quality, on time, and safe. The thing is, even though there's been a ton of cool new tech and processes, they don't always make it into the medical field. But, if medical device companies work with a contract manufacturer, they can actually lower their costs, become more flexible, and get a better return on their investment. Contract manufacturing helps them keep up with the latest technology and make awesome products faster, cheaper, and better. They can hand off the regular manufacturing stuff to these partners and get benefits like lower costs, a smoother supply chain, and better logistics, which all helps them get their products to market while following all the rules.
The main areas where medical device companies outsource aredesign engineering, making the components, putting the final product together, and managing the supply chain, which includes things like sterilization, packing, and storing.
U.S., UAE & Israel Medical Device Outsourcing Market Overview
Ever wonder what's driving the growth in Medical Device Outsourcing? Well, it's partly because everyone wants less invasive surgeries, and the companies that make the equipment (the OEMs) are increasingly relying on others to handle the trickier design and manufacturing stuff. Plus, the U.S. population is getting older – the United States Census Bureau says about 78 million of us will be 65+ by 2035, meaning more medical procedures overall. Then you've got more accidents happening, along with amazing new technologies, meaning the demand for things like prosthetics is on the rise. Did you know?AT2030 estimates that about 65 million people globally have lost limbs, and unfortunately, around 1.5 million more amputations (mostly lower limbs) happen each year. And since most amputees need prosthetics, that need's expected to double by 2050. In lower and middle-income countries (LMICs), things like growing populations, bad roads causing more accidents, and shifts in demographics leading to more diseases like diabetes are all contributing to a rise in amputations.
The COVID-19 pandemic? Yeah, that really messed things up. It put conventional supply chains through the wringer, leading to some seriously bad product shortages and suppliers losing money. The industry is facing a real financial crunch – less income coming in, but higher logistics costs to deal with. And the worst part? A shortage of medical devices can absolutely wreck public health and the healthcare system's ability to help people. Because so many elective procedures were put on hold, the MDO industry really took a hit. Customers and healthcare providers were struggling with crazy supply chain issues and less demand. You know, even as late as December, institutions all over the world were still postponing elective procedures because of the COVID-19 outbreak.
U.S., UAE & Israel Medical Device Outsourcing MarketSegmentation Analysis
The U.S., UAE & Israel Medical Device Outsourcing Market is segmented on the basis of Prosthetic Devices Type.
U.S. Medical Device Outsourcing Market, By Prosthetic Devices Type
To Get Summarized Market Report of U.S., By Prosthetic Devices Type-
Lower Prosthetic Devices accounted for the largest market share in 2021 and is projected to grow at the highest CAGR during the forecast period in the U.S. A lower prosthesis device refers to a prosthesis that replaces any part of the lower limb to restore the functional or cosmetic purpose of the lower limb. This may include artificial components that replace the hip, thigh, knee, ankle, and foot. An increasing geriatric population, increasing number of accidents, and major technological advancements is promoting the growth.
UAE Medical Device Outsourcing Market, By Prosthetic Devices Type
To Get Summarized Market Report of UAE, By Prosthetic Devices Type-
In the UAE, Lower Prosthetic Devices are super popular, snagging the biggest piece of the market pie! Experts predict they'll also grow the fastest in the coming years. Upper Prosthetic Devices come in second. Since the UAE's healthcare scene is booming, it relies heavily on importing medical devices. Plus, with more and more healthcare facilities popping up and folks wanting better care because of things like lifestyle diseases and, let's face it, higher incomes, the government's investing in expanding healthcare. All this ultimately helps the market thrive!
Israel Medical Device Outsourcing Market, By Prosthetic Devices Type
In Israel, Lower Prosthetic Devices accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period. Upper Prosthetic Devices was the second-largest market. In Israel, increasing demand for innovative medical devices, stricter restrictions, and, most recently, the effects of a global pandemic are driving more medical device companies than ever before to outsource elements of their manufacturing to third parties.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
SEGMENTS COVERED
By Prosthetic Devices Type
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