Driven by rising pressure to reduce manufacturing costs and accelerate time-to-market, the global market for medical device outsourcing services is projected to reach $66 billion by 2020, and $73 billion in revenue by 2021. Medical Device OEMs across the world are constantly looking to improve these two aspects of their business. Shorter product lifecycles, higher levels of technology sophistication, and the shrinking window of opportunity exert extreme pressure on their ability to quickly bring products to market and gain a “first-to-market” competitive advantage.
Intensified competition in the industry is forcing major medical device companies to rethink their strategies and explore new efficiencies in product design, development, manufacturing capabilities, and marketing. Hence, focus on manufacturing agility and flexibility to reduce costs and accelerate time to market is driving demand for OEMs to outsource services. Contract manufacturing service providers, like MICRO in Somerset, NJ, can help these medical device companies to shorten development and production scale-up time, expand market share, and benefit from premium pricing and cost advantages.
As a full-service contract manufacturer, MICRO partners with medical device OEMs to develop their new products to enhance product lines. Starting with initial project development, we offer comprehensive project management and a full range of engineering services that support full-scale production. We offer R&D support, design for manufacturability, prototyping thru validation, assembly, packaging and inventory management. “In other words”, says Carl Savage, Vice President of Sales & Marketing, “we partner with OEMs to bring their products “from concept to market” in the most expeditious and cost effective manner possible”.
With over 70 years of manufacturing expertise, MICRO has become one of the premier vertically integrated, full-service contract manufacturers in the medical device industry. With our “extensive manufacturing capabilities”, we can manufacture complete precision devices and intricate sub-assemblies—all in house. In the end, more and more medical device OEMs have been turning to MICRO to reduce risk and achieve their main corporate goals – reduce manufacturing costs and accelerate time-to-market.