Manufacturers of medical
devices have to continually strive toward high profitability despite stiff
competition. Product recalls and cash crunches are certain distressing factors
that manufacturers often have to face. In such a scenario, medical device
analytical testing outsourcing is a boon that eases the process of achieving
business targets.
Outsourcing. Decoded!
Analytical testing of
medical devices involves the meticulous inspection of all devices to identify
the presence of contaminants, imperfections, and malfunctions before they are
finally distributed for patient usage. It is imperative for manufacturers to
meet the quality standards laid down for different types of medical devices
utilized for disease diagnosis, treatment, and management. Failure to do so
could adversely impact the health patients.
Outsourcing Analytical Testing Paves the Way for Next-Gen
Technology
The upward trend of
outsourcing regular testing activities seldom goes unnoticed. Various testing
parameters, such as device performance, biocompatibility, chemical testing,
stability testing, preclinical testing, and release testing are strictly
considered by the party to whom the service is outsourced. It is an effective
solution for manufacturers when they need to deal with burgeoning demand for
advanced products.
Disease management has
become less complicated nowadays, thanks to innovations like artificial
intelligence, service robotics, remote patient monitoring, wearable healthcare
gadgets, real-time patient monitoring, and others. However, keeping pace with
steadily evolving technologies has become exigent for companies since it allows
them to focus on other equally vital business aspects, such as product
lifecycle management and delivery. Outsourcing is an easier alternative to cost
reductions and to lower business risks.
Prudence, Convergence, Convenience & Profit
Innovation remains the
cornerstone of the healthcare industry. The chief aim is to produce
sophisticated devices that are affordable. Maintaining user-friendliness &
accuracy of devices is also a crucial aspect.
To tackle price pressures,
most pharmaceutical & medical technology companies collaborate and launch
futuristic technologies. Introduction of ‘Bioelectronic Implants’ by
GlaxoSmithKline and the ‘Collaborative Care Movement’ by Reliq Technologies are
ideal examples of such collaborations.
Market Insights
According to Grand View
Research Inc., the worldwide medical device analytical testing outsourcing
market is expected to grow at a nearly 11.6% CAGR during the forecast period
(2014 to 2025). Availability of innovative disease management tools and
potential investment opportunities in emerging markets are key industry
drivers.
Focus on innovation and
advanced technologies can propel the industry in the years to come. Moreover,
newer ventures in analytical testing laboratories and business collaborations
among key industry players may further drive market demand.
The need to curb costs,
especially in some of the developing regions may hamper industry growth in the
forthcoming years. A number of operators have already begun exploring various
possibilities that could further allow them to reduce overall costs.
Prominent industry
participants are NORTH AMERICAN SCIENCE ASSOCIATES INC. (NAMSA); Charles River
Laboratories International Inc.; Intertek Group plc; Pace Analytical Services,
LLC; and SGS SA. Expansion of service portfolios and penetration in regional
markets can help key players prosper in the long run.
Synopsis
Medical device
analytical testing outsourcing has facilitated “quick market entry”
and “cost reduction” for manufacturers. Introduction of innovative products and
collaborative technologies also ensures better disease management.
In-Depth research report on Medical device analytical
testing:
No comments:
Post a Comment