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Healthcare OEM Market 2027 Ready to Gleam with Illustrious Growth Rate 16.2%

Feb 5th 2020 at 4:22 AM

The global healthcare OEM manufacturing market is accruing and expected to gain further prominence in the years to come. Factors such as the rising need to curtail healthcare costs, reduce estimated time to repair (ETTR) of equipment, and technological advancements that are helping to minimize maintenance costs in the healthcare sector. Moreover, the proliferating medical device industry is escalating the market on the global platform.

Acknowledging the colossal traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the global Healthcare OEM Market is expected to reach USD 250 BN by 2027, registering approximately 16.2% CAGR throughout the forecast period (2017-2027).

The medical device market has been experiencing significant accruals in the last few years and is expected to continue to grow with a considerable CAGR. Additionally, factors such as the growing emphasis on quality healthcare products and the rising importance of patient safety are substantiating the growth of this market.

Furthermore, the increasing adoption of IT for maintaining medical and administrative data and optimized utilization of available resources are some of the key factors that attribute to the market growth. Also, factors such as the growing technological advancements and improving economic conditions worldwide that are increasing access to quality healthcare are increasing the size of the healthcare OEM manufacturer market.

Industry/ Innovations/ Related News

January 31, 2019 - Vance Street Capital LLC (the US), a private equity firm, announced the acquisition of Applied Plastics Co. (the US), a leading advanced coatings provider to the medical end markets including medical device OEMs and contract manufacturers.

September 18, 2018 - Quest International, Inc. (the US), a leading global post-sales service support partner for OEMs across multiple industries including healthcare, announced the additional proficiencies of Ophthalmic and Dental technologies. Over the years, Quest has become an expert in various Class I, II and III medical devices.

Key Players for Global Healthcare OEM Market

Highly competitive, the healthcare OEM manufacturing market appears to be fragmented characterized by the presence of several large and small players. Well-established players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain an edge over their competitors to maintain their position in this market.

Key players leading the global healthcare OEM manufacturing market include GE Healthcare (U.K.), Johnson & Johnson (U.S), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), Baxter International (U.S), Aramark (U.S.), Fujifilm Holdings Corporation (Japan), Toshiba Medical Systems Corporation (Japan), Hitachi Medical Systems America, Inc. (U.S.), Drägerwerk AG & Co. KGaA (Germany), Esaote SpA (Italy),  Accenture Plc. (U.S.), Infosys Ltd. (India), Cognizant Technology Solutions Corporation (U.S.), Allscripts Healthcare Solutions (U.S), IBM Corporation (U.S), Dell (U.S), Wipro (U.S), Xerox Corporation (U.S.), and Tata Consultancy Services Ltd. (India) among others.

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Segments for Global Healthcare OEM Market

For ease of understanding, the market is segmented into four key dynamics: -

By Type: Healthcare Software, Medical Device and Instruments among others.

By OEM Solutions: Product Design & Development, Manufacturing & Fabrication, Quality Control & Regulatory Compliance, Packaging & Sterilization, Order Fulfilment & Flexible Distribution, Technical Support, and Project Management among others.

By Application : Healthcare Administration, Surgery, Dentistry, Laboratory, Pharmaceutical & Cosmetics, Veterinary, Ophthalmology, and Dialysis among others.

By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.

Regional Analysis for Global Healthcare OEM Market

North America is the dominating region in global healthcare OEM manufacturing market followed by Europe and the Asia Pacific. Factors such as the growing market demand for proactive healthcare technologies for equipment monitoring, rapid digitalization in the healthcare system to aid efficient patient care, and the benefits of full-time maintenance and service agreements by OEMs are driving the growth of the regional market.

The US, backed by the presence of a flourishing medical device industry accounts for the largest market in the region.

The Asia Pacific healthcare OEM manufacturing market has emerged as a profitable market globally. Factors such as the subsequent rise in demand for healthcare products & services drive the growth in the regional market.  Moreover, increased demand for hospital services creates demand for OEM manufacturing to provide technologically upgraded, innovative and efficient devices.

Among other Asian countries, Taiwan accounts for the leading market for healthcare OEM manufacturing in the region. Taiwan is one of the most progressive health systems and has a highly-regarded national health insurance programme. This nation is spending about 6-7% of its GDP on healthcare, which is similar to regional levels. Also, the medical device market in Taiwan has proliferated substantially.

Also, South East Asian countries have efficient healthcare systems. Despite economic prosperity that is still in the developing stage or health system maturity, there are two common factors that countries share –an increase in geriatric population and the increasing prevalence of various chronic diseases and disorders.

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