Healthcare OEM Market Detailed Analysis, Growth Factors, Top Key Companies, Trends and Developments, 2018-2023
The global Healthcare OEM Market is growing continually, mainly due to the burgeoning healthcare sector. The market was already garnering tremendous traction worldwide, heading with the rising population, increasing prevalence of myriads of chronic diseases, and demand for cost-effective treatment procedures. And now, with the intervention of the COVID-19, the healthcare OEM industry is witnessing a massive demand across the globe.
Medical device manufacturers, especially makers of rapid diagnostics equipment, respiratory devices, defibrillators, ventilators, CT scanners, and point-of-care diagnostics, are experiencing huge sales. Wide applications of these devices across the healthcare industry are a key growth propeller of the market. Moreover, the growing demand for lightweight, portable monitoring devices escalates market growth to furthered height.
According to Market Research Future (MRFR), the already booming global healthcare OEM market is expected to reach a valuation of USD 250 BN by 2023, registering approximately 16.2% CAGR throughout the estimated period (2017 – 2023). In 2016, the global healthcare OEM market had valued at USD 160 BN. Technological advances and the spurting growth in the healthcare IT sector are significant driving forces.
Additionally, increasing numbers of Software companies involved in the development of healthcare software for the management of healthcare institutions, hospitals, clinics, and nursing homes impact market growth. Besides, factors such as the demand for improved technology, the growing emphasis on quality yet cost-effective treatments, and rising importance for patient safety foster the market growth.
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Global Healthcare OEM Market – Segments
The report is segmented into four dynamics;
By Type : Healthcare Software, Medical Devices, Instruments, and others.
By OEM Solutions : Quality Control & Regulatory Compliance, Manufacturing & Fabrication, Packaging & Sterilization, Product Design & Development, Order Fulfilments & Flexible Distribution, Project Management, and Technical Support.
By Application : Healthcare Administration, Veterinary, Dialysis, Surgery, Dentistry, Ophthalmology, Laboratory, Pharmaceutical & Cosmetics, and others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Healthcare OEM Market -Regional Analysis
North America dominates the global healthcare OEM market. The largest market share attributes to the strong presence of major medical devices, instruments, and software companies in the region. Moreover, factors such as the rising demand for innovative healthcare IT solutions and emphasis on minimizing the skyrocketing healthcare costs drive the regional market growth. Besides, the high consumption potential, increasing production capacities, and well-developed economies in the region foster market growth. The North America healthcare OEM market is predicted to garner tremendous gains over the forecast period.
Europe stands second in the global healthcare OEM market. The market is driven by the presence of well-established healthcare sectors, the growing purchasing power of consumers, and increasing healthcare expenditures drive the regional market growth. Moreover, factors such as the significant demand for lightweight and portable medical devices and instruments in the region propel market growth.
Germany, with its flourishing medical device companies and advanced technologies, holds the leading share in the regional market, followed by the UK, Italy, Spain, Germany, and France. Furthermore, the involvement of new technologies and inventions in Healthcare OEM provides a massive impetus to the growth of the market. The European healthcare OEM market is projected to emerge as a profitable market over the assessment period.
The Asia Pacific healthcare OEM market is heading with the burgeoning healthcare sectors in the region. Additionally, advances in technologies and growth in the electrical &electronics sector propel the regional market. China is the largest Healthcare OEM market in the region, followed by India. The APAC healthcare OEM market is predicted to grow with a phenomenal CAGR during the review period (2017 to 2023).
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Global Healthcare OEM Market – Competitive Analysis
Highly competitive, the global healthcare OEM market appears fragmented due to the presence of several well-established players. The extensive fragmentation in the market is resulting in higher price competition and a fall in profit margin. Hence, to remain at the front of the competition, players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
However, the market is commoditized, and there exists little room for differentiation strategies. Manufacturers stay focused on product development and invest substantially to drive R&D, clinical trial, and regulatory approvals to tackle this. Another strategy adopted by manufacturers is to develop close relationships with cardiac hospitals and service agreements. They use a variety of distributions channels to generate significant sales of their product. Companies are also focusing on developing regions, especially India, is experiencing a sharp growth in the market demand.
Players leading the global healthcare OEM market include GE Healthcare (UK), Johnson & Johnson (US), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), Baxter International (US), Aramark (US), Fujifilm Holdings Corporation (Japan), Toshiba Medical Systems Corporation (Japan), Hitachi Medical Systems America, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Esaote SpA (Italy), Accenture Plc. (US), Infosys Ltd. (India), Cognizant Technology Solutions Corporation (US), Allscripts Healthcare Solutions (US), IBM Corporation (US), Dell (US), Wipro (US), Xerox Corporation (US), and Tata Consultancy Services Ltd. (India), among others.
Industry/ Innovation/ Related News
May 21, 2020 —- Nelipak Healthcare Packaging (the US), a global leader in rigid & flexible packaging for the medical device and pharmaceutical sectors, launched Nelipak Academy, a seven-part educational webinar series. These virtual events are geared toward quality and R&D engineers, packaging engineers, process and production engineers, and medical device OEM purchasing decision-makers as a resource to equip them with the knowledge on know-how and what to consider when selecting healthcare packaging.