To kick off 2020, we sat down with Genesis Plastics Welding President and CEO Tom Ryder to take a look at the latest industry trends within medical device contract manufacturing. He noted there has never been a better time to be in specialized contract manufacturing.
2020 Medical Device Trends
Many medical device contract manufacturing organizations (CMOs) are seeing considerable growth due to the high demand for innovative home health products, noninvasive surgical devices, and connected digital health devices.
Large OEMs are seeking collaborative third party relationships to increase capacity while remaining cost-effective and versatile. Small to medium start-ups are seeking ways to keep costs down and increase their speed to market. Third-party relationships are important in businesses that need that go-between, they can check on their third-party risk by using companies such as Aravo to manage this.
From large to small, OEMs are relying on CMOs for everything from added manufacturing capacity to product design and development to technical expertise. Multifaceted partners will be key in 2020 and beyond for all OEMs to continue to bring sophisticated niche medical devices to market. Read more