I'd probably look into both ways at first. Then decide which is more feasible. Efficiently, would be through contracting out a device maker if you work with an experienced and reputable company. If you have the experience in development, then this could be efficient in house as well but again, all depends. If you'd like to jump on a call for any help with further exploring, planning to your business. Feel free to reach out.
I help increase sales through customer success.
It should depend upon your business strategy, I feel.
Every business needs a competitive edge to be profitable, sustainably. What is yours? Is it product or is to go to market - just as an example.
If it is the product then the IP around it and fast turn around to design should be important. Can you attain this with contract device maker. If yes that may be fine. But if no, then decision is clearer. Normally it is tough to protect IP as more parties get involved.
If go to market is your competitive advantage, and not so much IP, then it may be wiser to go for contract and focus on your core skills.
I hope this helps.
All the best. Bye.
I would first define the core value proposition of your business/offering to your users and then understand how dependant that is upon a custom device. Even if you plan to build it from scratch, you will want to learn as much as possible which probably means contacting device makers and even using other OTS (off the shelf) products that help you to test your value prop and iterate it with actual users in the right context.