Global Medical Device Contract Manufacturing Market Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2019 – 2028
"Global Medical Device Contract Manufacturing Market" is a recent report generated by MarketResearch.biz. The global medical device contract manufacturing market is currently valued at US$ x.x Bn and is expected to reach a valuation of US$ x.x Bn in 2028. The market report provides industry insights, revenue, growth rate of the global market, and other information such as various recent macro trends, growth drivers and restraints, and opportunities for players in the target market till 2028. The report includes insightful detailed information about various prominent companies operating in the target market, financials of the companies, supply chain/value chain trends, technological advancements, and key innovations & developments, investments, joint ventures, prime focus areas, acquisitions & mergers, and market presence. The global medical device contract manufacturing market has been categorized on the basis of device type, manufacturing type, service type, application, and region & country.
Introduction of Medical Device Contract Manufacturing
Medical device contract manufacturing has increasingly become the most preferred method for the pharmaceutical and medical device industry to outsource device manufacturing and focus on other important areas for smooth functioning of the industry. Medical device contract manufacturing helps to perform various stages in a hassle-free and systematic manner such as shape-by-shape assembly, conceptualization, molding, design R&D, and even the final product shipping to consumers at times. Some original equipment manufacturers (OEMs) even provide key traditional services including finance and accounting, HR, real estate and facilities management, customer care, and required information technology (IT) infrastructure.
Driving and Challenging Factors:
High costs associated with in-house manufacturing medical devices and stringent regulations for product approvals and delays in new product development and approvals have led to increasing need for outsourcing production of medical devices to contract manufacturing organizations (CMOs), thereby supporting growth of the target market. In addition, complicated processes for establishment of reimbursement policies and changing regulatory framework make it necessary for rigorous quality checks of the devices, specifically for devices with high and medium risk equipment. Lack of proper resources and infrastructure, and expertise to develop adequate medical devices and minimal knowledge regarding the policies is leading to higher demand for CMOs, thus driving global market growth. The global medical devices market is projected to register robust growth rate, primarily driven by increasing geriatric population, and prevalence of chronic diseases and disorders, life-style related diseases, increasing number of accidents, burn injuries, among other mishaps are factors supporting growth of the global medical devices contract manufacturing market. Moreover, various features such as full end-to-end process offerings, cost-cutting opportunities, strategic cost-cutting operations, digital technological advancements, quick product approvals, etc. is another key factor supporting market growth significantly. Additionally, constant technological advancements in diagnosis has led to increased demand for medical services multi-fold, leading to increased detection of chronic diseases, subsequent patient awareness and rising spending on healthcare sector.
By Device Type:
Among the segments based on types of medical devices, the in-vitro diagnostic medical devices segment is anticipated to hold a dominant position in terms of revenue in the target market.
By Service Type:
Among the service types segments, the prototype development and finished device manufacturing segments are estimated to contribute higher revenue share in the market as compared to that of other service type segments.
The North America medical device contract manufacturing market is expected to hold the largest share in the global market in 2019. Factors such as increasing aging population, rising spending on healthcare and various technological advancements are poised to support revenue growth of the market in terms of revenue share over next few years. The Asia Pacific market is anticipated to register the highest growth in terms of revenue between 2019–2028, which is expected to be driven by increasing manufacturing operations located in the region, quality pool of labor and several cost-cutting as well as strategic business benefits.
Global Medical Device Contract Manufacturing Market Segmentation
Segmentation, by Device Type:
- In-vitro Diagnostic Medical Devices
- Diagnostic Imaging & Medical Equipment
- Drug Delivery Devices
- Patient Monitoring Devices
- Minimally Access Surgical Instruments
- Therapeutic Patient Assistive Devices
Segmentation, by Manufacturing Type:
- Raw Materials
- Finished Goods
Segmentation, by Service Type:
- Prototype Development
- Finished Device Manufacturing
- Assembly & Packaging
- Testing & Regulatory Support Services
- Molding & Casting
Segmentation, by Application:
- Urology & Gynecology
Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- West Pharmaceutical Services, Inc.
- Nipro Corporation
- Integer Holdings Corporation
- TE Connectivity, Ltd.
- Benchmark Electronics, Inc.
- Sanmina Corporation
- SMC Ltd.
- Celestica Inc.
- Consort Medical PLC
- Plexus Corporation
- Gerresheimer AG
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