New study added on Medical Device Contract Manufacturing Market growth largely driven by rising global disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems.
The medical device contract manufacturing market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%.The key factors driving the growth of the medical device contract manufacturing market include the overall growth of the medical devices market as a whole, mainly due to rising disease prevalence, life expectancy, and the geriatric population.
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Key factors driving growth of medical device contract manufacturing market include the overall growth of medical devices market as a whole (mainly due to rising disease prevalence, life expectancy, & geriatric population), increasing technological adoption in the medical devices industry leading to electronically integrated devices, and low returns on investment due to the rising cost of in-house manufacturing.
“Based on service, the development and manufacturing services segment is expected to account for the largest share of the medical device contract manufacturing market.”
The dominant share of this regional segment is mainly due to the lower cost of raw material and labor compared to the developed countries, increasing demand for medical devices due to the improving healthcare infrastructure, adoption of technologically advanced products, and the less stringent regulatory scenario compared to most developed countries.
Growth in the IVD devices market segment is in tandem with the growing number of hospitals and clinical laboratories in developing countries, increasing volume of IVD tests performed worldwide, technological advancements such as electronic integration with high-throughput capabilities, and automation and advancements in the life science research area.
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The medical device contract manufacturing market is segmented into Class I, Class II, and Class III medical devices.The Class III medical devices segment is expected to register the highest growth during the forecast period.The large share of this segment can be attributed to the large number of medical devices that fall under this device class and the utilization of a higher volume of these devices by end users and caregivers in the healthcare industry.
Some of other players competing in medical device contract manufacturing market are West Pharmaceutical Services, Inc. (US), Nipro Corporation (Japan), Integer Holdings Corporation (US) TE Connectivity, Ltd. (Switzerland), Benchmark Electronics, Inc. (US), Sanmina Corporation (US), SMC Ltd. (US), Celestica Inc. (Canada), Consort Medical PLC (UK), Plexus Corporation (US), Gerresheimer Ag (Germany), Nortech Systems, Inc. (US), Kimball Electronics Inc. (US), Nordson Corporation (US), Teleflex Incorporated (US), Tecomet, Inc. (US), Nemera (France), and Tessy Plastics, Corp. (US).
Download Complete Report Now on “Medical Device Contract Manufacturing Market by Device Type (IVD (Equipment, Consumable), Cardiovascular, Diabetes Care, Drug Delivery, Dental, Orthopedic, Ophthalmic, Endoscopy Devices) Class of Device (Class I, II III), Services – Global Forecast to 2024” at https://www.reportsnreports.com/purchase.aspx?name=2255189 .
The report analyzes the medical device contract manufacturing market and aims at estimating the market size and future growth potential of this market based on various segments such as device type, service, class of device, and region. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
Key Benefits of Buying the Report:
The report also includes a product portfolio matrix of various contract device manufacturing products available in market. Report provides a competitive analysis of key players in this market, along with their company profiles, product offerings, recent developments, & key market strategies. The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of market.