736 , Shakti Khund III , New Delhi
+1778-732-2562

Press Release

The global medical device contract manufacturing market accounted for a value of USD 43.9 billion in 2019 and is projected to register growth at a CAGR of 8.3% during forecast period.

COVID-19 has impacted the medical device contract manufacturing market. The demand for technological advanced equipments is increasing as the number patients are increasing having different diseases along with corona virus. The requirement of single-use disposable devices is increasing immensely due to corona virus. The healthcare industry is using medical device contract manufacturing for fulfilling the demand of devices such ventilators, test kits etc. from hospitals across the world. The medical device contract manufacturing market is likely witness growth during forecast period due to COVID-19.

For more details, visit: Global Medical Device Contract Manufacturing Market By Device (IVD Devices, Cardiovascular Devices, Others), By Class of Device (Class l, Class ll Medical Services, Others), By Services, By Region, Forecast & Opportunities to 2026

The demand for medical devices is growing around the world. The diseases of different kind are increasing and the number of geriatric population is also high around the world which increases demand for technological advanced equipment and devices. This makes manufacturers update their manufacturing systems. This drives growth in medical device contract manufacturing market during forecast period.

On the basis of device, the medical device contract manufacturing market is segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, endoscopy devices, ophthalmology devices, orthopedic devices, dental deices and others. IVD device segment is estimated to hold largest market share during forecast period. The number of hospital is increasing in developing countries as the healthcare infrastructure is developing. The use of IVD devices in medical facilities is increasing as the IVD test volumes are increasing in the world. This drives growth in IVD devices segment during forecast period.

On the basis of class of device, the medical device contract manufacturing market is segmented into class l medical device, class ll medical device, class lll medical devices. The class ll medical devices segment is estimated to hold largest market share during forecast period. The large number of medical devices falls under class ll medical devices segment. The demand and consumption for class ll medical devices is higher than others. The application is higher for these devices in end-users in healthcare industry. This drives growth in class ll medical devices segment during forecast period.

On the basis of service, the medical device contract manufacturing market is segmented into device development & manufacturing services, quality management services and final goods assembly services. The device development & manufacturing services segment is estimated to dominate the market during forecast period. The adoption of contract manufacturing services for medical device manufacturing is increasing in many countries of the world. The single-use disposable medical devices majorly used contract manufacturing services. The manufacturing capabilities for device development are improving and this drives growth in device development & manufacturing services segment during forecast period.

Asia-Pacific region is estimated to grow at highest CAGR during forecast period. The cost of raw material is and labor charges are very low in this region. The healthcare infrastructure is improving which increases demand for medical devices. The demand and adoption of technologically advanced products in healthcare segment is increasing immensely. The Asia-Pacific region has less stringent regulations regarding this market. This drives growth in this region in medical device contract manufacturing market during forecast period.

The key market players in medical device contract manufacturing industry are Flex Ltd., Jabil Inc., TE Connectivity Ltd., Sanmina Corporation, Nipro Corporation, Celestica International Lp., Piexus Corp., Benchmark Electronics Inc., Integer Holdings Corporation, Gerresheimer AG, West Pharmaceutical Services Inc., Nortech Systems Inc., Nemera Developemnt S.A., Consort Medical Plc., Tessy Plastic Corp., Kimball Electronics and Viant Medical.

FAQ

  • What are the expected industry trends over the next three to five years?
  • Which of the medical device contract manufacturing device is likely to lead by 2025?
  • Which of the services segments is expected to have the maximum potential to during the forecast period?
  • Which region is going to have the highest smart meters market share by 2025?
  • What are different organic and inorganic strategies implemented by companies to gain increased market share?

Leave a Reply

Your email address will not be published. Required fields are marked *