A recent report published by Infinium Global Research on the medical device contract manufacturing market provides an in-depth analysis of segments and sub-segments in the global as well as regional medical device contract manufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical device contract manufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global medical device contract manufacturing market. According to the report, the global Medical Device Contract Manufacturing Market was worth USD 66.4 billion in 2020 and is expected to reach USD 122.9 billion by 2026, growing with a CAGR of 10.8% over the forecast period of 2020-2026.
Medical device contract manufacturing is a structure by which a manufacturing company produces medical devices or components of medical devices that can be later sold by another company. Medical device contract manufacturers specialize in a certain procedure or task and provide expertise from the frequent practice of their manufacturing. Furthermore, contract manufacturing of medical devices permits the companies to go for the production of devices based on the latest technologies without conflicting with their core activities. Service or services for consumers, clients, and inventors of medical devices comprise product concept and development, process validation and verification, production, or highly dedicated manufacturing, and packaging. In addition, companies can fulfill the demands by getting their products manufactured through medical device contract manufacturers situated in different regions.
The changing regulatory landscape, along with the growing medical industry in emerging countries, is expected to propel market growth over the projection period. Furthermore, rising demand for advanced products is a major factor pouring the market. Original equipment manufacturers (OEMs) are outsourcing the manufacturing activities of medical devices to third parties, primarily to developing nations to gain economic benefits. Moreover, these regions are witnessing increasing cases of chronic conditions, such as heart disorders, thereby positively affecting the medical devices contract manufacturing market growth. Changes in reimbursement schemes are projected to upsurge the adoption of cost containment measures by OEMs. For example, to avoid reimbursement concerns from impacting financing goals, device manufacturers are developing a well-planned reimbursement strategy in parallel with their regulatory and clinical strategies in the early phases of product development. However, consolidation in the medical devices market may restrain the market growth. Emerging regions such as Asia-Pacific and South America have a high potential for growth. This presents new opportunities for the market.
Geographically, the medical device contract manufacturing market is divided into North America, Europe, Asia Pacific, and RoW. Among the regions, North America is the largest market for medical device contract manufacturing. The U.S holds the largest share in terms of revenue generation in this region. The presence of electronic manufacturing services in this region drives the growth in this region. Moreover, a growing requirement for innovative and effective medical devices and a rise in medical expenditure will fuel the growth in this region. The technology advancement and low labor costs in emerging countries such as China and India drive the growth of the Asia-Pacific region.
The report on global medical device contract manufacturing market covers segments such as product type, and device type. On the basis of product type, the sub-markets include raw materials, electronic manufacturing services, and finished goods. On the basis of device type, the sub-markets include class i, class ii, and class iii.
The report provides profiles of the companies in the market such as Benchmark Electronics, Inc, JABIL INC, FLEX LTD, INTEGER HOLDINGS CORPORATION, NORTECH SYSTEMS INCORPORATED, Tecomet, Inc., West Pharmaceutical Services, Inc, Creganna Medical, Viant, and Nipro Pharma Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of medical device contract manufacturing market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.