A recent report published by Infinium Global Research on medical device contract manufacturing market provides an in-depth analysis of segments and sub-segments in 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 global medical device contract manufacturing market. According to the report the global medical device contract manufacturing market is projected to grow at a CAGR of 10.77% over the forecast period of 2018-2024.
Medical devices are the products designed and built to improve the patient experience. Medical device contract manufacturing is an outsourcing of certain medical production activities that were previously performed by the manufacturer to a third party. Companies enter into medical device contract manufacturing when they have to outsource the assembly of the product of certain components. Cost savings, utilization of professional experienced by contract manufacturers, FDA compliance that guarantees the manufacturer will meet all production standards and regulations are the key benefits associated with contract manufacturing of medical devices.
An increasing number of diseases, technological advancement, highly innovative devices, cost-effective, speedy delivery of medical devices and increasing awareness about healthcare among the people are the key factors driving the growth of global medical device contract manufacturing market. However, undifferentiated business models, stringent government regulations, new health care delivery models and lower socio-economic classes which are unable to serve are the major restraining factors in this market. Highly attractive history and relatively stable market are anticipated to bring more opportunities to major players as well as new entrants in the global medical device contract manufacturing market.
Among the regions, North America is expected to be 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 service in this region drives the growth in this region. Moreover, a growing requirement for innovative and effective medical devices and rise in medical expenditure will fuel the growth in this region. The technology advancement and low labor cost 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 global medical device contract manufacturing market is categorized into raw materials, electronic manufacturing services and finished good. On the basis of device type the global medical device contract manufacturing market is categorized into class I, class II and class III.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2018-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global medical device contract manufacturing market such as Benchmark Electronics, Inc., Jabil Circuit, Flextronics, Greatbatch, Inc., Nortech Systems, Inc., Symmetry Medical Inc., West Pharmaceutical Services, Inc., Celestica, Creganna Medical and Vention Medical.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global medical device contract manufacturing market. Moreover, 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 2018-2024. We also have highlighted future trends in the medical device contract manufacturing market that will impact 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. This report will help manufacturers, suppliers, and distributors of the medical device contract manufacturing market to understand the present and future trends in this market and formulate their strategies accordingly.
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