Reading Time: 3 minutesGlobal Medical Device Contract Manufacturing Market is valued approximately at USD 59.1 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2021-2027. Medical devices contract manufacturing is attracting the attention of a third-party company to produce medical equipment. Medical device contract manufacturing enables companies to produce devices based on cutting-edge technology while remaining focused on their competencies. The market is driven by growing healthcare expenditure and growth in the medical devices market. For instance, new healthcare initiatives have been launched by governments in emerging areas, such as Ayushman Bharat – National Health Protection Scheme (AB-PMJAY) in India and Healthy China 2030 in China. Medical device demand in developing nations is being driven by rising healthcare expenditures, the rising frequency of different chronic and infectious illnesses, and the growing demand for home healthcare. Furthermore, contract manufacturing of many products, such as orthopedic implants and instruments, is becoming more common as the population ages. The number of people above the age of 65 is on the rise all around the world. According to a World Health Organization estimate, the global geriatric population is anticipated to reach 1.5 billion by 2050, accounting for around 16% of the global population. Furthermore, there is a connection between ageing and a rise in the occurrence of diseases such as cardiovascular, neurological, and orthopedic problems. As a result, a growth in the geriatric population is projected to benefit the market. However, consolidation in the medical devices market may impede market growth over the forecast period of 2021-2027.
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North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regions in which the medical device contract manufacturing market is classified. The medical device contract manufacturing market in Asia Pacific has the largest market share. The APAC region’s dominance is primarily due to lower raw material and labor costs compared to developed countries, rising demand for medical devices as healthcare infrastructure enhances, adoption of technologically advanced products, and the presence of less stringent regulatory than most developed countries.
Major market player included in this report are:
Integer Holdings Corporation, Plexus Corp, Jabil Inc., Sanmina Corporation, Celestica Inc., Nipro Corporation, Gerresheimer AG, TE Connectivity Ltd., Benchmark Electronics Inc., Kimball Electronics, Inc.
By Device type:
- IVD Devices
- Diagnostic Imaging Devices
- Cardiovascular Devices
- Drug Delivery Devices
- Orthopedic Devices
- Ophthalmology Devices and Others
By Service type:
- Device Development and Manufacturing Services
- Quality Management Services
By Packaging and assembly type:
- Primary & Secondary Packing
- Other Packaging and Assembly Services and Other Services
By Class of Device:
- Class II Medical Devices
- Class I Medical Devices
- Class III Medical Devices
Furthermore, years considered for the study are as follows:
- Historical year – 2018, 2019
- Base year – 2020
- Forecast period – 2021 to 2027.
Target Audience of the Global Medical Device Contract Manufacturing Market in Market Study:
Key Consulting Companies & Advisors, Large, medium-sized, and small enterprises, Venture capitalists, Value-Added Resellers (VARs), Third-party knowledge providers, Investment bankers, Investors.
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