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(Health-NewsWire.Net, July 08, 2020 ) Medical device contract manufacturers specialize in a certain process or task and offer expertise from the frequent practice of their manufacturing. Service or services for customers, clients, and inventors of medical devices include product concept and development, process validation and verification, production, or highly specialized manufacturing, and packaging. Medical device contract manufacturing is the system by which a manufacturing company makes medical devices or components of medical devices that can be later sold by another company.
According to research report 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%. Newer and advanced technologies necessitate the incorporation of advanced manufacturing methods, which result in increased overall costs.
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Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services.
Flex Ltd. (Singapore) was the second-leading player in the medical device contract manufacturing market in 2018. The company is predominantly known for its expertise in the electronics segment and has been contracted by some of the major players in the electronics industry.
• On the basis of device type, cardiovascular devices and endoscopy devices are both projected to witness the highest growth during the forecast period between 2019 and 2024.
• Based on the class of device, the market is broadly 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 due to the rising demand for pacemakers, implants, and ventilators.
• By service, the final goods assembly services segment is expected to witness the highest growth during the forecast period. Market growth is largely driven by the increasing need for these services by various OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices.
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Geographically, the Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as the increasing demand for medical devices in this region due to the improving healthcare infrastructure, adoption of technologically advanced products, low cost of manufacturing, and the less stringent regulatory scenario for manufacturing of medical devices which promotes higher usage of medical devices as compared to most developed countries.
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