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(Health-NewsWire.Net, November 21, 2020 ) 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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Factors such as increasing automation in the manufacturing of medical devices and advanced technologies integrating electronics and medical devices are expected to drive the growth of the medical device contract manufacturing market.
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.
Class II medical devices are expected to account for a major share of the medical device outsourcing market in 2019, followed by Class I and Class III devices, respectively. The large share of this segment can be attributed to the large number of medical devices that fall under this device class and fewer regulatory compliance necessities than Class III devices.
In 2019, the device development and manufacturing services segment is expected to account for the largest share of the global medical device contract manufacturing market. The increasing adoption of contract manufacturing services by OEMs in the medical device industry, growing consumption of medical devices, and the improving capabilities for device development and manufacturing are the major factors responsible for the large share of the device development and manufacturing services segment.
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In 2019, the IVD devices segment is likely to account for the largest share of the medical device contract manufacturing market. The share of this segment can be attributed to the increasing volume of IVD tests performed globally, a growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, and advances in life science research.
APAC is estimated to account for the largest share of the medical device outsourcing market in 2019, followed by North America. The dominant share of APAC is mainly due to the lower cost of raw material and labor as compared to the developed countries. The increasing demand for medical devices due to the improving healthcare infrastructure, adoption of technologically advanced products, and the less stringent regulatory scenario compared to most developed countries are some of the other factors contributing to the higher market share of the APAC region.
The key players in the global medical device contract manufacturing market are Flex Ltd. (Singapore), Jabil Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), and Gerresheimer Ag (Germany).
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