The global medical device contract manufacturing market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8%
The rapid advancements in technology related to medical devices and automation of manufacturing are factors driving the market. Additionally, increasing expenditure on healthcare infrastructure and awareness campaigns is expected to provide growth opportunities for market players.
New York, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Device Contract Manufacturing Market by Device Class of Device Services - Global Forecast to 2027" - https://www.reportlinker.com/p05779290/?utm_source=GNW
By service, the device development & and manufacturing services was the larger segment in the medical device contract manufacturing market in 2021.
By service, the medical device contract manufacturing market is segmented into research applications and therapeutic applications.The packaging and assembly services segment is expected to be the fastest-growing segment of the medical device contract manufacturing market in the forecast period.
The need for these services arises since many medical device components are supplied by different suppliers/stakeholders. With the outsourcing of component manufacturing on the rise, this service is expected to be in high demand.
Among IVD devices, the IVD consumables segment accounted for the larger share in 2021.
By IVD devices segment is further segmented into IVD consumables and IVD equipment, out of which the former held the larger share in 2021, and is expected to grow at a higher CAGR in the forecast period. Factors such as the increase in the variety of available reagents and analytical techniques are pushing the growth of this market.
In 2021, China accounted for the largest share of the Asia Pacific medical device contract manufacturing market“
This can be attributed to the low-cost labour, favourable regulatory environment, and rapidly evolving healthcare infrastructure.In terms of CAGR, China is expected to grow at the fastest rate out of all countries in the region, followed by India, which is expected to be the next manufacturing hub after China, within a few years.
The increasing private and public investments in India are set to fuel the growth of the country.
A breakdown of the primary participants referred to for the medical device contract manufacturing market is provided below:
• By Company Type (Supply-side): Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
• By Designation: C-level: 30%, Director-level: 55%, and Others: 15%
• By Region: North America: 20%, Europe: 15%, Asia-Pacific: 25%, Latin America: 10%, and Middle East and Africa: 30%
Prominent players in the medical device contract manufacturing market include Sanmina Corporation (US), TE Connectivity Ltd. (Switzerland), Jabil Inc. (US), Nipro Corporation (Japan), and Integer Holdings Corporation (US).
The report analyzes the medical device contract manufacturing market and aims at estimating the market size and future growth potential of this market based on various segments such as device type, service, class of device, and region. The report also includes a competitive analysis of the key players in this market along with their company profiles, product/service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below-mentioned five strategies.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the medical device contract manufacturing market. The report analyzes the market based on the class of device, device type, service, and region.
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product/service launches in the medical device contract manufacturing market.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for medical device contract manufacturing across regions.
• Market Diversification: Exhaustive information about products/services, untapped regions, recent developments, and investments in the medical device contract manufacturing market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products/services, distribution networks, and manufacturing capabilities of the leading players in the medical device contract manufacturing market.
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