Medical Device Contract Manufacturing Industry Development And Business Trends
Market growth influenced due to following factors-
- Increasing automation in the manufacturing of medical devices.
- Advanced technologies integrating electronics and medical devices.
Global market size-
According to research report the medical device contract manufacturing market is projected to reach $ 91.3 billion in 2024, at a CAGR of 10.6% during the forecast period.
Leading Players-
The key players in the global medical device contract manufacturing market are Flex Ltd. (Singapore), Jabil Inc. (US), Nipro Corporation (Japan), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Integer Holdings Corporation (US), and Gerresheimer Ag (Germany).
Top Market Segments-
Class II medical devices are expected to account for a major share of the 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.
The IVD devices segment is expected to account for the largest share of the medical device contract manufacturing market in 2019
By service type, the device development and manufacturing services segment is estimated to account for the largest share of this market in 2019
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Geographic Overview -
Asia-Pacific is estimated to account for the largest share of the medical device outsourcing market in 2019, followed by North America. The dominant share of Asia-Pacific 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 Asia-Pacific region.