Market Research Report
Medical Device Contract Manufacturing Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||922008|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|Medical Device Contract Manufacturing Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: January 1, 2020||Content info: 106 Pages||
The significant factor attributing the growth in the contracting sector of medical devices involves overall growth in the demand for medical devices as a whole (primarily owing to the increasing incidence of illness, lifespan, and geriatric population).
Growing technology penetration in the medical devices industry leading to digitally connected systems, and low investment returns owing to increasing costs of in house manufacturing are also contributing to the market growth. Medical device contract manufacturing is among the fastest-rising segment in the healthcare industry. The development of medical devices by contract manufacturing with third parties minimized product development costs by 30%.
Contract manufacturing is an outsourcing process in which a company manufactures a large product in whole systems or a single part. The contract manufacturing of medical devices is the system by which a manufacturer manufactures components of medical devices or complete medical devices that can be sold later by some other company.
IVD Device Segment is Expected to Hold the Largest Market Share in the Medical Device Contract Manufacturing Market
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall Medical Device Contract Manufacturing market, throughout the forecast period. This is owing to factors such as, the United States is the domicile of 7 of the world's 10 largest manufacturers of original equipment for medical devices (OEMs) by revenue and as per our estimates, the US represents around 43% of global medical devices market which is further expected to upsurge the demand of medical device contract manufacturing during the forecast period in the region. Further, technological advancement and growing mobile technologies and the use of IoT and Industry 4.0 will also boost the market growth in the region.
The medical device contract manufacturing market is moderately competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Flex, Ltd., Jabil Inc., Synecco, Sanmina Corporation, and Gerresheimer AG.