The medical device contract manufacturing market is expected to grow at a CAGR of 11.3% during the forecast period (2020-2026). This is attributed to the rapidly evolving healthcare industry and increasing adoption of technologically advanced surgical procedures. A number of original equipment manufacturers (OEMs) and contract manufacturers have focused on advanced technologies such as robotics, 3D printing and minimally invasive surgeries. Mergers and acquisitions of leading players have significantly accelerated the growth of the medical device contract manufacturing market.
The market is expected to experience a significant amount of contraction amid the coronavirus pandemic. This is due to the suspension of production due to strict lockdown measures to curb the spread of the virus. Fortunately, researchers and analysts are optimistic that medical devices will prove useful in diagnosing COVID-19 infections with greater precision compared to existing testing mechanisms. This should keep market speculation high as the pandemic progresses.
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Key insights from the Contract Manufacturing for Medical Devices market study:
- The demand for minimal access surgical instruments is expected to grow strongly, increasing at a CAGR of 10.6% over the forecast period.
- The high popularity of minimal access surgical instruments is attributed to reduced tissue trauma, minimal blood loss and pain, greater affordability and improved patient satisfaction.
- Contract manufacturing of electronic devices accounts for almost half of the total market turnover. The increasing global demand for patient monitoring and diagnostic devices is an important growth factor.
- Finished device manufacturing remains a highly preferred service, accounting for more than a quarter of the market value of medical device contract manufacturing. A large number of market players offering finished products are expected to drive the growth of the segment.
- The contract manufacturing of orthopedic devices is expected to see a significant entry of major market players driven by the increasing incidence of arthritis in the geriatric population. Manufacturing these devices is expected to account for over 1/4 of the total market value.
- North America will continue to assert its hegemony in the global market, accounting for more than 40% of sales, while Asia-Pacific promises lucrative growth opportunities for market players and will expand at a CAGR of 10.8% until 2026.
“ The booming healthcare industry has enabled significant technological advances in surgical procedures. These advances have motivated key players to invest more in research and development of effective solutions, which in turn drives the growth of the medical device contract manufacturing market,” says the analyst at Fact.MR.
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Prominent manufacturers with an established market presence in the market for contract manufacturing of medical devices
- Integer Holdings Corporation
- Flex Ltd., Jabil Inc.
- West Pharmaceutical Inc.
- Benchmark Electronics, Inc.
- Tecomet, Inc.
- Nortech systems
- TE connectivity
- Leading medical technologies
- Nordson Corporation
The report provides a detailed assessment of the value chain, business execution and supply chain of the Medical Devices Contract Manufacturing Market in the regional markets. A list of prominent companies operating in the medical device contract manufacturing market along with their product portfolio adds credence to this comprehensive research study.
Medical Equipment Contract Manufacturing Market: Summary of the Report
The study provides a comprehensive analysis on various characteristics including manufacturing capacity, demand, product developments, revenue generation and sales of the Medical Device Manufacturing Markets around the world.
A comprehensive estimate of the market has been provided by a bullish as well as a conservative scenario considering the sales in the Medical Devices Contract Manufacturing market during the forecast period. Price point comparisons by region with global average prices are also considered in the study.
Contract manufacturing of medical devices: market segmentation
Fact.MR has studied the medical device contract manufacturing market with detailed segmentation by device, manufacturing type, services, application and region.
|device||type of manufacture||Services||application||region|
|In vitro diagnostic medical devices||raw material||prototyping||Cardiovascula||North America|
|Diagnostic imaging and medical devices||electronics||Finished device manufacturing||Orthopedic||Europe|
|drug delivery devices||finished goods||Assembly & Packing||neurovascular||Asia Pacific|
|patient monitors||Testing & Regulatory Support Services||lungs||Latin America|
|Surgical instruments with minimal access||Molding & Casting||oncology||Middle East & Africa (MEA)|
|Therapeutic patient support devices||Other||laparoscopy|
|Other||Urology & Gynaecology|
“This generated taxonomy is confidential and intended solely for the individual or entity with whom it is shared. Reading, disseminating, distributing or copying to any party other than the addressee(s) is unauthorized and prohibited.”
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Medical Equipment Contract Manufacturing Market : Market Size Assessment
The Medical Devices Contract Manufacturing market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional level for contract manufacturing of medical devices are in “M. US Dollars” available for the value. A year-on-year growth contrast of key Medical Device Manufacturing market segments along with an assessment of market attractiveness have been included in the report.
Medical Devices Contract Manufacturing Market : Verified Assessment of Regional Segments
In the Medical Equipment Contract Manufacturing market report, key sections have been elaborated that have helped in forecasting regional markets. These chapters comprise the regional macros (outlook for the economic and business environment) which are expected to have a significant impact on the growth of the Medical Device Manufacturing market during the forecast period.
A country-by-country medical device contract manufacturing needs assessment was provided for each regional market, along with the estimate and forecast of market size, price index, and impact analysis of awareness dynamics in regions and countries. Year-on-year growth estimates have also been included in the report for all regional markets.
The report also includes a detailed breakdown by value for emerging markets.
Medical Device Manufacturing Market : In-Depth Analysis of the Competitive Landscape
The report highlights the leading medical device contract manufacturers with their detailed profiles. Important and up-to-date data information on market players mainly engaged in medical device contract manufacturing has been provided with the help of a detailed dashboard view. The market share analysis provided in the report and the comparison of prominent players enables the readers of the report to take pre-emptive steps to advance their businesses.
The report includes company profiles that contain key information such as product portfolio, key strategies, and a comprehensive SWOT analysis of each player. Company presence is mapped and presented through the matrix for all prominent players, thereby providing the readers with actionable insights to help in carefully presenting the market status and predicting the level of competition in the Medical Device Manufacturing market.Prominent manufacturers with established market presence in the medical device contract manufacturing market include Integer Holdings Corporation, Flex Ltd., Jabil Inc., West Pharmaceutical, Inc., Benchmark Electronics, Inc., Tecomet, Inc., Nortech Systems, Inc., TE Connectivity , Forefront Medical Technologies and Nordson Corporation.
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