New York, July 22, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Device Contract Manufacturing Market by Device, Class of Device, & Services – Global Forecast to 2026” – https://www.reportlinker.com/p05779290/?utm_source=GNW
Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management.
However, market growth is impeded by the growing consolidation in the medical devices market.To develop their own manufacturing capabilities and save costs, Larger players are focusing on acquiring smaller players and CMOs themselves.
This may affect the overall market growth to a certain extent.
IVD segment is expected to witness the fastest growth in the forecast period.
Based on device type, the medical device contract manufacturing market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices.IVD devices segment is expected to witness the fastest growth during the forecast period.
The growth of this segment can be attributed to the increasing volume of IVD tests performed globally, the COVID-19 pandemic, the increasing availability of IVD kits and reagents, the growing number of hospitals & clinical laboratories in developing countries, automation & technological advancements in instruments with high-throughput capabilities, and advances in life sciences research.
Class II segment is expected to witness the fastest growth in the forecast period.
Based on the class of device, the medical device contract manufacturing market is segmented into Class I, Class II, and Class III medical devices.In 2020, the Class II medical devices segment is projected to grow at the highest CAGR in the medical device contract manufacturing market.
The growth of this segment can be attributed to the large number of medical devices that fall under this device class and their greater utilization (compared to other classes) by end users and caregivers in the healthcare industry. In addition, due to the outbreak of COVID-19, governments minimized the regulatory compliance on these devices and issued Emergency Use Authorizations (EUA) for diagnostics and PPE kits, thereby boosting the market growth.
Device development and manufacturing services segment accounted for the largest share of medical device contract manufacturing market in 2020
Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services, and other services.The device development and manufacturing services segment dominated this market.
The increasing adoption of contract manufacturing services in the medical device industry, growth in the medical devices market (especially in the single-use disposable medical devices market), and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment.
Asia Pacific accounted for the largest share of the medical device contract manufacturing market in 2020.
Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.In 2020, the Asia Pacific accounted for the largest market share of the medical device contract manufacturing market.
The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
A breakdown of the primary participants for the medical device contract manufacturing market referred to for this report is provided below:
• By Company Type: 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%, Middle East and Africa- 30, and Rest of the World – 10%
Some of the key players in the medical device contract manufacturing market are Jabil Inc. (US), Nipro Corporation (Japan), Flex, Ltd. (Singapore), Sanmina Corporation (US), Plexus Corp. (US), TE Connectivity (Switzerland), Kimball Electronics, Inc. (US), Benchmark Electronics Inc. (US), West Pharmaceutical Services Inc. (US), Carclo plc (UK), Nolato GW, Inc. (Sweden), Gerresheimer AG (Germany), Celestica Inc. (Canada), Integer Holdings Corporation (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Nemera Development SA (France), Tessy Plastics Corporation (US), Viant Medical (US), MeHow (China), Phillips-Medisize Corporation (US), Tekni-Plex (US), and Peter’s Technology (Taiwan). The study includes an in-depth competitive analysis of these key players in the medical device outsourced manufacturing market, along with their company profiles, recent developments, and key market strategies.
The market study covers the medical device contract manufacturing market across various segments.It aims at estimating the market size and the growth potential of this market across different segments by device type, services, class of devices, and country.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the medical device contract manufacturing market and its segments.This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies.
The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.
Read the full report: https://www.reportlinker.com/p05779290/?utm_source=GNW
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