12.5 C
London
HomeOtherMedical Device Contract Manufacturing Market worth $118.9 billion in 2027

Medical Device Contract Manufacturing Market worth $118.9 billion in 2027

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% between 2022 and 2027 according to a new report by MarketsandMarkets™. The adoption of robotics and automation in manufacturing processes is driving the efficiency with which contract manufacturers produce medical devices, hence leading to an increase in their capability of serving a larger market. However, a lack of innovation to complement these technological capabilities might pose a challenge in the market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170622851

Browse in-depth TOC on “Medical Device Contract Manufacturing Market” 
317 – Tables 
62 – Figures 
413 – Pages

Medical Device Contract Manufacturing Market Scope:

Report Coverage

Details

Market Size

USD 118.9 billion in 2027

Growth Rate

10.8% of CAGR

Largest Market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2022-2027

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Device Type, Class of Device and Region

Geographies Covered

North America, Europe, APAC, MEA, and Latin America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increasing healthcare expenditure, infrastructure, and awareness in developing countries

Key Market Drivers

Growth in the Medical Devices Market in Developing Countries

This report divides the medical device contract manufacturing market into four segments – device type, class of device, service, and region.

“During the forecast period, the Cardiovascular devices segment is expected to be the fastest growing segment of the medical device contract manufacturing market.”

Under device type, cardiovascular devices is forecasted to grow at the highest CAGR from 2022 to 2027. An increase in the prevalence of cardiovascular diseases, the increased adoption of technologically advanced diagnostic and therapeutic devices, the rising awareness of safer alternatives to cardiac stents, and the growing focus on IoT-enabled features such as remote monitoring are expected to fuel the growth of this market segment.

“In 2021, by class of device, Class II medical devices held the largest share of the medical device contract manufacturing market.”

By class of device, the medical device contract manufacturing market can be segmented into Class I, II, and III medical devices. Due to the higher utilization of class II medical devices by OEMs and end users, this segment occupies the largest share of the market. Additionally, during the COVID-19 outbreak, governments across the world eased the regulatory compliance requirements on Class II medical devices, which immensely boosted market growth.

“In 2021, North America was the region with the second largest market share in the medical device contract manufacturing market “

The medical device contract manufacturing market is segmented into five major regions, namely, North AmericaEuropeAsia Pacific (APAC), Latin America, and the Middle East and Africa.

North America accounted for the second-largest share of the medical device contract manufacturing market in 2021. The strong presence of a large number of OEMs and end users of medical devices is driving the growth of the medical device contract manufacturing market in the North American region.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=170622851

Medical Device Contract Manufacturing Market Dynamics:

Drivers:

  1. Growth in medical devices market in developing countries.
  2. Adoption of robotics and automation in manufacturing processes
  3. Technological advancements in medical device modalities
  4. Impact of industry 4.0 on medical device industry

Restraints:

  1. Consolidation in medical devices market by acquiring small and medium-sized companies.

Opportunities:

  1. Increasing healthcare expenditure, infrastructure, and awareness in developing countries
  2. Rising geriatric population and its associated diseases

Challenges:

  1. Lack of constant innovation to balance technological capabilities against costs

Key Market Players:

Key players in the medical device contract manufacturing market include Plexus Corp. (US), TE Connectivity Ltd. (Switzerland), Flex Ltd. (Singapore), Integer Holdings Corporation (US), and Jabil Inc. (US).

These companies adopted strategies such as product launches, partnerships, acquisitions, expansions, and agreements to strengthen their presence in the medical device contract manufacturing market.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=170622851

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on TwitterLinkedIn and Facebook.

 

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

explore more