The medical device contract manufacturing market is set to embark on an impressive growth trajectory, expanding at a CAGR of 11.3% during the forecast period (2020-2026). With rapid expansion of the healthcare industry, practitioners are increasingly adopting advanced surgical options such as minimally invasive procedures.
This has prompted original equipment manufacturers (OEMs) to take strategic steps to exploit the scenario and develop advanced devices. A number of mergers and acquisitions have occurred in this respect.
For instance, Becton & Dickinson acquired C.R Bard while Hologic Inc. purchased Cynosure in 2017. Such developments have significantly contributed to the medical device contract manufacturing market growth.
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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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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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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
Medical Device Contract Manufacturing: Market Segmentation
Fact.MR has studied the medical device contract manufacturing market with detailed segmentation on the basis of device, type of manufacturing, services, application, and region.
Device
- In-vitro Diagnostic Medical Devices
- Diagnostic Imaging & Medical Equipment
- Drug Delivery Devices
- Patient Monitoring Devices
- Minimally Access Surgical Instruments
- Therapeutic Patient Assistive Devices
- Other
Type of Manufacturing
- Raw Materials
- Electronics
- Finished Goods
Services
- Prototype Development
- Finished Device Manufacturing
- Assembly & Packaging
- Testing & Regulatory Support Services
- Molding & Casting
- Others
Application
- Cardiovascular
- Orthopedic
- Neurovascular
- Pulmonary
- Oncology
- Laparoscopy
- Urology & Gynecology
- Radiology
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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