Medical Device Contract Manufacturing: Market Size. From $58. 96 billion in 2020, the global Medical Device Contract Manufacturing market is projected to reach $162. 39 billion by 2028.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Medical Device Contract Manufacturing Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127639/?utm_source=GNW
Based on our analysis the market is expected to grow at a CAGR of 13.5% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rise in the growth of the medical devices, high growth potential in the Asia Pacific and increasing geriatric population worldwide.
Global Medical Device Contract Manufacturing Market: Market Dynamics
The rising demand for medical devices due to improving healthcare infrastructure and lower cost of raw materials are driving the market growth. The growing adoption of technologically advanced products is triggering the market growth. Increased life expectancy along with the rising geriatric population is further positively influencing the market. An increase in healthcare expenditure alongside rising patient awareness is also inflating the medical device contract manufacturing market size.
For instance, to prevent reimbursement issues from impacting financing goals, device manufacturers are developing a well-planned reimbursement strategy in parallel with their regulatory and clinical strategies in the early phases of product development.
On the other hand, it helps in minimizing the cost of production for the company and low investment returns will further fuel the market medical device contract manufacturing market.
Impact of COVID-19 on Medical Device Contract Manufacturing
The outbreak of Covid-19 has a moderate impact on the Medical Device Contract Manufacturing market. As the demand for medical devices for elective procedures has fallen. On the contrary, the demand for medical devices such as ventilators and respirators has grown multifold, thereby improving the growth prospects for medical device contract manufacturers. The medical device industry has faced huge challenges in eradicating the pandemic, as the number of infections shows no signs of subsiding. Players in the market have ensured that there are minimal supply chain disruptions to their clients. To ensure safety, companies have also implemented more rigorous cleaning and disinfection procedures, enforcing visitor guidance and screening, restricting business travel, and setting up remote working arrangements and strict quarantine measures.
By Class of Device
Class II Segment Dominate the Market in 2020
The class II segment made huge revenue in 2020 and growing its prominence during the forecast period. 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 by end-users. 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. The increasing prevalence of chronic illness has increased the demand for Class II devices. Evolving digital technology is empowering monitoring devices, thereby effectively influencing the operational cost.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period due to increasing demand for medical devices and the lower cost of raw materials & labor and. The increasing healthcare awareness among people and adoption of advanced technologies driving regional growth.
List of the Key Players profiled in the market Include:
• Benchmark Electronics, Inc
• Celestica International
• Consort Medical PLC
• Flex, Ltd
• Gerresheimer Ag
• Integer Holdings Corporation
• Jabil, Inc.
• Kimball Electronics Inc.
• Nipro Corporation
• Nortech Systems, Inc
• Plexus Corporation
• Sanmina Corporation
• TE Connectivity, Ltd
• Teleflex Incorporated
• West Pharmaceutical Services, Inc
List of the regions/countries profiled in the market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127639/?utm_source=GNW
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