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Medical Device Contract Manufacturing market is projected to grow at a CAGR of 12.9% by 2032: Visiongain Reports Ltd

·5-min read
Visiongain Reports Ltd
Visiongain Reports Ltd

Visiongain has published a new report: Medical Device Contract Manufacturing Market, (COVID-19 Impact Analysis):- Market Segment by Sector (Electronic Manufacturing Services, Material Processing, Finished Products), Market Segment by Class of Device (Class I, Class II, Class III), Market Segment by Service Type (Device Development and Manufacturing Services, Quality Management Services), Market Segment by Device Type (Diagnostic Devices, Drug Delivery Devices, Therapeutic Devices, Other Devices), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.

The medical device contract manufacturing market was valued at US$69.22 billion in 2021 and is projected to grow at a CAGR of 12.9% during the forecast period 2022-2032.

Technological Advancements in Medical Device Modalities
With the growth of linked health, medical gadgets like wearables are becoming increasingly sensor-powered. This development is mostly due to the COVID-19 worldwide pandemic and the increased interest in remote monitoring among healthcare practitioners. Not only is there a rise in the use of wearable medical technology, but also of smaller, more AI-efficient, and 3D-printed gadgets. The challenge for medical device producers is to create devices that are much smaller and lighter in weight while yet providing them with the most power and least amount of delay.

Download Exclusive Sample of Report @

https://www.visiongain.com/report/medical-device-contract-manufacturing-market-2022/#download_sampe_div

Semiconductor Shortage Could be the Key Challenge

For patients who require equipment that are heavily or completely dependent on these items, the semiconductor scarcity continues to cause issues for the medical device contract manufacturing business. According to the second in a series of polls completed for the Advanced Medical Technology Association, the situation is getting worse due to the prolonged turmoil in Eastern Europe, and device manufacturers have little cause for hope in the near future. In spite of the fact that most manufacturers had come up with a number of workarounds, AdvaMed's July 2021 survey of device manufacturers revealed that the industry was already having difficulties locating the computer processors and other semiconductor chips required to create their devices.

How will this Report Benefit you?

Visiongain’s 292-page report provides 122 tables and 150 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the medical device contract manufacturing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Medical device Contract Manufacturing. Get financial analysis of the overall market and different segments and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing medical device contract manufacturing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Advantages of Contract Manufacturing
Medical equipment outsourcing enables OEMs to take advantage of the resources of third parties without needing to locally purchase and store them or train staff. This would eventually contribute to more cost-effective production. Countries such as Taiwan, China, and Korea are the top medical equipment providers. Instead of importing medical devices with equipment, both in terms of cost and quality standards, it is often more realistic for a U.S. medical device producer to outsource production operations directly overseas.

Get Detailed TOC @

https://www.visiongain.com/report/medical-device-contract-manufacturing-market-2022/#download_sampe_div

Where are the Market Opportunities?

Supportive Government Policies
The Chinese government has announced a number of efforts to encourage long-term development and innovation in healthcare delivery, but the political environment is always changing and requires regular attention. Future laws (13th Five Year Plan, Healthy China 2030, Made in China 2025), according to the Chinese government, will likely favour domestic innovation & profoundly change the competitive landscape. Additional issues, such the most recent implementation of the "Two Invoice Distribution" model, have significant repercussions for foreign corporations operating in China.

Competitive Landscape
The electronic manufacturing services in medical device outsourcing market is moderately fragmented with high to medium sized players includes Flextronics International Ltd., Jabil Circuit Inc., Celestica Inc., Plexus Corp., Sanmina Corporation, and Benchmark Electronics that accounted for 35%-40% share of global electronic manufacturing services market in 2021. Other players include Foxconn Technology Group, Greatbatch Inc., Nortech Systems Inc., Tecomet, West Pharmaceutical Services, Daiichi Jitsugyo Co. Ltd., Dynacast, Ekso Bionics, Foxconn Technology Group, Hamilton Company, and Sparqtron Corporation among others.

Recent Developments

  • In May 2022, Jabil Healthcare announced the launch of Qfinity™ autoinjector platform, a reusable drug delivery device with broad applicability.

  • In Nov 2021, Celestica Inc. completed the acquisition of Singapore-based PCI Private Limited (PCI), an electronics manufacturing services (EMS) provider in Asia Pacific region.

Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the Pharma sector, click on the following links:

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: dev.visavadia@visiongain.com

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact:

Dev Visavadia
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100
Email: dev.visavadia@visiongain.com