SAN FRANCISCO, Aug. 26, 2019 /PRNewswire/ -- The global contract manufacturing market size is expected to reach USD 281.6 billion by 2026 registering a CAGR of 7.0%, according to a new report by Grand View Research, Inc. Increasing demand for advanced products is major factor driving the market. Equipment manufacturers are outsourcing the manufacturing services of medical devices to third parties, mainly in emerging nations. Further, rising cases of heart disorders are boosting the demand for cardiac devices, thereby positively affecting the market growth. Budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost containment measures by OEMs.
Key suggestions from the report:
- Increasing use of medical devices due to rising prevalence of various diseases, complexity in manufacturing the devices, and growing trend of outsourcing are expected to drive the market
- Finished dose formulations segment is anticipated to expand at the fastest CAGR from 2019 to 2026 due to high demand from CROs
- Low cost of conducting clinical trials in Asia Pacific is encouraging the industry participants to shift their manufacturing units to the region, which further boosts the market growth
- The major companies in the contract manufacturing market focus on outsourcing production capabilities to strengthen their presence in the market and expand their product portfolio
- Some of the key companies in the market are Tecomet INC; Jabil, Inc.; Celestica, Inc.; Integer Holdings Corp.; Plexus Corp.; Sanmina Corp.; West Pharmaceutical Services, Inc.; Flex Ltd.; Cantel Medical Corp.; Viant, Inc.; Synecco Ltd.; and Angiplast Pvt. Ltd.
Read 118 page research report with TOC on "Contract Manufacturing Market Size, Share & Trends Analysis Report By Type (Medical Devices, Pharmaceutical), By Region (North America, Latin America, Asia Pacific, MEA, Europe), And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/contract-manufacturing-market
This trend is expected to boost the medical device manufacturing outsourcing to emerging countries like India and China. This paradigm shift from in-house manufacturing to contract manufacturing in the pharmaceutical industry has resulted in increased focus of the companies on Contract Development & Manufacturing Services (CDMOs). These services have effectively addressed the concerns regarding pharmaceutical manufacturing as well as significantly accelerated the commercialization of products.
Moreover, growing geriatric population across the globe and consequent rise in age-related diseases have stimulated the progress of pharmaceutical clinical research outsourcing, thus leading to contract manufacturing industry growth. Asia Pacific was the dominant market for medical device outsourcing in 2018, owing to lower cost and easy availability of skilled human resources. Rise in the number of medical device manufacturing companies and such companies vying to enter regional markets, such as India and China, is further expected to contribute toward the growth of this market.
Grand View Research has segmented the global contract manufacturing market on the basis of type and region:
- Contract Manufacturing Type Outlook (Revenue, USD Billion, 2015 - 2026)
- Medical Devices
- Accessories manufacturing
- Assembly Manufacturing
- Component Manufacturing
- Device Manufacturing
- Diagnostic Imaging
- General & Plastic Surgery
- Drug Delivery
- Diabetes Care
- API/Bulk Drugs
- Advanced Drug Delivery Formulations
- Finished Dose Formulations
- Semi-solid Formulations
- Contract Manufacturing Regional Outlook (Revenue, USD Billion, 2015 - 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
Find more research reports on Medical Devices Industry, by Grand View Research:
- Hemostasis Analyzers Market – Rising incidences of blood clotting diagnosis for patients particularly who are more prone to lose excess blood from body during surgeries is expected to propel the market growth for hemostasis analyzer or coagulation testing market.
- Hospital Supplies Market – Growing awareness towards control of hospital acquired infections (HAIs) is also a major contributor for the hospital supplies market.
- Cryosurgery Market – The global cryosurgery market is expected to witness lucrative growth over the forecast period owing to rising prevalence of cancer, favorable insurance and reimbursement policies and increasing healthcare expenditure.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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