Global Medical Device Manufacturing Outsourcing Market Projected to Exceed $104.3 Million, at 10.3% CAGR from 2019 to 2026 [215-Pages] | Analysis by Research Dive

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31 Mar, 2023, 10:59 GMT

Increasing developments & investments in the quality of healthcare are fueling the global medical device manufacturing outsourcing market growth in the 2019-2026 timeframe. The North America market is likely to lead the market in the forecast period

NEW YORK, March 31, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Medical Device Manufacturing Outsourcing Market, by Device Type (Cardiovascular, IVD (Consumable, Equipment), Diabetes Care, Dental, Drug Delivery, Orthopedic, Endoscopy Devices, Ophthalmic), Service (Quality Management Services, Final Goods Assembly Services, Device Development and Manufacturing Services), Class of Device (Class I, Class II Class III), Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026".

The global medical device manufacturing outsourcing market is projected to exceed $104.3 million by 2026, rising at a CAGR of 10.3% in the 2019–2026 timeframe. The report provides all-inclusive insights into the present situation and future potential of the market by scrutinizing market drivers and restraints, opportunities, key segments, and regions.

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Segment Analysis of the Medical Device Manufacturing Outsourcing Market

The market is divided based on device type, service, and region.

  • The IVD (in Vitro Diagnostic) devices sub-segment of the device type segment is estimated to grow significantly and surpass $14.0 million in the forecast period. This growth is chiefly due to the rising demand for IVD (in Vitro Diagnostic) devices owing to their numerous benefits such as personalized therapies, tailored risk predictions, and detection of faulty genes.
  • The development and manufacturing sub-segment of the service segment is foreseen to observe maximum growth and exceed $35.6 million in the forecast period. This growth is mainly owing to the rising developments in the production of novel medical devices.
  • Among region, the North America region market is projected to perceive notable growth and surpass $31.2 million in the forecast period. The growth of this regional market is mainly due to the increasing demand for advanced medical devices from nations like Canada and the U.S. for treating numerous chronic illnesses predominant in this region.

Dynamics of the Medical Device Manufacturing Outsourcing Market

The prime factor boosting the growth of the global medical device manufacturing outsourcing market is the increasing cases of chronic diseases such as CVDs (Cardiovascular Diseases), diabetes, cancer, and others across the globe. Additionally, increasing developments and investments in the quality of healthcare in emerging countries are projected to unlock ground-breaking opportunities for market growth in the forecast period. However, the risk of leakage of confidential data is anticipated to hinder the market growth in the estimated timeframe.

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Key Players of the Market

The leading players in the global medical device manufacturing outsourcing market are

  • Cirtec
  • Creganna
  • FLEX LTD
  • Tecomet Inc
  • Integer Holdings Corporation
  • Nortech Systems Inc
  • Mitutoyo Corporation
  • DAIICHI JITSUGYO CO LTD
  • Hamilton Company
  • Kinetics Climax Inc

These players are executing several business tactics, such as acquisitions, mergers, R&D activities, new product developments, and many others, to achieve a robust position in the global market.

For instance, in March 2022, IQVIA MedTech, a provider of solutions & services dedicated to supporting the requirements of the medical device and in the vitro diagnostics sector, partnered with medical device and diagnostic manufacturers to offer contract clinical, field technical, inside sales, and recall support.

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Moreover, the report offers other key details of the leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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