World Medical Device Contract Manufacturing Market Estimated to Reach US$ 91.3 Billion by 2024
05 Dec, 2019, 12:00 GMT
PUNE, India, Dec. 5, 2019 /PRNewswire/ -- The report for "Medical Device Contract Manufacturing Market" is Available at ReportsnReports.com with latest advancement. Report covered the detailed Information in a segregated way like segmentation, growth overview, mega trends, key companies profile and major drivers by 2024.
"The medical device contract manufacturing market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%."
The key factors driving the growth of the medical device contract manufacturing market include the overall growth of the medical devices market as a whole, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing.
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Key Players: Flex Ltd. Singapore, Jabil Inc. US, TE Connectivity, Ltd. Switzerland, Integer Holdings Corporation US, Sanmina Corporation US, West Pharmaceutical Services, Inc. US,Nipro Corporation Japan, Celestica Inc. Canada, Plexus Corporation US, Consort Medical PLC UK, Benchmark Electronics, Inc. US, Gerresheimer AG Germany, Nortech Systems, Inc. US, Kimball Electronics Inc. US, and Teleflex Incorporated US.
The breakup of primary participants is as mentioned below:
- By Company Type: Tier 1 -43%, Tier 2 -36%, and Tier 3 -21%
- By Designation: C-level -35%, Director-level -38%, and Others- 27%
- By Region: North America -29%, Europe -20%, Asia Pacific -35%, Latin America -12%, and the Middle East and Africa -4%
Cardiovascular devices and endoscopy devices are projected to witness the highest growth during the forecast period
Based on device type, cardiovascular devices and endoscopy devices are projected to register the highest CAGRs during the forecast period. While growth in the cardiovascular devices segment can be attributed to the rising adoption of cardiovascular devices such as pacemakers, catheters, and stents due to the increasing prevalence of cardiovascular diseases across the globe, the endoscopy devices segment is mainly driven by the increasing adoption of endoscopy devices in hospitals and diagnostic laboratories.
In-depth analysis of Medical Device Contract Manufacturing Market by Device Type (IVD (Equipment, Consumable), Cardiovascular, Diabetes Care, Drug Delivery, Dental, Orthopedic, Ophthalmic, Endoscopy Devices) Class of Device (Class I, II III), Services - Global Forecast to 2024
The final goods assembly services segment is expected to grow at the highest CAGR during the forecast period
Based on service type, the final goods assembly services segment is expected to grow at the highest the CAGR during the forecast period. These services are mostly required by OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices, such as pen needles, inhalers, auto injectors, and pre-filled syringes. The growing prevalence of targeted therapies, rising incidence of anaphylaxis, increasing number of regulatory approvals for single-use medical devices, and the availability of the generic versions of auto injectors are some of the factors contributing to the growth of these devices. This is, in turn, expected to increase the utilization of final goods assembly services.
Class III medical devices to register the highest CAGR during the forecast period
Based on the class of device, the medical device contract manufacturing market is segmented into Class I, Class II, and Class III medical devices.The Class III medical devices segment is expected to register the highest growth during the forecast period.The large share of this segment can be attributed to the large number of medical devices that fall under this device class and the utilization of a higher volume of these devices by end users and caregivers in the healthcare industry.
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Research Coverage:
The report analyzes the medical device contract manufacturing market and aims at estimating the market size and future growth potential of this market based on various segments such as device type, service, class of device, and region. The report also includes a product portfolio matrix of the various contract device manufacturing products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
Table of Contents
- Introduction
- Research Methodology
- Executive Summary
- Premium Insights
- Market Overview
- Medical Device Contract Manufacturing Market, By Technology
- Medical Device Contract Manufacturing Market, By Component
- Surgical Instrument Tracking System Market, By End User
- Medical Device Contract Manufacturing Market, By Region
- Competitive Landscape
- Company Profiles
- Appendix
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