Gmi Research's blog : Medical Device Outsourcing Market Size & Share Report, 2029
Medical Device Outsourced Manufacturing Market is projected to grow at a higher CAGR of 10.5% during the forecast period, 2022-2029.
The factors driving growth of the Medical Device Outsourced Manufacturing Market includes increasing penetration of medical devices, rise in the volume of IVD tests performed around the world, growing prevalence of cardiovascular and neurological diseases and improvements in the living standards. Moreover, technological advancements in medical devices, increase in Government’s expenditure on the Healthcare sector, rise in the launch of innovative products, emerging trend of offshoring and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers and acquisitions between key players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Medical Device Outsourced Manufacturing Market is hindered due to complexities in manufacture medical devices.
The leading players operating in the market are Plexus Corp., Benchmark, Integer Holdings Corporation, FLEX LTD., Jabil Inc., TE Connectivity, West Pharmaceutical Services, Inc., Sanmina Corporation, NIPRO and Celestica Inc., among others.
Based on Device Type, the IVD Devices segment is predicted to grow at a significant CAGR during the forecast period
Rise in the volumes of IVD tests conducted across the globe and growing prevalence of chronic diseases, are propelling growth of the medical device outsourced manufacturing market size.
Based on Services, the Device Development and Manufacturing Services segment is projected to expand at a remarkable CAGR over the forecast period
Growing adoption of contract manufacturing services in the medical sector, is the major factor pushing segment’s growth.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Increasing prevalence of cardiovascular diseases across United States and Canada, growing demand for technologically advanced medical devices, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Segmentation by Device Type
- IVD Devices
- Diagnostic Imaging Devices
- Cardiovascular Devices
- Drug Delivery Devices
- Orthopedic devices
- Opthalmology Devices
- Diabetes Care Devices
- Dental Devices
- Endoscopy Devices
Segmentation by Services
- Device Development and Manufacturing Services
- Quality Management Services
Segmentation by Class of Device
- Class I Medical Devices
- Class II Medical Devices
- Class III Medical Devices
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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