Medical Device Outsourced Manufactured Market:
Growth opportunities in the Medical Device Outsourced Manufactured Market look promising over the next six years. This is mainly due to the increasing aging population and rising technology penetration in healthcare equipment.
Medical Device Outsourced Manufactured Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent drivers contributing to the growth of the global medical device contract manufacturing market include the augmenting demand for medical devices along with the accelerating penetration of technology in these devices throughout the world. In accordance with the UAE government, the country witnessed approximately 4,500 new cancer cases every year, and nearly 21.2 percent of the UAE’s population is impacted with diabetes in the year 2019. Thus, the surging incidences of diseases have raised the demand for different types of medical devices. There has been an expansion in the investment and M&A in the MedTech contract manufacturing, which will further strengthen the medical device contract manufacturing market size. The CDMOs have been implemented in around 84 M&A deals between 2014 and the first half of 2020. In addition, the private equity companies are progressively emphasizing contract production. Furthermore, the rising inclination towards non-invasive surgical procedures instrument manufacturing accompanied by the mounting geriatric population has supplemented the market growth. As per the report of the World Health Organization, the geriatric population is forecasted to reach 1.5 billion by the end of 2050, which is almost 16% of the total world’s population. Thus, this is bolstering the medical device contract manufacturing market share.
Device Type Segment Drivers
Based on the device type, IVD Devices are expected to witness a faster CAGR during the forecast period. This is primarily attributed to the soaring number of hospitals in emerging countries and the escalating IVD test volume. In addition to this, the amplifying occurrence of chronic diseases will further impel the market size. According to the WHO estimates, the rising cases of chronic diseases are a major challenge and gauges for 60% of all facilities.
Regional Drivers
Based on the regional coverage, North America is projected to lead the market during the forecast period. The United States is the residency of 7 of the leading world’s ten largest manufacturers of the original equipment for medical devices. The increasing demand for medical instrument contract manufacturing has bolstered the market growth. In addition to this, the aggravating production of technologically sophisticated products is driving the market growth.
Medical Device Outsourced Manufactured Market’s leading Manufacturers:
- West Pharmaceutical Services, Inc.
- Benchmark
- NIPRO
- Celestica Inc.
- TE Connectivity
- FLEX LTD
- Integer Holdings Corporation
- Sanmina Corporation
- Jabil Inc.
Medical Device Outsourced Manufactured Market Segmentation:
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
- Others
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:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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