According to the new market research report Contract Manufacturing in Medical Device Market is estimated to reach USD 113.3 billion in 2026 from USD 65.9 billion in 2021, at a CAGR of 11.5% during the forecast period.
The key factors driving the growth of the Contract Manufacturing in Medical Device Market include the overall growth of the medical devices market, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management.
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However, market growth is impeded by the growing consolidation in the medical devices market. Larger players, to develop their manufacturing capabilities to save costs, focus on the acquisition of smaller players and CMOs themselves. This may affect the overall pace of market growth.
The IVD devices segment accounted for the largest share of medical device contract manufacturing market in 2020
Based on device type, the market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices. In 2020, IVD devices accounted for the largest share of the market. The large share of this segment can be attributed to the increasing volume of IVD tests performed globally, the COVID-19 pandemic, the increasing availability of IVD kits and reagents, the growing number of hospitals & clinical laboratories in developing countries, automation & technological advancements in instruments with high-throughput capabilities, and advances in life sciences research.
Class II medical devices segment accounted for the largest share of the Contract Manufacturing in Medical Device Market in 2020.
Based on the class of device, the market is segmented into Class I, Class II, and Class III medical devices. In 2020, the Class II medical devices segment is projected to grow at the highest CAGR in the market. The growth of this segment can be attributed to the large number of medical devices that fall under this device class and their greater utilization (compared to other classes) by end users and caregivers in the healthcare industry. In addition, due to the outbreak of COVID-19, governments minimized the regulatory compliance on these devices and issued Emergency Use Authorizations (EUA) for diagnostics and PPE kits, thereby boosting the market growth.
In 2020, the device development and manufacturing services segment accounted for the largest share of the market
Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services and other services. The device development and manufacturing services segment dominated this market. The increasing adoption of contract manufacturing services in the medical device industry, growth in the medical devices market (especially in the single-use disposable medical devices market), and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment.
Asia Pacific is expected to witness the fastest growth during the forecast period of 2021–2026.
Geographically, the Contract Manufacturing in Medical Device Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to witness the fastest growth during the forecast period. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
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The prominent players in this market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others.
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The new research report titled "Medical Device Contract Manufacturing Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the medical device contract manufacturing market include Benchmark Electronics, Inc., Celestica, Creganna Medical, Flextronics, Greatbatch, Inc., Jabil Circuit, Nortech Systems, Inc., Symmetry Medical Inc., Vention Medical, and West Pharmaceutical Services, In..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Medical Device Contract Manufacturing Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/medical-device-contract-manufacturing-market/download-sampleMarket DynamicsThe rapidly growing medical devices market across the globe is primarily driving the market growth.
Along with this, the impact of industry 4.0 on the medical devices industry is further fuelling the market demand.
Factors such as the growing industrial applications of hyperspectral imaging and increasing funding and investments are driving the growth of the global hyperspectral imaging systems market.
According to the new market research report Hyperspectral Imaging Systems Market is projected to reach USD 30.0 billion by 2025 from USD 12.4 billion in 2020, at a CAGR of 19.3%.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246979343The prominent players in this hyperspectral imaging systems market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Corning Incorporated (US), Norsk Elektro Optikk AS (Norway), Raytheon Company (US), Resonon Inc. (US), Telops (Canada), Surface Optics Corporation (US), Applied Spectral Imaging Ltd. (US), ChemImage Corporation (US), Cubert GmbH (Germany), BaySpec, Inc. (US).
Between 2017 and 2020, product launches formed the key growth strategy adopted by players such as Headwall Photonics (US), Specim (Finland), Cubert GmbH (Germany), and BaySpec, Inc. (US).Headwall Photonics (US) is one of the prominent players in the hyperspectral imaging systems market.
The company offers products for industrial inspection, defense & security, remote sensing, and research applications.
The company primarily pursues product launches and expansions as its growth strategy in order to widen its sales and distribution network.Specim, Spectral Imaging (Finland) is a leading manufacturer of hyperspectral imaging instruments and systems.
