Improving Healthcare Infrastructure and Medical Device Contract Manufacturing Market Development
Market growth influenced due to following factors-
- Increasing demand for medical devices due to improving healthcare infrastructure.
- Rising disease prevalence, life expectancy, and geriatric population.
- Technological advancement has prompted end users to overhaul or update their manufacturing systems.
Global market size-
According to the report Medical Device Contract Manufacturing Market is expected to reach $91.3 billion by 2024, at a CAGR of 10.6%. With the increasing adoption of Industry 4.0 technologies in manufacturing critical and sophisticated medical devices, the medical device contract manufacturing market is expected to grow significantly during the forecast period.
The key players in the global Medical Device Outsourcing Market are Flex Ltd. (Singapore), Jabil Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), and Gerresheimer Ag (Germany).
Top Market Segments-
In 2019, the IVD devices segment is likely to account for the largest share of the medical device contract manufacturing market. The share of this segment can be attributed to the increasing volume of IVD tests performed globally, a growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, and advances in life science research.
Class II medical devices are expected to account for a major share of the market in 2019, followed by Class I and Class III devices, respectively. The large share of this segment can be attributed to the large number of medical devices that fall under this device class and fewer regulatory compliance necessities than Class III devices.
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Geographic Overview -
APAC is estimated to account for the largest share of the medical device outsourcing market in 2019, followed by North America. The dominant share of APAC is mainly due to the lower cost of raw material and labor as compared to the developed countries. The increasing demand for medical devices due to the improving healthcare infrastructure, adoption of technologically advanced products, and the less stringent regulatory scenario compared to most developed countries are some of the other factors contributing to the higher market share of the APAC region.