Medical Device Contract Manufacturing Market Recent Development And Business Intelligence
Seeking Alpha Analyst Since 2014
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Summary
- Major factors influencing the growth of the market.
- Leading players operating in the market.
- What are the global trends in demand for this market?
Market growth influenced due to following factors-
- Technological advancement has prompted end users to overhaul or update their manufacturing systems.
- Rising disease prevalence, life expectancy, and geriatric population.
- Increasing demand for medical devices due to improving healthcare infrastructure.
Global market size-
According to the report 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%.
Top players & growth strategies –
Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services.
Flex Ltd. (Singapore) was the second-leading player in the medical device contract manufacturing market in 2018. The company is predominantly known for its expertise in the electronics segment and has been contracted by some of the major players in the electronics industry.
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Top Segment - • On the basis of device type, cardiovascular devices and endoscopy devices are both projected to witness the highest growth during the forecast period between 2019 and 2024.
• By service, the final goods assembly services segment is expected to witness the highest growth during the forecast period. Market growth is largely driven by the increasing need for these services by various OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices.
• Based on the class of device, the market is broadly 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 due to the rising demand for pacemakers, implants, and ventilators.
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