New York, USA, June 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global medical device manufacturing outsourcing market is projected to register a revenue of $104.3 million at a CAGR of 10.3% during the forecast period (2019-2026), increasing from $47.6 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Because of the changing lifestyle, the cases of chronic diseases such as cancer, cardiovascular diseases, and diabetes have been increased. This is the major factor enhancing the growth of the global medical device manufacturing outsourcing market during the analysis period. Cost-effective and speedy production rate of medical devices are other key factors behind the growth of the market.
Restraint: The main restraining factor holding the market growth is the risk of confidential information breach of the patients as well as manufacturers.
Opportunity: Growing demand of advanced technology-enriched medical equipment by the developing economies are going to create many opportunities for the market in upcoming years. The leading players of the market are upgrading medical devices by implementing advanced technologies, which is opening novel investment opportunities in the market of medical device manufacturing outsourcing.
Segments of the Market
The report has divided the market into different segments based on device type, service, class of device, and regional analysis.
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Device Type: In-Vitro Diagnostics (IVD) Devices Sub-Segment Expected to be the Most Profitable
The IVD devices sub-segment is expected to garner the maximum revenue of $14.0 million by the end of 2026. IVD devices are greatly compatible with point-of-care (PoC) environments. Other benefits of IVD devices include identification of defective genes, personalized therapies, and tailored risk predictions. These are the factors behind the growth of the market segment.
Service: Development and Manufacturing Services Sub-Segment Predicted to be the Most Lucrative
The development and manufacturing services sub-segment is expected to generate the highest revenue of $35.6 million by 2026. Because of high capital government investment for in-house production of medical equipment, the development and manufacturing sector is now capable of constant research and invention. This is the main factor fueling the growth of the market segment.
Region: Asia-Pacific Region Predicted to Hold the Dominant Market Share
Asia Pacific regional market is predicted to dominate the market and garner a revenue of $32.3 million by 2026. The countries of the region including India, China, and South Korea bring wonderful market opportunities for medical devices manufacturers and growth potential for the key players of the market. This the main attributor behind the growth of the Asia-Pacific market.
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Key Players of the Market
The report enlists the most significant players of the global medical device manufacturing outsourcing market which include
- Creganna
- Integer Holdings Corporation
- FLEX LTD.
- Tecomet, Inc.
- Nortech Systems, Inc.
- Mitutoyo Corporation
- Hamilton Company.
- DAIICHI JITSUGYO CO., LTD.
- Kinetics Climax Inc.
- Cirtec.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
"In February 2020, Integer Holdings Corporation, a global leader in medical device outsource manufacturing, announced its acquisition of Inomec, an Israel-based medical device manufacturer. The acquisition by Integer is expected to help expand its global footprint with new innovations in the medical technology industry."
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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