DUBLIN--(BUSINESS WIRE)--The "Medical Device Contract Manufacturing Market by Device Type (IVD (Equipment, Consumable), Cardiovascular, Diabetes Care, Drug Delivery, Orthopedic, Ophthalmic, Endoscopy Devices), Class of Device (Class I, II, III), & Services - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global medical device contract manufacturing 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.
IVD segment is expected to witness the fastest growth in the forecast period.
Based on device type, the medical device contract manufacturing 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. IVD devices segment is expected to witness the fastest growth during the forecast period. The growth 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 segment is expected to witness the fastest growth in the forecast period.
Based on the class of device, the medical device contract manufacturing 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 medical device contract manufacturing 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.
Device development and manufacturing services segment accounted for the largest share of medical device contract manufacturing market in 2020
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 accounted for the largest share of the medical device contract manufacturing market in 2020.
Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, the Asia Pacific accounted for the largest market share of the medical device contract manufacturing market. 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.
Market Dynamics
Drivers
- Growth in the Medical Devices Market
- Adoption of Robotics and Automation
- Technological Advancements in Medical Device Modalities
- Impact of Industry 4.0 on the Medical Device Industry
Restraints
- Consolidation in the Medical Devices Market
Opportunities
- Growing Healthcare Expenditure
- Rising Geriatric Population
Challenges
- Balancing Technological Capabilities Against Costs
Companies Mentioned
- Benchmark Electronics Inc
- Carclo plc
- Celestica Inc
- Flex Ltd
- Gerresheimer Ag
- Integer Holdings Corporation
- Jabil Inc
- Kimball Electronics, Inc
- Mehow
- Nemera Development Sa
- Nipro Corporation
- Nolato Gw, Inc (A Part of Nolato Ab)
- Nortech Systems Incorporated
- Peter's Technology
- Phillips-Medisize Corporation
- Plexus Corp
- Recipharm Ab
- Sanmina Corporation
- Smc Ltd
- Te Connectivity Ltd
- Tecomet, Inc
- Tekni-Plex
- Tessy Plastics Corp
- Viant Medical Holdings, Inc
- West Pharmaceutical Services, Inc
For more information about this report visit https://www.researchandmarkets.com/r/tvqcu0
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Medical Device Contract Manufacturing Market by Device Type, Class of Device, Services and Region - Global Forecast to 2026 - ResearchAndMarkets.com - Business Wire
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