Rising Demand for Medical Devices Supports Medical Device Contract Manufacturing Market
According to our latest market study, titled "Medical Device Contract Manufacturing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by device type, service type, packaging & assembly type, class of device, and geography," the market is expected to grow from US$ 65.23 billion in 2021 to US$ 130.03 billion by 2028. It is expected to grow at a CAGR of 10.3% from 2022 to 2028.
Medical Device Contract Manufacturing Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: - By Technology (IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Ophthalmology Devices, Diabetes Care Devices, Dental Devices, Endoscopy Devices, Respiratory Care Devices, Surgical Devices, Gynecology/Urology Devices, Personal Care, Neurology Devices, and Other Devices), Service Type (Device Development & Manufacturing Services and Quality Management Services), Packaging & Assembly Type (Primary & Secondary Packing, Labelling, and Other Packaging), and Class of Devices (Class II Medical Devices, Class I Medical Devices, and Class III Medical Devices), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Medical Device Contract Manufacturing Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
Based on service type, the medical device contract manufacturing market is segmented into device development & manufacturing services and quality management services. The device development and manufacturing services segment held the largest market share in 2021 and is expected to retain its dominance during the forecast period.
Based on device type, the medical device contract manufacturing market is 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 2021, IVD devices held more than 20% of the market share. This was due to the increasing acceptance of IVD tests performed universally. The COVID-19 crisis further increased the demand for IVD units and reagents.
Based on the class of devices, the medical device contract manufacturing market is segmented into class I medical devices, class II medical devices, and Class III medical devices. The class II segment is likely to witness the fastest growth during the forecast period. Class II medical devices are those devices that have a moderate to high-risk quotient for patients and/or users. 43% of medical devices fall under this category. For instance, Class II devices include powered wheelchairs and some pregnancy test kits. The rise in the geriatric population in both developed and emerging regions is expected to drive the growth of the concerned segment.
Jabil Inc, Flex Ltd.; Plexus Corp.; Sanmina Corporation; Integer Holdings Corporation; Celestica Inc.; Gerresheimer Ag; Te Connectivity Ltd.; Nipro Corporation; West Pharmaceutical Services, Inc.; Benchmark Electronics Inc.; Recipharm Ab; Kimball Electronics, Inc.; are a few key players profiled in this study of the medical device contract manufacturing market. Several other major companies were also analyzed during this study to get a holistic view of the market and its ecosystem.
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