NEW YORK, June 24, 2022 /PRNewswire/ -- The Global Medical Device Contract Manufacturing Market is expected to clock US$ ~178.3 billion by 2031 owing to the rising incidence of chronic diseases and the booming medical device market. According to a report published by Growth Plus Reports, titled "Medical Device Contract Manufacturing Market by Product Type [Diagnostic & Monitoring Devices and Therapeutic Devices], Services [Device Development & Manufacturing Services, Quality Management Services, and Final Goods Assembly Services], Application [Cardiovascular, Orthopedic, Diabetes, Pulmonary, Oncology, and Diagnostic Imaging] - Global Outlook & Forecast 2021-2031" the market was worth in ~US$ 60.6 billion in 2020 and will display a CAGR of 10.3% during the forecast period, 2021- 2031
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Growth Factors
The rapid spread of coronavirus disease (COVID-19) across almost every country worldwide, has resulted in severe outcomes, across all regions. The first case of COVID-19 was found in Dec 2019, and by the end of Dec 2020, the count has surged to more than 90.3 million globally.
Therefore, several prominent players, government bodies and numerous organizations are making an effort to accelerate the identification of COVID-19-positive patients, predict symptoms and disease severity in patients, healthcare workers & other at-risk individuals in critical service sectors.
For instance, in Oct 2020, SteriPack Group, a leading global contract manufacturer of medical and diagnostic devices, was awarded $852,000 grant from the Bill & Melinda Gates Foundation. The purpose of the grant was procurement of necessary equipment to fast-track production of critically required sterile nasal swabs for Covid-19 testing.
The global medical device contract manufacturing market has been analyzed from four different perspectives - Product Type, Services, Application, and Region.
Excerpts from 'By Application Segmentation'
The global medical device contract manufacturing market has been segmented majorly into seven distinct categories depending on the application, viz:-
- Cardiovascular
- Orthopedic
- Diabetes
- Pulmonary
- Oncology
- Diagnostic Imaging
- Others (Urology, Gynecology, Etc.)
The cardiovascular segment is expected to be the fastest growing application segment during the forecast period. The growth of the segment can be attributed to growing prevalence of cardiovascular diseases (CVDs) globally coupled with rising awareness among the people regarding regular monitoring of cardiac activity and early diagnosis of CVDs.
Excerpts from 'By Region Segmentation'
The global medical device contract manufacturing market has been segmented into
- North America
- Europe
- Asia Pacific
- The Rest of the World (RoW)
North America is expected to command the largest share in the global medical device contract manufacturing market, followed by Asia Pacific, Europe & Rest of the World (RoW). Factors such as developed healthcare infrastructure, rising prevalence of chronic & acute diseases owing to changing lifestyle and significant investment & research in medical devices can be attributed for the growth of the market. Presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the growth of the market.
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Excerpts from 'Competitive Landscape'
The prominent players operating in the global medical device contract manufacturing market are
- · Gerresheimer AG
- Integer Holdings Corporation
- West Pharmaceutical Services, Inc
- Benchmark
- Plexus Corp
- Celestica Inc
- NIPRO PHARMA CORPORATION
- Sanmina Corporation
- TE Connectivity
- FLEX LTD
- Among others
Report Scope & Segmentation:
Report Coverage | Details |
Market Size in 2020 | USD ~60.6 billion |
Revenue forecast in 2031 | USD ~178.3 billion |
Growth Rate | CAGR of ~10.3% from 2021 to 2031 |
Base year for estimation | 2020 |
Forecast period | 2021-2031 |
Segments covered | Product Type, Services, Application |
Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Table of Contents
1.INTRODUCTION
i.Market Ecosystem
ii. Geographic Scope
iii.Timeline Under Consideration
a. Historical Years - 2018 & 2019
b. Base Year - 2020
c. Forecasted Years - 2021 to 2031
iv. Currency Used in the Report
2.RESEARCH METHODOLOGY
i. Research Approach
ii. Data Collection Methodology
iii. Data Sources
a. Secondary Sources
b. Primary Sources
iv. Market Estimation Approach
a. Bottom Up
b. Top Down
v. Market Forecasting Model
vi. Limitations and Assumptions
3.PREMIUM INSIGHTS
i. Current Market Trend (COVID-19 Perspective)
ii. Key Players & Their Competitive Positioning (2020)
4.MARKET DYNAMICS
i. Drivers
ii. Restraints/Challenges
iii. Opportunities
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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About Us:
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