Major factors driving the Medical Device Contract Manufacturing market size are the growing prevalence of chronic and infectious diseases, technical advancements in medical equipment, advanced contract manufacturing capacities, increased surgery, and increasingly aging populations worldwide.
The report lists the major players in the regions and their respective market share based on global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and leadership changes to stay ahead in the competition.
The Global Medical Device Contract Manufacturing Market size is expected to grow from USD 46,539.09 Million in 2019 to USD 92,511.21 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.13%.
TRENDS INFLUENCING THE MEDICAL DEVICE CONTRACT MANUFACTURING MARKET SIZE
Medical device OEMs are looking for partners that bring large and deep turnkey capabilities to fill technology gaps in their portfolios. They seek partners with the size and complexity needed to sustain more complex global supply chains ever. In turn, this is expected to increase the growth of the medical device contract manufacturing market size.
The medical device contract manufacturing market size is driven by the need to minimize production costs and improve time-to-market effective and regulatory compliant medical devices.
Furthermore, the medical device contract manufacturing market size is driven by the rising prevalence of non-invasive surgical procedures.
The growing geriatric population and the resulting rise in the incidence and prevalence of chronic diseases are also driving the growth of the Medical Device Contract Manufacturing market size.
However, the loss of confidential information due to outsourcing, the advent of alternative technologies might hinder market growth.
MEDICAL DEVICE CONTRACT MANUFACTURING MARKET SHARE ANALYSIS
North America holds the largest Medical Device Contract Manufacturing market share due to key players’ presence, growing prevalence of chronic and lifestyle diseases, significant investment and research in medical devices, rising demand for technologically advanced healthcare goods, growing spending on healthcare, and increasing investment in sophisticated infrastructure.
The Asia Pacific region is expected to witness the highest CAGR during the forecast period. Emerging economies such as China, India, and Brazil provide substantial growth opportunities for medical device contract manufacturers. Their vast customer base, rising health consciousness, and expanding healthcare facilities have created a favorable scenario for healthcare markets’ overall growth. The growth is attributed to the region’s lower cost of raw materials & labor, increasing demand for medical devices, and the presence of a less stringent regulatory scenario compared to most developed countries.