As per Market Industry Reports (MIR) research findings, technological advancements and rising demand for medical devices are set to open new avenues for stakeholders.
The global medical device contract manufacturing market is a structured market and is largely governed by prominent players such as Flextronics International, LTD, Benchmark Electronics, Inc., Jabil Inc., Integer Holdings Corporation (Greatbatch), West Pharmaceutical Services, Inc., Tecomet, Inc., Nortech Systems, TE Connectivity (Creganna Medical), Forefront Medical Technologies and Nordson Corporation, among others.
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Growth opportunities in the global medical device contract manufacturing market looks promising for the coming eight to ten years. Growing focus of market players in introducing new and innovative products, rising geriatric population, need for cost effective products, rising cost for hospitals and increasing demand for medical devices are some of the major factors driving the market are some of the key factors driving the global medical device contract manufacturing market.
Moreover manufacturing capabilities assessment has also played a key role in contributing the growth of the medical device contract manufacturing market. For instance, in March 2019, Nemera Development SA (France) partnered with Novo Nordisk (Denmark) to build a new manufacturing site in France to manufacture injectable devices.
“Companies are focusing on making innovative product design, engineering, and technology and simultaneously bring down cost associated with in house production. Therefore contract manufacturing for medical devices have become extensively popular among SMEs worldwide.” said Trupti, Senior Analyst, Healthcare at MIR.
MARKET ECOSYSTEM/CLASSIFICATION
By Device Type
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By Application
By Type of Manufacturing
By Service
From a regional perspective, Asia-Pacific is expected to witness highest CAGR in the coming years due to owing availability of cost effective raw materials that largely reduces the cost of the overall medical device. North America commands the largest share of the medical device contract manufacturing market. The large share of this market segment can be attributed to the highly developed health care sector, availability of advanced medical device products, focus of market players to introduce new and advance products for hospitals, favorable government initiatives and laws.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Medical Device Contract Manufacturing Market Growth by Key Players 2030 | TE Connectivity, Nordson Corporation, LTD, Jabil, Tecomet