Medical Device Contract Manufacturing Global Market - Forecast to 2026
Medical Device Contract Manufacturing Market is a business model in which a medical device company outsources certain or the whole production activities of their whole medical device or certain components of the device to another company with specialized knowledge, technical expertise and efficient business operations. The services offered by the medical device contract manufacturers (MDCMs) consist of product design and development, product manufacturing and assembly, quality testing services, packaging and sterilization services and regulatory consulting services.
Today’s contract manufacturers, in response to the rapidly growing and evolving medical device industry, have broadened their manufacturing capabilities, technological expertise and business definitions to transform themselves into ‘total solutions provider’ or ‘full-service provider’ or ‘end to end solution provider’ or ‘one-stop shopping destination’. Increasing pressure of healthcare cost curbs on medical device companies, the need to reduce time to market, to manufacture competitively advantageous and distinct products at a reduced cost, to streamline in-house processes and focus more on critical business areas or competencies and gaining access to advanced technologies are fuelling the growth in medical device contract manufacturing market.
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The medical device contract manufacturing global market is expected to reach $97,239.4 million by 2026 growing at a high single digit CAGR from 2019 to 2026 due to increasing prevalence of chronic and infectious diseases, advanced manufacturing capabilities of contract manufacturers, rapidly increasing geriatric population, favorable reimbursement scenario in major markets, technological innovations in medical devices, increase in the number of surgical procedures and hospitalizations, ever-changing regulatory landscape, growing economies and increasing demand for better healthcare facilities in emerging markets. The medical device contract manufacturing market is segmented by device type, service, product, application and geography.
Based on the device type, the medical device contract manufacturing global market is segmented into Electronic Medical Device Contract Manufacturing and Non-Electronic Medical Device Contract Manufacturing. Electronic Medical Device Contract Manufacturing segment accounted for the largest revenue in 2019 and is expected to grow at a high single digit CAGR from 2019 to 2026. Non-Electronic Medical Device Contract Manufacturing segment is expected to grow at a mid single digit CAGR from 2019 to 2026.
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Last Update : Aug 13, 2020 8:16 AM
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