Medical Device Contract Manufacturing Market Set for Strong Growth, Production Focus Directs Towards Ventilators During Pandemic: Fact.MR
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The market is anticipated to experience a significant degree of downsizing amidst the coronavirus pandemic. This is because of the cessation of production due to stringent lockdowns to contain the spread of the virus. Fortunately, researchers and analysts are optimistic that medical devices will prove useful in diagnosing COVID-19 infections with greater precision compared to existing testing mechanisms. This is anticipated to keep market speculations high during the course of the pandemic.
Key Takeaways of Medical Device Contract Manufacturing Market Study:
- Minimally access surgical instruments are anticipated to witness a strong growth in demand and increase at a CAGR of 10.6% over the forecast period.
- High popularity of minimally access surgical instruments is attributed to reduced tissue trauma, minimal blood loss and pain, greater affordability, and enhanced patient satisfaction.
Contract manufacturing of electronic devices accounts for nearly half of the total market revenue. Increasing demand for patient monitoring and diagnostic devices across the globe is a major factor driving its growth.
- Finished device manufacturing remains highly preferred service, accounting for more than a quarter of the medical device contract manufacturing market value. A large number of market players offering finished products are expected to drive the segment’s growth.
- Contract manufacturing of orthopedic devices is expected to witness significant entry of key market players, attributed to rising incidence of arthritis amongst the geriatric population. Manufacturing of these devices is poised to capture over 1/4th of the total market value.
- North America will continue to maintain its hegemony in the global market, accounting for more than 40% of the revenue, while Asia-Pacific promises lucrative growth opportunities for market players, expanding at a CAGR of 10.8% through 2026.
- Stringent government regulations, rise in incidence of chronic conditions, strong focus on enhanced patient care, and adoption of minimally invasive procedures are prompting key players to enter both the regional markets.
“Booming healthcare industry has facilitated significant technological advancements in surgical procedures. These advancements have motivated key players to invest more in research & development of effective solutions, which in turn drives the medical device contract manufacturing market growth,” says the Fact.MR analyst.
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Penetration in Developing Economies, Mergers & Acquisitions, and Product Launches to Determine Market Competition:
A large number of medical device contract manufacturers dominate the market. Prominent players in the medical device contract manufacturing market include: Integer Holdings Corporation, Flex Ltd., Jabil Inc., West Pharmaceutical, Inc., Benchmark Electronics, Inc., Tecomet, Inc., Nortech Systems, Inc., TE Connectivity, Forefront Medical Technologies and Nordson Corporation.These players are capitalizing on the growth potentials offered by emerging markets such as India, China and Brazil to consolidate their market footprints.
The COVID-19 pandemic has crippled major businesses across the world, halting production cycles and disrupting supply chains. The healthcare industry is facing immense challenges in eradicating the pandemic, as the number of infections show no signs of abatement. The medical device contract manufacturing market is anticipated to be impacted by the pandemic as the demand for medical devices for elective procedures has fallen. At the same time, the demand for medical devices such as ventilators and respirators has augmented, thereby influencing growth prospects for medical device manufacturers.
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