Medical Device Outsourced Manufacturing Market Achieved USD 21,974 million in 2020 and Registering a CAGR of 13.4% | Research Report & Global Forecast

Medical Device Outsourced Manufacturing Market

The Medical Device Outsourced Manufacturing Market was estimated around USD 21,974 million in 2020 and is expected to grow at a CAGR of 13.4% over the forecast period (2021-2028).

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The factors driving growth of the Medical Device Outsourced Manufacturing Market includes increasing penetration of medical devices, rise in the volume of IVD tests performed around the world, growing prevalence of cardiovascular and neurological diseases and improvements in the living standards. According to the report published by Statista, the revenue generated by the Medical Devices Market is estimated to reach USD 5.73 b billion by the end of 2022, growing at a CAGR of 9.73%, over the forecast period (2022-2027), which will accelerate the Medical Device Outsourced Manufacturing Market size in the approaching years. Moreover, technological advancements in medical devices, increase in Government's expenditure on the Healthcare sector, rise in the launch of innovative products, emerging trend of offshoring and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers and acquisitions between key players and growing population growth rates, are further contributing towards the market growth.

However, growth of the Medical Device Outsourced Manufacturing Market is hindered due to complexities in manufacture medical devices.

The leading players operating in the market are Plexus Corp., Benchmark, Integer Holdings Corporation, FLEX LTD., Jabil Inc., TE Connectivity, West Pharmaceutical Services, Inc., Sanmina Corporation, NIPRO and Celestica Inc., among others.

Based on Device Type, the IVD Devices segment is predicted to grow at a significant CAGR during the forecast period

Rise in the volumes of IVD tests conducted across the globe and growing prevalence of chronic diseases, are propelling growth of the segment.

Based on Services, the Device Development and Manufacturing Services segment is projected to expand at a remarkable CAGR over the forecast period

Growing adoption of contract manufacturing services in the medical sector, is the major factor pushing segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Increasing prevalence of cardiovascular diseases across United States and Canada, growing demand for technologically advanced medical devices, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Market Segmentation

Segmentation by Device Type

IVD Devices
Diagnostic Imaging Devices
Cardiovascular Devices
Drug Delivery Devices
Orthopedic devices
Opthalmology Devices
Diabetes Care Devices
Dental Devices
Endoscopy Devices
Others

Segmentation by Services

Device Development and Manufacturing Services
Quality Management Services

Segmentation by Class of Device

Class I Medical Devices
Class II Medical Devices
Class III Medical Devices

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.