Medical Device Contract Manufacturing Market Research Report, Industry Size, In-Depth Qualitative Insights, Explosive Growth Opportunity, Regional Analysis 2023-2031

According to a new market research report published by Global Insight Services Medical Device Contract Manufacturing The global medical device contract manufacturing market was valued at USD 66.9 billion in 2021 and it is anticipated to grow further till USD 195.3 billion by 2031, at a CAGR of 11.3% during the forecast period.

Medical device contract manufacturing is a business model where a medical device company or Original Equipment Manufacturer (OEM) outsources some or all of the production activities of their entire medical device or some specific components of the device to another company with specialized knowledge, technical expertise, and effective business operations. Medical device contract manufacturing (MDCM) companies provide a range of services, including product development, manufacture, and assembly, quality assurance and control, packaging, sterilization, and regulatory advising.

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Market Trends and Drivers

Due to the increased development and production of sophisticated items like pacemakers and implanted medical devices, innovation in Class III medical devices is increasing. Given the intricacy of the assembly and testing processes, medical device manufacturers confront difficulties producing Class III devices in high amounts. Additionally, regulatory compliance for component traceability and verification, storage, and access must be met by both the devices and the processes. Automated production and manufacturing are essential due to the intricacy involved in generating a Class III device in these quantities. In order to achieve automation, high-quality manufacturing processes, and regulatory compliance, OEMs are using the knowledge of electronic manufacturing services. Advanced automation is made possible by Industry 4.0 technologies, such as cloud computing, machine-to-machine connectivity, and cyber-physical systems, which aid in overcoming these production issues. These technologies' improved connectivity and data collection capabilities enable the development of high-volume, legally compliant manufacturing processes with effective inventory and production management.

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Global Medical Device Contract Manufacturing Market Segmentation

By Device

• IVD Devices
• Diagnostic Imaging Devices
• Cardiovascular Devices
• Drug Delivery Devices
• Endoscopy Devices
• Ophthalmology Devices
• Orthopedic Devices
• Dental Devices

Major Players in the Global Medical Device Contract Manufacturing Market

The key players studied in the report are Jabil Inc., Synecco, Gerresheimer AG, Celestica Inc., Nordson Corporation, Teleflex Incorporated, Integer Holdings Corporation, Nipro Corporation, SteriPack Group Ltd., TE Connectivity Ltd., Nortech Systems Inc., Invetech and Biofortuna Limited among others.

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Reasons to buy Medical Device Contract Manufacturing Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

This release was published on openPR.