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Medical Device Contract Manufacturing Global Market Report 2024 - By Trends, Share, Growth, Demand, Forecast To 2033
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Medical Device Contract Manufacturing industry. This report on Medical Device Contract Manufacturing market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The medical device contract manufacturing market size has grown rapidly in recent years. It will grow from $88.36 billion in 2023 to $101.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to cost efficiency, specialized manufacturing, supply chain resilience, quality and certification, regulatory expertise. The medical device contract manufacturing market size is expected to see rapid growth in the next few years. It will grow to $174.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
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Key Market Players:
Benchmark Electronics Inc., Celestica International LP, Consort Medical PLC, Flex Ltd., Gerresheimer AG.
Market Drivers:
According to the Medical Device Contract Manufacturing Market Report 2024 by The Business Research Company, the rise in healthcare expenditure and government initiatives is expected to propel the growth of medical device contract manufacturing market going forward. Healthcare expenditure pressures and budget constraints lead to a demand for cost-efficient solutions, making contract manufacturing an attractive option. Governments often support local manufacturing, emphasize regulatory compliance, and offer incentives for research and development, all of which benefit contract manufacturing companies. Government initiatives also promote public-private partnerships, global market expansion, and preparedness for health crises, contributing to the growth of the industry.
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Market segments for Medical Device Contract Manufacturing include:
• By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, Ophthalmology Devices, Orthopedic Devices, Dental Devices, Other Devices
• By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service
• By Application: Laparoscopy, Pulmonary, Urology, Gynecology, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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