Sarasota, FL -- (SBWIRE) -- 02/06/2019 -- Global Medical Device Contract Manufacturing Market: Overview

Medical device contract manufacturing is the system by which a medical device manufacturing firm produces medical devices or its components that can be sold later to another company, which can sell it further to retailers, distributors, or end- users.

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Global Medical Device Contract Manufacturing Market: Growth Factors

Rise in the occurrence of chronic ailments, technological advancements, increase in patient awareness, massive healthcare expenditure, and rise in the need for the diagnosis of complex diseases are major factors driving the medical device contract manufacturing market earnings. The highly fragmented nature of the medical device contract manufacturing market has prompted market players to shift their focus towards relatively niche segments such as minimally access surgical instruments and this, in turn, is likely to expedite the growth of medical device contract manufacturing market in the years ahead. Furthermore, the massive pressure on the OEMs to minimize the device manufacturing costs along with a delay in the branding of new products will steer the growth of the medical device contract manufacturing market in the ensuing years. The absence of internal manufacturing potential of the players will result in commendable gains for the business in the coming decade.

However, strict regulations governing the product use can prove a detrimental move for medical device contract manufacturing market in the forthcoming years.

Global Medical Device Contract Manufacturing Market: Segmentation

The global offsite medical device contract manufacturing market can be classified based on device type, manufacturing type, and application. On the basis of device type, the market is segmented into In-vitro Diagnostic Medical Devices, Diagnostic Imaging & Medical Equipment, Drug Delivery Devices, Patient Monitoring Devices, Minimally Access Surgical Instruments, and Therapeutic Patient Assistive Devices. Based on the manufacturing type, the market is classified into Raw Materials, Electronics, Finished Goods; Service - Prototype Development, Finished Device Manufacturing, Assembly and Packaging, Testing & Regulatory Support Services, and Molding & Casting. Application wise, the medical device contract manufacturing market is sectored into Cardiovascular, Neurovascular, Pulmonary, Oncology, Laparoscopy, Orthopedic, Urology, and Gynecology, Radiology.

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Global Medical Device Contract Manufacturing Market: Regional Analysis

Based on regions, the global offsite medical case management market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America holds the largest market share in medical device contract manufacturing market currently with the U.S. being the highest regional revenue generator. The massive requirement for advanced and efficient medical devices is driving the growth of the medical device contract manufacturing market in the U.S. Growing healthcare expenditure, rising medical requirement of the aging population, and incessant increase in the number of surgeries will further spur the business space in the region.

Asia Pacific medical device contract manufacturing market is expected to witness rapid growth over the estimated timeframe. The Asian countries such as China are projected to drive the market growth owing to rise in the number of contract manufacturing activities witnessed in the region. Most of the manufacturers prefer Asia, owing to the low labor costs, improvement in technical knowledge, and low overhead costs. Also, the presence of a huge patient population suffering from cardiac and neurological disorders has made the medical devices contract manufacturing more popular in Asia. The presence of manufacturing facilities for high-end, reliable, and advanced medical devices makes the Asia Pacific as a major destination for medical device contract manufacturing market.

With the introduction of new products and technologies, Europe, MEA, and LATAM are expected to be the lucrative markets for medical device contract manufacturing. These regions will provide an impetus to the growth of the business space and will enlarge the market scope.

Global Medical Device Contract Manufacturing Market: Competitive Players

The key players in the global medical device contract manufacturing market include Creganna, Celestica, Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., Nortech Systems, Inc., Tecomet, Inc, Sanmina Corporation, and West Pharmaceutical Services, Inc.

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Global Medical Device Contract Manufacturing Market: Regional Segment Analysis

North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa