New York, USA, May 20, 2020 (GLOBE NEWSWIRE) -- As per study of Research Dive, the Medical Device Manufacturing Outsourcing Market will generate a revenue of $104.3 million by 2026, increasing at a healthy CAGR of 10.3%.
Growing agening population, along with massively increasing demand of technological advancements specifically in the medical devices is anticipated to boost the growth of medical device manufacturing outsourcing market. In addition, the huge growth in accessibility of healthcare resources and massive expansion in the patient cases globally is also one of the key factors for the growth of medical device manufacturing outsourcing market. Furthermore, the significantly increasing burden of chronic disorders globally, is also making a huge impact on the medical device manufacturing outsourcing market growth. However, the threat of leakage of confidential information can restrain the medical device manufacturing outsourcing market growth.
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To fulfil the demand of ever growing healthcare industry, the governments of India and china are emphasizing more on the policy enactment with “National Health Protection Mission” and “Healthy China 2030 Plan”.
Moreover, rapid development in the healthcare industry of emerging countries is also anticipated to create vast opportunities for the medical device manufacturing outsourcing market. Emerging economies like India are expected to increase healthcare expenses mainly because of rising cases of diabetes, cancer and non-communicable diseases (NCDs). Furthermore, incresing income level and rapidly progressing urbanization among these countries is anticipated to drive the growth of the medical device manufacturing outsourcing market.
The IVD (in-Vitro Diagnostic) device will register a revenue of $14.0 million by the end of 2026, growing at a healthy CAGR of 9.8%. The IVD devices segment has a leading market share in the global market, over the analysis period. This is mainly because of rising demand for accurate and early disorder diagnosis, increasing demand for FA instruments, and growing adoption of PoC testing across the globe.
The device development and manufacturing services segment has the dominating share in the global market, and it will generate a revenue of $35.6 million during the projected period, growing at healthy CAGR of 9.7%. This is mainly because of significant growth in the medical device sector.
The global class II medical devices will generate a revenue of $38.1 million during the forecast period. Market players such as Cogmedix are investing heaviliy in the R&D along with giving support to other companies to develop newest class II devices.
The Asia-Pacific medical device manufacturing outsourcing market will cross $32.3 million by 2026, increasing at a healthy CAGR of 9.5%. Asia Pacific region will show a substantial growth throughout the forecast period; mainly because of presence of significant growth in the chronic disorder cases, massive technological innovations, lower labor costs. These factors are anticipated to foster Asian market growth, particularly in Asian countries such as India, and China.
Medical device manufacturing outsourcing market for North-America is a rapidly growing market and it is projected to increase at a CAGR of 10.8% by registering revenue of $31.2 million, during the forecast period. This is mainly because of increase in capital investments of healthcare sector and significantly growing demand for the medical devices preferably in the US and Canada.
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Top Companies in Medical Device Manufacturing Outsourcing Market
The significant medical device manufacturing outsourcing market manufacturers include
- Mitutoyo Corporation
- Tecomet, Inc.
- Integer Holdings Corporation
- FLEX LTD.
- Creganna
- Hamilton Company.
- Nortech Systems, Inc.
- Cirtec.
- Kinetics Climax Inc.
- DAIICHI JITSUGYO CO., LTD.
To focus more on the competitive landscape analysis of major players, the porter’s five force model is explained in this report.