New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest market study, titled "Medical Device Contract Manufacturing Market Size, Share, Trends, Growth Strategy and Forecast to 2028 – COVID-19 Impact and Global Analysis – by device type, service type, packaging & assembly type, class of device, and geography," the global medical device contract manufacturing market size is expected to grow from USD 65.23 billion in 2021 to USD 130.03 billion by 2028. It is expected to grow at a CAGR of 10.3% from 2022 to 2028.
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Global Medical Device Contract Manufacturing Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 65.23 billion in 2021 |
| Market Size Value by | USD 130.03 billion by 2028 |
| Growth rate | CAGR of 10.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Technology, Service Type, Packaging & Assembly Type, and Class of Devices |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Medical Device Contract Manufacturing Market: Competitive Landscape
Jabil Inc, Flex Ltd.; Plexus Corp.; Sanmina Corporation; Integer Holdings Corporation; Celestica Inc.; Gerresheimer Ag; Te Connectivity Ltd.; Nipro Corporation; West Pharmaceutical Services, Inc.; Benchmark Electronics Inc.; Recipharm Ab; Kimball Electronics, Inc.; are a few key players profiled in this study of the global medical device contract manufacturing market. Several other major companies were also analyzed during this study to get a holistic view of the market and its ecosystem.
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Impact of COVID-19 Pandemic on Global Medical Device Contract Manufacturing Market:
Manufacturing outsourcing has drastically changed in the recent past due to the COVID-19 crisis. The same has resulted in rising consolidation between OEMs and contract manufacturing organizations (CMOs). This shift has positively influenced the medical device contract manufacturing market to meet the urgent demand for life-saving ventilators required to support coronavirus victims. Companies that are serving multiple industries have made medical technologies their priority. There was an influx of COVID-19-related medical components that needed urgent production, ranging from test kits, accessories, and ventilator parts.
Rising Demand for Medical Devices Supports Global Medical Device Contract Manufacturing Market:
The growth of the global medical device contract manufacturing market is majorly attributed to increasing demand for target diseases, rising demand for biosimilars & monoclonal antibodies, and surging uptake of immunotherapy drug categories compared to traditional treatment methods. However, challenges related to manufacturing medical device contract manufacturing are hampering the growth of the market. The rising demand for personalized medicinal treatments is driving the growth of the medical device contract manufacturing market.
The increasing geriatric population, followed by growing healthcare expenditure in developed countries, will bring substantial growth opportunities during the forecast year. Moreover, ongoing research and development by various manufacturers also assist in developing new opportunities for the market. For instance, In July 2020, Channel Medsystems announced that it had obtained the FDA clearance for its next-generation Cerenecryotherapy product to treat menstrual bleeding. In January 2019, Venclose Inc. and Viant announced a collaboration for developing Venclose's next-generation Venclose Radiofrequency (RF) ablation catheter.
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