Contract manufacturing of medical devices market is projected

Visiongain released a new report: Medical Device Contract Manufacturing Market(COVID-19 Impact Analysis): – Market Segment by Industry (Electronic Manufacturing Services, Materials Processing, Finished Goods), Market Segment by Device Class (Class I, Class II, Class III), Segment Market Segment by Service Type (Device Development and Manufacturing Services, Quality Management Services), Market Segment by Device Type (Diagnostic Devices, Drug Delivery Devices, Therapeutic Devices, Other Devices), plus COVID-19 impact analysis and recovery pattern analysis (“V-shaped”, “W”-“U”-shaped, “L-shaped”), top company profiles, region and country.

The medical device contract manufacturing market was valued at USD 69.22 billion in 2021 and is expected to grow at a CAGR of 12.9% during the forecast period 2022-2032.

Technological Advances in Medical Device Modalities
With the growth of health related, medical gadgets like wearable devices are increasingly powered by sensors. This development is mainly due to the global COVID-19 pandemic and the increased interest in remote monitoring among healthcare professionals. Not only is there an increase in the use of wearable medical technology, but also smaller, more AI-efficient, 3D-printed gadgets. The challenge for medical device producers is to create much smaller and lighter devices while providing them with the most power and least delay.

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Shortage of semiconductors could be the main challenge

For patients who need equipment that relies heavily or completely on these elements, the scarcity of semiconductors continues to pose challenges for medical device contract manufacturing companies. According to the second in a series of polls conducted for the Advanced Medical Technology Association, the situation is worsening due to the prolonged unrest in Eastern Europe, and device makers have little reason to hope in a near future. Despite the fact that most manufacturers had offered a number of workarounds, AdvaMed’s July 2021 survey of device manufacturers found that the industry was already having difficulty locating computer processors and other semiconductor chips needed to create their devices.

How will this report help you?

Visiongain’s 292-page report provides 122 charts and 150 charts/graphs. Our new study is suitable for anyone who needs in-depth business analyzes for the Medical Devices Contract Manufacturing Market along with detailed analysis of market segments. Our new study will help you assess the global and regional global contract manufacturing of medical devices market. Get financial analysis of overall market and different segments and company size and capture higher market share. We believe there are strong opportunities in this growing medical device contract manufacturing market. Find out how to use the existing and upcoming opportunities in this market to generate revenue in the near future. Moreover, the report will help you improve your strategic decision-making, enabling you to set growth strategies, strengthen analysis of other market players and maximize business productivity.

What are the current market drivers?

Advantages of contract manufacturing
Outsourcing medical equipment allows OEMs to leverage third-party resources without the need to purchase and store them locally or train staff. This would eventually contribute to a more profitable production. Countries like Taiwan, China and Korea are major suppliers of medical equipment. Instead of importing medical devices with equipment, both in terms of cost and quality standards, it is often more realistic for a US medical device producer to outsource production operations directly overseas.

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Where are the market opportunities?

Supportive government policies
The Chinese government has announced a number of efforts to encourage long-term development and innovation in healthcare delivery, but the policy environment is constantly changing and requires regular attention. Future laws (13th Five Year Plan, Healthy China 2030, Made in China 2025), according to the Chinese government, will likely promote domestic innovation and profoundly change the competitive landscape. Other issues, such as the most recent implementation of the “two-bill distribution” model, have significant implications for foreign companies operating in China.

Competitive landscape
Electronic manufacturing services market in medical device outsourcing market is moderately fragmented with medium to high sized players including Flextronics International Ltd., Jabil Circuit Inc., Celestica Inc., Plexus Corp., Sanmina Corporation and Benchmark Electronics which accounted for 35% to 40%. % share of global electronics manufacturing services market by 2021. Other players include Foxconn Technology Group, Greatbatch Inc., Nortech Systems Inc., Tecomet, West Pharmaceutical Services, Daiichi Jitsugyo Co. Ltd., Dynacast, Ekso Bionics, Foxconn Technology Group, Hamilton Company, and Sparqtron Corporation, among others.

RECENT DEVELOPMENTS

  • In May 2022, Jabil Healthcare announced the launch of the Qfinity™ autoinjector platform, a reusable drug delivery device with broad applicability.
  • In November 2021, Celestica Inc. completed the acquisition of Singapore-based PCI Private Limited (PCI), an electronics manufacturing services (EMS) provider in the Asia-Pacific region.

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