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(IT-NEWSWIRE.COM, August 15, 2020 ) Factors such as increasing automation in the manufacturing of medical devices and advanced technologies integrating electronics and medical devices are expected to drive the growth of the medical device contract manufacturing market.
According to research report the Medical Device Contract Manufacturing Market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%. Newer and advanced technologies necessitate the incorporation of advanced manufacturing methods, which result in increased overall costs.
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• The IVD devices segment is expected to account for the largest share of the medical device contract manufacturing market in 2019. The share of this segment can be attributed to the increasing volume of IVD tests performed globally, a growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, and advances in life science research.
• By service type, the device development and manufacturing services segment is estimated to account for the largest share of this market in 2019. The increasing adoption of contract manufacturing services by OEMs in the medical device industry, growing consumption of medical devices, and the improving capabilities for device development and manufacturing are the major factors responsible for the large share of the device development and manufacturing services segment.
• Class II medical devices are expected to account for a major share of the market in 2019, followed by Class I and Class III devices, respectively. The large share of this segment can be attributed to the large number of medical devices that fall under this device class and fewer regulatory compliance necessities than Class III devices.
Top Medical Device Contract Manufacturing Companies
The medical device contract manufacturing market is highly fragmented with the top 15 companies accounting for approximately 25% of the total market. As of 2018, Flex, Ltd. (Singapore) and Jabil, Inc. (US) together accounted for approximately 10% of the global medical device contract manufacturing market.
> Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services.
> Flex Ltd. (Singapore) was the second-leading player in the medical device contract manufacturing market in 2018. The company is predominantly known for its expertise in the electronics segment and has been contracted by some of the major players in the electronics industry.
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Some of the other leading players competing in this market are Sanmina Corporation (US), Integer Holdings Corporation (US), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Gerresheimer AG (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), TE Connectivity, LTD. (Switzerland), Consort Medical PLC (UK), Nipro Corporation (Japan), Kimball Electronics Inc. (US), and Teleflex Incorporated (US).
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Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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