The global medical device contract manufacturing market is anticipated to grow at a double-digit CAGR during the forecast period. Medical device contract manufacturing organization provide services to outsource manufacturing of devices that enables original equipment manufacturers (OEMs) to reduce the cost of the product, product packaging and transport of product. Contract manufacturing organizations (CMOs) are selected based on the capabilities of service provided in low cost, high quality and in speculated time. With the increasing need for medical devices in hospitals and meet the growing demand of hospitals OEMs are collaborating with Medical device contract manufacturing organization to meet this growing need. Market Industry Reports (MIR) has published a new report titled “Medical Device Contract Manufacturing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global medical device contract manufacturing market is estimated to be over US$ 48 Bn in 2017. It is anticipated to grow at a CAGR of 8.5% from 2019 to 2030.
The global medical device contract manufacturing market is driven by the focus of market players in introducing new and innovative products, rising geriatric population, need for cost-effective products, the rising cost for hospitals and increasing demand for medical devices are some of the major factors driving the market. Moreover, Polymer Science and Engineering Department of the University Of Massachusetts (UMASS) are offering several programs to enhance the medical device industry and help to generate skilled workers. However, the high cost of medical devices and stringent government policy related to medical device manufacturing is likely to restrain the market to a certain extent.
Major Key Players of the Medical Device Contract Manufacturing Market are:Flextronics International, Benchmark Electronics, Jabil , Integer Holdings Corporation (Greatbatch), West Pharmaceutical Services, Inc., Tecomet, Inc., Nortech Systems, TE Connectivity (Creganna Medical), Forefront Medical Technologies, Nordson Corporation and other prominent players.
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