The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global medical device contract manufacturing market in the coming times. Since, growing age brings about several ailments associated with arthritis and joints replacement.
The Medical Device Contract Manufacturing Market is segmented on the basis of product type, Applications, Technology, and region
Major Types of Medical Device Contract Manufacturing Market covered are:
- In-vitro Diagnostic Medical Devices
- Diagnostic Imaging & Medical Equipment
- Drug Delivery Devices
- Patient Monitoring Devices
- Minimally Access Surgical Instruments
- Therapeutic Patient Assistive Devices
Major Applications of Medical Device Contract Manufacturing Market covered are:
- Cardiovascular
- Orthopedic
- Neurovascular
- Pulmonary
- Oncology
- Laparoscopy
- Urology and Gynecology
High costs associated with medical device and instruments are one of the major factors affecting the growth of the medical device contract manufacturing market. Unavailability of alternate affordable and cheaper raw materials for manufacturing of medical devices is anticipated to be one of the major hindrances in the growth of the global medical device contract manufacturing market. Insufficient penetration of latest technologies, limited awareness in underprivileged regions and population with low income groups face consequential outcome in affording such devices.
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