Medical device contract manufacturing is the procedure in which the manufacturing company manufactures medical devices of essential components of medical devices. These manufactured devices are then sold by other companies. The contract manufacturers of such medical devices more often specialize in special or monotonous process of functions and can offer better experience through standard manufacturing process. The resources for the inventors or manufacturers of the medical devices comprise the product design, its development, testing, process validation, manufacturing, or also superior quality packaging. The medical device (Original Device Manufacturer) OEMs is the companies that focus on specialized area of expertise for the manufacturing of medical device like research and development, assembly, or molding.
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 focus of market players in introducing new and innovative products, rising geriatric population, need for cost effective products, 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 medical device industry and help to generate skilled workers. However, high cost of medical devices and stringent government policy related to medical device manufacturing is likely to restrain the market to certain extent.
Major Key Players of the Medical Device Contract Manufacturing Market are:
Flextronics International, Benchmark Electronics, Jabil Inc., 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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