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 double digit CAGR 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.
Increasing Geriatric Population
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.
High Costs of Medical devices & instruments to Restrain the Market
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.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Medical Device Contract Manufacturing Market By Device Type(In-vitro Diagnostic Medical Devices, Diagnostic Imaging & Medical Equipment, Drug Delivery Devices, Patient Monitoring Devices, Minimally Access Surgical Instruments, Therapeutic Patient Assistive Devices); Application (Cardiovascular, Orthopedic, Neurovascular, Pulmonary, Oncology, Laparoscopy, Urology and Gynecology); Type of Manufacturing (Raw Materials, Electronics, Finished Goods); Service (Prototype Development, Finished Device Manufacturing, Assembly & Packaging, Testing & Regulatory Support Services, Molding & Casting) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the medical device contract manufacturing market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
The global medical device contract manufacturing market has been segmented based on device type, application, type of manufacturing, service, and region. In terms of device type, the global medical device contract manufacturing market has been segmented into in-vitro diagnostic medical devices, diagnostic imaging & medical equipment, drug delivery devices, patient monitoring devices, minimally access surgical instruments, therapeutic patient assistive devices, and others.
The growth of this segment can be attributed to rising demand for home monitoring devices, body implants, and increasing demand in hospital for surgical & non-surgical instruments, are expected to drive the medical devices market, which, in turn, is likely to propel the medical device contract manufacturing market.
Based on application, the global medical device contract manufacturing market is segmented into cardiovascular, orthopedic, oncology, neurovascular, pulmonary, urology & gynecology, laparoscopy, and others. Orthopedic segment is estimated to account for the largest share of the segment, owing to growing rise in sports related injuries and geriatric population suffering with arthritis.
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