Medical Device Contract Manufacturing Market Reflects 11.3% CAGR through 2026; Manufacturers Focus on Ventilators and Test Kits in Covid-19 Pandemic, says Fact.MR

Medical device contract manufacturing market players are pushing with strategies to consolidate with OEMs to meet the sudden and massive demand for critical medical devices in the pandemic crisis.

ROCKVILLE, MD / ACCESSWIRE / September 2, 2020 / The medical device contract manufacturing market is projected to exhibit a highly impressive 11.3% CAGR throughout the period of assessment between 2020 and 2026. The coronavirus pandemic is having a largely positive impact for contract manufacturing operations. Despite supply chain threats, businesses in the industry are focusing on setting up specialized pandemic teams and optimizing business continuity plans during this period.

“The development and production of medical devices by third party contract manufacturers substantially reduces costs. Medical device contract manufacturers provide services of product manufacturing, product engineering, and others, which will help in sustaining long term demand,” says the Fact.MR report.

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Medical Device Contract Manufacturing Market – Key Takeaways

• Drug development operations are gaining significant traction on the back of varying services including API drugs and clinical trials.
• Cardiology device manufacturing accounts for major market share, with higher rates of outsourcing for components by OEMs.
• North America is projected to display significant growth owing to the presence of major market players and expansion of production facilities.

Medical Device Contract Manufacturing Market – Driving Factors

• High quality assurance of services coupled with low cost production boost outsourcing to contract manufacturers.
• Acceleration in terms of product commercialization drives long term growth prospects.
• Growth in incidences of age-related diseases and the need for pharma research contribute to growth.

Medical Device Contract Manufacturing Market – Constraints

• Lack of control over the manufacturing process proves challenging for market players.
• Contracted outputs can be sold only to parties in the contract, limiting scope of profitability.

Anticipated Market Impact by Coronavirus Outbreak

During the coronavirus pandemic, medical device contract manufacturers are prioritizing med tech products such as testing kits, respirators, and ventilators to meet the massive surge in demand. This includes expansion of associated production facilities. Chinese supply chains have reopened production processes, with limited scope of operations, which continues to delay shipments of raw materials and components. Also, social distancing practices have been made mandatory in these premises. Remote consumer support has also become popular during this period.

Explore the global medical device contract manufacturing market with 92 figures, 30 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4834/medical-device-contract-manufacturing-market.

Competition Landscape

Major manufacturers in the medical device contract manufacturing market include but are not limited to Nordson Corp., Integer Holdings Corp., ForeFront Medical Technologies, Flex Ltd., TE Connectivity, Jabil Inc., Nortech Systems Inc., West Pharmaceutical Inc., Tecomet Inc., and Benchmark Electronics Inc.

Leading players in the medical device contract manufacturing market are pushing for the expansion of manufacturing and development capacities with facility expansion and acquisition strategies.

For instance, Swiss American CDMO has announced the opening of a new facility in Carrollton for skin and wound care products. Also, Confluent Medicals has opened up a new development center for catheter design in Austin, Texas. Rakuten Medical has announced the acquisition of Medlight SA to bolster supplies of fiber optic diffusers for its Illuminox tumor necrosis treatment platform.

More on the Report

The FACT.MR’s market research report provides in-depth insights on medical device contract manufacturing market. The market is scrutinized according to device (invitro diagnostic, diagnostic imaging, drug delivery, patient monitoring, minimally access surgical instruments, therapeutic patient assistive device, and others), manufacturing type (raw material, electronics, and finished goods), services (prototype development, finished device production, assembly & packaging, testing & regulatory support, molding & casting, and others) and application (cardiovascular, orthopedic, neurovascular, pulmonary, oncology, laparoscopy, urology & gynecology, radiology, and others) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).

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About Fact.MR

Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, Ireland, and has delivery centers in the U.S. and India. FACT.MR’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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SOURCE: Fact.MR

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