Chicago, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Medical Device Outsourced Manufacturing Market is projected to reach USD 56.2 billion by 2026 from USD 29.3 billion in 2021 and is expected to grow at a CAGR of 13.9% during the forecast period, according to a new report by MarketsandMarkets™. The Asia Pacific medical device outsourced manufacturing market is mainly driven by the overall growth of the medical devices market, mainly due to the rising disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to outsource contract manufacturing.
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However, market growth is impeded by the growing consolidation in the medical devices market. To develop their own manufacturing capabilities and save costs, Larger players are focusing on acquiring smaller players and CMOs themselves. This may affect the overall market growth to a certain extent.
Based on device type, the Asia Pacific medical device outsourced manufacturing market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices. In 2020, the IVD devices segment accounted for the largest share of the Asia Pacific market. The large share of this segment can be attributed to the increasing volume of IVD tests performed globally, increasing availability of IVD kits and reagents in the market, a growing number of hospitals and clinical laboratories in developing countries, automation, and technological advancements in instruments with high-throughput capabilities, high demand for IVD tests in the COVID-19 pandemic, and advances in life science research.
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Based on the class of device, the Asia Pacific medical device outsourced manufacturing market is segmented into Class I, Class II, and Class III medical devices. In 2020, the Class II medical devices segment accounted for a share of the Asia Pacific market. The large share of this segment can be attributed to the large number of medical devices that fall under this device class and the utilization of a higher volume of these devices by end users and caregivers in the healthcare industry.
Based on service, the medical device outsourced manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services, and other services. In 2020, the device development and manufacturing services segment dominated this market. The increasing adoption of contract manufacturing services in the medical devices industry, growth in the medical devices market (especially in the single-use disposable medical devices market), and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment.
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Geographical Growth Scenario:
the Asia Pacific medical device outsourced manufacturing market, by country, has been segmented into China, Japan, Malaysia & Singapore, India, Australia & New Zealand, South Korea, and the Rest of APAC. In 2020, China accounted for the largest market share of the Asia Pacific market, followed by Japan. China's large share is mainly due to the lower cost of raw materials and labor in the country than in developed countries. The increasing demand for medical devices due to improving healthcare infrastructures, adoption of technologically advanced products, and increasing awareness of diagnosis are also expected to drive the growth of this market.
Key Players:
The prominent players in this medical device outsourced manufacturing market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Nordson Corporation (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others.
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