4/20/2023 0 Comments Xact wire edmThe growing reliance of medical device OEMs on EMS companies is expected to boost the growth of the market. The increasing demand for affordable medical devices, a convergence of electronics, and rising cost pressures have bolstered the participation of EMS providers in the last few years. Hence, the demand for these medical devices is likely to grow in the upcoming years.Įlectronics manufacturing services (EMS) accounted for the highest share of the global medical device contract manufacturing market in 2020. Evolving digital technology is empowering monitoring devices, thereby effectively influencing the operational cost. Therefore, the increasing prevalence of chronic illness has increased the demand for Class II devices. They include complex equipment and pose a higher risk as they are likely to have sustained contact with the internal organs of the patient. Class II medical devices are expected to grow at the highest CAGR during the forecast period, expecting to reach a revenue of $76 billion by 2026. The global medical device contract manufacturing market research report includes a detailed segmentation by devices, products, services, geography. Global Medical Device Contract Manufacturing Market Segmentation It profiles and examines leading companies and other prominent ones operating in the market. The report offers both the demand and supply aspects of the market. It covers a detailed overview of several market growth enablers, restraints, and trends. The study considers the global medical device contract manufacturing market’s present scenario and its market dynamics for the period 2020-2026. High Growth Potential in Emerging and Low-Income Countries.Growing Interest of Private Equity Firms in Contract Manufacturing of Medical Devices.Strategic Collaborations between OEMs and CMOs in Medical Device Industry. The following factors are likely to contribute to the growth of the medical device contract manufacturing market during the forecast period: The increasing pressure on OEMs to develop high-quality healthcare equipment, reduce price points, and faster time to market are likely to propel the device contract manufacturing market across the globe. Moreover, the growing elderly populations, the increasing prevalence of minimally invasive surgeries, increased healthcare expenditures, and innovations in medical technology industry are fueling the need for medical device contract manufacturing. The increasing demand for cost reduction and decrease time to market products are the factors driving OEMs to focus and develop partnerships with trusted CMOs for developing, manufacturing, and marketing medical devices. The global market is experiencing impressive growth due to a wide range of services offered by contract manufacturers. The global medical devices contract manufacturing market by revenue is expected to grow at a CAGR of over 10% during the period 2020-2026.
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