NEW YORK, Jan. 31, 2024 /PRNewswire/ — The medical device manufacturing outsourcing market is expected to grow by USD 46.24 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 10.85% during the forecast period, according to Technavio Research. Benchmark Electronics Inc., Cadence Inc., Celestica Inc., Cirtec Medical, Eurofins Scientific SE, Flex Ltd., Gerresheimer AG, Heraeus Holding GmbH, Integer Holdings Corp., Jabil Inc., Kimball Electronics Inc., NN Inc., Nortech Systems Inc., Plexus Corp., Sanmina Corp., Tata Sons Pvt. Ltd., TE Connectivity Ltd., Tecomet Inc., TRICOR Systems Inc., and West Pharmaceutical Services Inc. are key companies. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a Free PDF Sample Report
Technavio has announced its latest market research report titled Global Medical Device Manufacturing Outsourcing Market 2023-2027
Cadenceinc – The company offers medical device manufacturing outsourcing such as Cadence Device for medical device OEMs.
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The medical device manufacturing outsourcing market share growth by the EMS segment will be significant during the forecast period. The global Electronics Manufacturing Services (EMS) market, featuring companies like Jabil Inc., Celestica Inc., Sanmina Corp., and Flex Ltd., is expected to experience robust growth. Increased demand for EMS is driven by advancements in robotics, wireless products, and advanced medical software. Original Equipment Manufacturers (OEMs) are turning to outsourcing to cut manufacturing costs, enhance innovation, and improve supply chain management.
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Growing focus of OEMs on reducing medical device manufacturing costs
Growing complexities in product design and development
Emerging countries as a preferred outsourcing destination for medical device manufacturing
The growing focus of OEMs on reducing medical device manufacturing costs is a key factor driving growth. Global healthcare budget cuts have intensified pressure on medical device manufacturers to provide cost-effective services. To counter this, manufacturers are opting to outsource medical device manufacturing, reducing operational and production costs. Outsourcing helps OEMs cut product development costs significantly, with potential savings of up to 15% on total production costs and a reduction of 10%-30% in product development expenses.
The technological advances for manufacturing medical devices are a primary trend shaping the growth.
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Medical Device Manufacturing Outsourcing: Benefits
Outsourcing medical device manufacturing offers various benefits to the industry. It allows Original Equipment Manufacturers (OEMs) to leverage specialized expertise and resources, streamline production processes, and comply with stringent regulatory standards. By partnering with contract manufacturers, OEMs can access a flexible supply chain, optimize production costs, and focus on core competencies such as research and development. Additionally, outsourcing enables OEMs to benefit from just-in-time manufacturing, cost-effective component sourcing, and advanced quality control measures. This approach also supports efficient prototype development, regulatory submission support, and intellectual property protection.
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The Iin Vitro Diagnostics (IVD) Contract Manufacturing Market size is estimated to grow by USD 9,370.27 million at a CAGR of 11.84% between 2022 and 2027.
What are the key data covered in this medical device manufacturing outsourcing market report?
CAGR during the forecast period
Detailed information on factors that will drive the growth of the medical device manufacturing outsourcing market between 2022 and 2027.
Precise estimation of the medical device manufacturing outsourcing market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the medical device manufacturing outsourcing market across North America, Europe, Asia, and ROW
A thorough analysis of the competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of medical device manufacturing outsourcing market companies.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Product
Segmentation by Medical Device Regulatory Classification
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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SOURCE Technavio