01 December 2020
Visiongain has published a new report on Medical Device Contract Manufacturing Market Report 2021-2031 : Forecasts by Sector (Electronic Manufacturing Services, Materials Processing, Finished Products), by Product (Cardiovascular, Irradiation, Patient Recovery/Noninvasive, Spinal & Neuromodulation, Diabetes, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). PLUS Analysis of Leading Medical Device Contract Manufacturing Companies AND COVID-19 Recovery Scenarios.
Global medical device contract manufacturing market is expected to value at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Increasing demand for medical products in developing as well developed economies coupled with rising ageing population is expected to open new opportunities for medical device contract manufacturing industry over the forecast period.
In recent years, the medical device industry has expanded, led largely by longer life expectancy and increased healthcare spending. In developing markets, this is particularly evident. In addition, a move to value-based healthcare solutions has been generated by the regulatory climate, which has resulted in intensified competitiveness, evolving business models and the introduction of new strategies for achieving sustained growth in this competitive industry. In addition, the growing geriatric population and the resulting rise in the incidence and prevalence of chronic diseases are also pushing the global acceptance of medical devices.
In these recent economic downturns, more medical device companies have started to reflect and evaluate whether their current business model is the most efficient going forward. In addition to medical devices, other healthcare products, such as dietary supplements and pharmaceuticals require significant capital outlay, technical expertise and proficiency with regulatory requirements in domestic and international markets. One of the main reasons cited by medical device companies regarding the reasons behind outsourcing was that it allowed them to focus and invest more in their core competencies.
In the medical device contract manufacturing industry, developing economies such as China, India, and Brazil present substantial growth prospects for players. Their tremendous customer population, increasing knowledge of healthcare, and developments in healthcare facilities have created a desirable climate for healthcare markets to expand overall. When compared to their developed counterparts, these countries still have relatively lenient laws. In addition, the adoption of medical devices has expanded healthcare spending in these countries and increased healthcare costs. This is also a big factor behind home healthcare selection. Many major medical device contract suppliers are participating in these developing markets with visible growth opportunities.
Outsourcing the manufacturing operations allows the medical device firm to lower fixed operating costs, by reducing or eliminating factories, equipment and workers that may represent a significant financial capital. Furthermore, by outsourcing manufacturing to a third party, the variable unit costs (the variable cost of sales that fluctuates with raw material, energy, commodity, and currency prices) transform into fixed unit costs. The third-party vendor charges a fixed predetermined price per batch, allowing healthcare marketing firms to project break-even and profitability points with more certainty going forward. This in turns is expected to drive the market in coming years.
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