According to the report titled ‘Global Medical Device Contract Manufacturing Market by Device Type (IVD, Cardiovascular, Diabetes Care, Drug Delivery, Orthopedic, Ophthalmic, Endoscopy Devices), Class of Device (Class I, II, III), by service type (Device Development and Manufacturing Services, Quality Management Services), by packaging and assembly type (Primary & Secondary Packing, Labelling, Other Packaging and Assembly Services, Other Services), Regional Forecasts 2021-2027’, available with Market Study Report, global medical device contract manufacturing market was worth USD 59.1 billion in 2020 and is expected to grow at a yearly rate of 11.5% during 2021-2027, thereby accumulating USD 126.6 billion by the end of analysis period.
 

Factors like developments in medical devices sector attributable to high demand for in-home healthcare equipment, rising prevalence of various chronic and infectious diseases, along with increasing healthcare expenditure are propelling the expansion of global medical device contract manufacturing market. Governments across several geographies are launching healthcare initiatives, like Ayushman Bharat- National Health Protection Scheme (AB-PMJAY) in India and Healthy China 2030 in China, to bring further development in the healthcare infrastructure.
 

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Additionally, elderly population is vulnerable to orthopedic, neurological, and cardiovascular problems, which in turn is creating strong demand for various medical devices, augmenting the industry outlook.
 

For the unversed, medical device contract manufacturing refers to a system in which third-party manufacturing contractor produces a particular medical device or component for medical device company and the later focus on their core competencies.
 

On the contrary, consolidation in the medical devices vertical might slow down the progress of global medical device contract manufacturing market in the coming years.
 

Speaking of geographical ambit, North America, Latin America, Asia Pacific, and Europe are key contributors to the industry remuneration. Among these, Asia Pacific market holds a significant market share currently, owing to lesser raw materials and labor costs compared to other regions, and surging demand for medical devices due to development in healthcare infrastructure.
 

Furthermore, growing adoption of technologically advanced products, and presence of less stringent rules & policies related to manufacturing of medical devices are also adding momentum to the market development in APAC region.
 

Key players operating in global medical device contract manufacturing market are Kimball Electronics, Inc., Integer Holdings Corporation, Benchmark Electronics, Inc., Plexus Corporation, TE Connectivity Ltd., Jabil, Inc., Gerresheimer AG, Sanmina Corporation, Nipro Corporation, and Celestica, Inc.