Global Medical Device Contract Manufacturing Market Insights, Size and Growth Forecast To 2027
The global medical device contract manufacturing market is expected to grow at a CAGR of ~10.9% from 2021 to reach ~122.8 billion by 2027. The growth is primarily attributed to rising prevalence of lifestyle diseases, growing life expectancy, growing medical device market, technological advancement and rising geriatric population, and impact of industry 4.0 on medical device industry. However, consolidation in the medical devices is expected to hinder the growth of the market. By Device type: IVD segment to grow at highest CAGR Based on device type, IVD segment accounted for largest share of medical device contract manufacturing market in 2020. The growth of this segment can be ascribed by COVID pandemic, rising number of hospitals & clinics, technological advancements, advancement in life science research, rising volume of IVD tests and greater availability of IVD kits and reagents. Due to COVID pandemic demand for kits and devices has increased which is expecte...