Global Medical Device Contract Manufacturing Market to Expand with Developing Healthcare Infrastructure
Published On : Dec 07, 2018 | Category : Healthcare
Global financial crisis is a difficult business environment where in possible customers are more inclined towards reducing the prices of goods and services until the economic condition improves. In the last couple of years, both the medical device industry as well as the pharmaceutical industry have been facing huge reduction in terms of development of new products. Not only that, these industries also have to handle price reduction owing to the financial crisis scenario in the market.
There are a number of factors boosting the overall market for medical device contract manufacturing market. World Health Organization states that as per their statistics, most of the medical cause deaths are a result of cardiovascular attacks and strokes. Thus, the increase in the number of heart problems is propelling the market for medical device contract manufacturing in the years to come. The increase in the number of diagnostic procedures are also fueling the market for in-vitro diagnostic medical devices, thus, further accelerating the global medical device contract market in the long run.
Rising Geriatric Population to Further Increase Market Demand
With the advancement in technology and the introduction of devices to be operated electronically, the electronics segment is projected to dominate the market at a global level. Today’s generation being solely dependent on electronics is ultimately adding advantage to the global market since all medical devices run on electric power support and backup. Apart from that, based on segmentation by services, the global medical device contract manufacturing market could witness the dominance of prototype development as it is seen as the most attractive market in present time.
With regard to application, the market for medical devices could be dominated by the orthopedic segment. This is because of the rise in geriatric population that people of older age are more vulnerable to fall sick and fall prey to diseases like gastrointestinal problems, arthritis, gynecology problems, kidney problems and others. The rise in the number of these problems among the older generations are helping the medical device market to grow at a faster rate in the present time.
Asia Pacific to Create Lucrative Growth Opportunities with Low Labor Costs
The global medical device contract manufacturing market could witness the geographical dominance of the North American region. This is not only in terms of revenue generation but also because of the highly developed healthcare and medical sector that demands high and advanced treatment settings including all medical equipment, and devices. Moreover, the North American region is also seen to be ahead of the other regions in terms of awareness and adopting new medical treatment as compared to the other regions.
Besides North America, the region in Asia Pacific is also expected to provide lucrative growth opportunities in the years to come owing to the low production costs as well as manufacturing labor. Another factor to boost the overall growth of the medical device contract manufacturing market in the Asia Pacific region is the surge in the number of healthcare and medical infrastructure, especially in the emerging economies of Japan, China, and India that may further add a boost to the growth of the market in the years to come.