Medical Device Contract Manufacturing Market to grow at a CAGR of 11.19%
The anticipated rise in the medical device contract manufacturing market share is projected to reach USD 46.18 billion between 2021 and 2026, with a growth momentum accelerating at a CAGR of 11.19%, as reported by Technavio.
The impact of Industry 4.0 on the medical device sector stands out as a key factor propelling this market expansion. The ongoing development and production of intricate medical devices, such as pacemakers and implantable devices, are fueling innovations in Class III medical devices.
However, the manufacturing of Class III devices in large volumes poses challenges for many companies due to the intricate assembly and testing processes. In response to these challenges, automated manufacturing and fabrication have gained popularity, given the complexity involved in producing these devices.
Consequently, medical device contract manufacturers are adopting Industry 4.0 technologies, including cloud computing, machine-to-machine (M2M) communication, and network-physical systems, to address these complexities. These advanced technologies are expected to be instrumental in driving market growth throughout the forecast period.