Medical Device Contract Manufacturing Market Size, Share, Growth Analysis, By Device Type(IVD devices, drug delivery devices), By Service(Device development and manufacturing services, quality management services and final goods assembly services), By Application(Oncology, neurovascular) - Industry Forecast 2024-2031

North America is expected to account for the largest revenue share during the forecast period. The growth of this region is attributed to increasing prevalence of chronic diseases, high levels of unhealthy eating and drinking habits among the people living in the United States, growing cancer cases, and increasing technological advancements in the medical devices. The U.S is the leading market in the North America region due to an increase in patients suffering from cancer which leads to the rising need for medical devices that can be helped in the diagnosis and treatment of cancer. This factor is further anticipated to grow the market. In addition, the rising outsourcing activities for the development of medical devices via the companies engaged in contract manufacturing will also lead to an increase in the demand of the medical device contract manufacturing market.

Asia Pacific is expected to witness significant growth during the forecast period. The growth of this region is attributed to rapid economic growth, favourable government's initiatives to provide better healthcare, increasing R&D activities in the pharmaceutical industry, increasing prevalence of diabetics, cardiovascular disorders, and obesity in developing economies.