Medical Device Contract Manufacturing Market Size

More than 100 medical devices were approved by the FDA in 2018, while several are currently being evaluated across more than 9,500 (active) clinical trials, worldwide. Further, the increase in the aging population, coupled with a rise in the prevalence of chronic disorders, are likely to drive the demand for medical devices. Therefore, in order to reduce the overall cost and expedite the time to market, the majority of original equipment manufacturers (OEMs) are outsourcing their medical device manufacturing operations to CMOs.

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