Other medical device companies are also acquiring marketing managers to reduce their contract manufacturing costs. This leads to a change in the manufacture of medical devices. In 2017, Nordson (USA) acquired the Advanced Technology business unit of Vention Medicals (USA). This segment has expertise in the design, development and manufacture of minimally invasive interventional delivery devices, catheters and advanced components. This development will shift a tiny fraction of medical device manufacturing from CMOs to OEMs. Contract production of medical devices requires the support of third-party companies in the production of medical devices. Contract manufacturing of medical devices allows companies to manufacture products based on the latest innovations without deviating from their core business. Contract manufacturing of medical devices allows companies to focus on their core activities such as marketing drugs or services, which is driving the growth of the market. The medical device contract manufacturing industry is experiencing a huge increase due to the benefits, which implies a reduction in overall costs and a reduction in the time it takes for the product to enter the market. In addition, companies do not need to set up production units in different countries to expand their product range. By manufacturing their products by contract manufacturers of medical devices in different countries, companies will meet the requirements.

In this way, they can use their capital investment for their production. Contract manufacturing companies for medical devices have been continuously monitoring the situation since the beginning of the pandemic. Market participants have ensured that supply chain disruptions are minimal for their customers. To ensure safety, companies have also implemented stricter cleaning and disinfection procedures, imposed visitor advice and control, restricted business travel, established remote working arrangements and strict quarantine measures. Governments in several countries in the APAC region are encouraging stakeholders to integrate version 4.0 into their manufacturing processes to advance the development of technologically advanced medical devices. For example, Thailand`s Growth Model 4.0 has created an innovative center to increase the development and manufacture of medical technology devices. The Intellectual Property Innovation-driven Entrepreneurship Center (IP-IDE) manages its own pool of patent data and information, which continues to be shared with small and medium-sized enterprises (SMEs) to develop new technologies. With the IP-IDE center, the Thai government wants to encourage Thai medical technology companies to innovate and expand in domestic and foreign markets. However, all this has a significant cost. CMOs face major challenges when it comes to meeting today`s technology needs while balancing high cost pressures.

Each feature and benefit must be weighed against cost to lead to a successful value-based solution. An important area of change is managing today`s data-driven environment while ensuring sufficient capabilities and technological improvements. For example, miniaturization is a critical trend in the medical device industry and an outstanding area of innovation. In order to benefit from this trend and gain an advantage in an increasingly competitive market, subcontractors are forced to make huge investments in order to update or develop the necessary technological know-how. 9 MARKET FOR THE CONTRACT MANUFACTURING OF MEDICAL DEVICES, BY REGION (page no. . . .