SELBYVILLE, DE – The global electronic contract manufacturing services market is estimated to reach $554.2 billion by 2026, according to Market Study Report.

Rising cost-reduction pressure on OEMs, the intricacy of electronic products, and reduced product lifecycles have boosted demand for contract manufacturing services globally, the research firm says.

A new report anticipates the design and engineering segment to observe high growth throughout the projected period, owing to the growing preference of OEMs to subcontract their design requirements.

The global market is witnessing a rise in growth as a result of increasing demand for PCBs for mobile phones and tablets.

Numerous R&D centers and healthcare institutes in North America are engaged in developing innovative diagnostic products they intend to outsource from contract manufacturers, says Market Study Report. Such trends are projected to further boost market growth in the region.

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