The medical device contract manufacturing market is expected to grow from US$ 65.23 billion in 2021 to US$ 130.03 billion by 2028. It is expected to grow at a CAGR of 10.3% from 2022 to 2028.
The increasing uptake of robotics and automation has contributed substantially to the growth of the medical device contract manufacturing market. The increasing demand for technological advancement in medical devices is another factor promoting the market growth. However, the consolidation of medical devices is the primary factor restraining the market.
Nonetheless, the increasing geriatric population, followed by growing healthcare expenditure in developed countries, will bring substantial growth opportunities during the forecast year. Moreover, ongoing research and development by various manufacturers also assist in developing new opportunities for the market. For instance, In July 2020, Channel Medsystems announced that it had obtained the FDA clearance for its next-generation Cerenecryotherapy product to treat menstrual bleeding. In January 2019, Venclose Inc. and Viant announced a collaboration for developing Venclose's next-generation Venclose Radiofrequency (RF) ablation catheter.
MARKET DYNAMICS
The growth of the medical device contract manufacturing market is majorly attributed to increasing demand for target diseases, rising demand for biosimilars & monoclonal antibodies, and surging uptake of immunotherapy drug categories compared to traditional treatment methods. However, challenges related to manufacturing medical device contract manufacturing are hampering the growth of the market.
Moreover, the rising demand for personalized medicinal treatments is driving the growth of the medical device contract manufacturing market.
MARKET SCOPE
The "Global Medical Device Contract Manufacturing Market Analysis to 2028" report aims to provide an overview of the medical device contract manufacturing market with detailed market segmentation based on technology, service type, packaging & assembly type, and class of devices. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global medical device contract manufacturing market is segmented into technology, service type, packaging & assembly type, and a class of devices. Based on technology, the market is segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, ophthalmology devices, diabetes care devices, dental devices, endoscopy devices, respiratory care devices, surgical devices, gynecology/urology devices, personal care, neurology devices, and other devices. Based on service type, the market Is bifurcated into device development & manufacturing services and quality management services. Based on packaging & assembly type, the market is segmented into primary & secondary packing, labeling, and other packaging. The class of devices segment is further segmented into Class I medical devices, Class II medical devices, and Class III medical devices.
REGIONAL FRAMEWORK
The global medical device contract manufacturing market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report covers analysis and forecast of 18 countries worldwide along with trends and opportunities prevailing in the region. North America held the largest market share in the year 2021.
From the regional perspective, North America dominates the medical device contract manufacturing market with ~42% market share in 2021. The market growth in the region is majorly attributed to the lower cost of raw materials and cheap labor costs. Advanced healthcare infrastructure is another factor promoting the growth of the market.
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the medical device contract manufacturing market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
Manufacturing outsourcing has drastically changed in the recent past due to the COVID-19 crisis. The same has resulted in rising consolidation between OEMs and contract manufacturing organizations (CMOs). This shift has positively influenced the medical device contract manufacturing market to meet the urgent demand for life-saving ventilators required to support coronavirus victims. Companies that are serving multiple industries have made medical technologies their priority. There was an influx of COVID-19-related medical components that needed urgent production, ranging from test kits, accessories, and ventilator parts.
MARKET PLAYERS
The report covers key developments in the medical device contract manufacturing market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and the customer base of market players. The market players operating in the medical device contract manufacturing market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for medical device contract manufacturing.
The report also includes the profiles of key medical device contract manufacturing market companies and their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components and services offered, and financial information, for the last 3 years and key development in the past 5 years.
The list of a few companies engaged in the medical device contract manufacturing market is mentioned below:
- Flex, Ltd.
- Jabil, Inc.
- TE Connectivity, Ltd.
- Sanmina Corporation
- Nipro Corporation
- Celestica International
- Plexus Corporation
- Benchmark Electronics, Inc.
- Integer Holdings Corporation
- Gerresheimer Ag
- West Pharmaceutical Services, Inc.
- Nortech Systems, Inc.
- Consort Medical PLC
- Kimball Electronics Inc.
- Teleflex Incorporated
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.