Medical Device Contract Manufacturing Market Size, Share, Growth Analysis, By Device Type(IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices), By Class Device(Class I: General controls, Class II: General controls with special controls, and Class III: General controls, special controls), By Service(Device Development and Manufacturing, Quality Management, Packaging and Assembly Services, and Other Services), By Region - Industry Forecast 2024-2031

North America dominated the medical device contract manufacturing market in 2023 with 36.1% revenue share. Notably, there are many established biotechnology, pharmaceutical and medical device companies. In addition, increasing R&D investments by life sciences and pharmaceutical companies are expected to increase the sector’s demand for contract manufacturing independently. Strict regulation manufacturing and quality issues are also expected to provide opportunities for growth in medical device contract manufacturing.

Asia-Pacific is expected to witness a profitable growth rate of 10.6% during the forecast period due to improving healthcare infrastructure and economic growth in developing countries. This can be attributed to supportive regulatory changes, especially in countries like India, and cost-saving opportunities in Asian countries. Moreover, cGMP-compliant areas are expected to be established market players in the region will boost the market. Moreover, China is a major producer of low-cost electronics and goods. Therefore, it is expected to attract a significant number of investors. Furthermore, labor flexibility is greater in Asia Pacific due to lower production costs, tax advantages and availability of relatively cheap skilled labor but differences in time zones, cultures, speech and intellectual property rights in may restrain the growth of the market.