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

Global Medical Device Contract Manufacturing Market size was valued at USD 63.58 billion in 2022 and is poised to grow from USD 70.83 billion in 2023 to USD 167.99 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031). 

The medical device contract manufacturing market for medical devices is experiencing robust growth, driven by increased demand for the medical devices and technological advancements in the market has shown resilience and recovery, with a significant increase in the outsourcing of medical devices. The increase is driven by higher demand for devices such as ventilators and COVID-19-related products, putting companies in touch with contractors for their expertise and capabilities. The medical device contract manufacturing market with its diverse range of devices and product lines drives the demand for contract manufacturing services. 

Companies that do not have in-house manufacturing facilities are turning into more contract manufacturers, fueling market growth. The initiatives taken to widen the acceptance and usage of medical devices across the globe, such as new regulatory framework and strategic approach also contribute to the market expansion. The in vitro diagnostic (IVD) device segment is poised to hold a significant share of the market demand for providing point-of-care devices is increasing. The market is driven by accessibility and expansion by key market players in North America, especially the US, as a key contributor to the market.

US Medical Device Contract Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.