What is the global market size of Medical Device Contract Manufacturing Market?

Medical Device Contract Manufacturing Market size was valued at around USD 65.81 billion in 2021 and is poised to grow from USD 73.25 billion in 2022 to USD 172.48 billion by 2030, at a CAGR of 11.30% over the forecast period (2023–2030).

Who are the key vendors in the Global Medical Device Contract Manufacturing Market?

The global medical device contract manufacturing market is competitive due to the presence of prominent players. Advancements in medical technologies have promoted important market players to expand their production capacities by penetrating into developed economies. 'Flex, Ltd.', 'Nortech Systems, Inc.', 'Sanmina Corporation', 'Nipro Corporation', 'Jabil Inc.', 'Nemera Development S.A.', 'TE Connectivity Ltd.', 'Kimball Electronics, Inc.', 'Viant Medical', 'Celestica International Lp.', 'Plexus Corp.', 'SMC Ltd.', 'Phillips-Medisize Corporation', 'Benchmark Electronics Inc.', 'Integer Holdings Corporation', 'Gerresheimer AG', 'Consort Medical PLC', 'Tessy Plastics Corp', 'Tecomet, Inc.'

What is the key driver of Global Medical Device Contract Manufacturing Market?

The increased connectivity and data-gathering capabilities of these technologies makes it possible to build high-volume, regulation-compliant manufacturing processes with efficient inventory and production management. Governments such as APAC are encouraging the players to integrate 4.0 in their manufacturing processes to further boost the development of technologically advanced medical devices. Hence the increasing adoption of industry 4.0 technologies in manufacturing critical and sophisticated medical devices and enhancing the technology pool is further anticipated to grow the global market.

What is the key market trend for Global Medical Device Contract Manufacturing Market?

Miniaturization trend has compelled OEMs and contract manufacturers to innovate compact devices for minimally invasive procedures. These devices are smaller, flexible, less expensive, less power-intensive and easier to transport. Moreover, minimally invasive surgeries employ robotics and endoscopic techniques.

Which region accounted for the largest share in Global Medical Device Contract Manufacturing Market?

North America is expected to account for the largest revenue share during the forecast period. The growth of this region is attributed to increasing prevalence of chronic diseases, high levels of unhealthy eating and drinking habits among the people living in the United States, growing cancer cases, and increasing technological advancements in the medical devices. The U.S is the leading market in the North America region due to an increase in patients suffering from cancer which leads to the rising need for medical devices that can be helped in the diagnosis and treatment of cancer. This factor is further anticipated to grow the market. In addition, the rising outsourcing activities for the development of medical devices via the companies engaged in contract manufacturing will also lead to an increase in the demand of the medical device contract manufacturing market.

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

Report ID: SQMIG35A2534 | Region: Global | Published Date: September, 2024
Pages: 219 | Tables: 94 | Figures: 75

Medical Device Contract Manufacturing Market Insights

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.

Medical Device Contract Manufacturing Market Report Snapshots

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The competitive landscape of the medical device contract manufacturing market is composed of a wide variety of players including established companies, specialty contractors and emerging companies. These companies compete based on their technological expertise, manufacturing capabilities, regulatory compliance, and ability to provide end-to-end services, from product design to production and post-market support. Strategic partnerships, mergers and acquisitions, and investment in cutting-edge technologies are common strategies used by key players to maintain a competitive edge in this rapidly evolving market. 'Jabil Inc. (US) ', 'Flex, Ltd. (US) ', 'Plexus Corp. (US) ', 'Integer Holdings Corporation (US) ', 'Celestica Inc. (Canada) ', 'West Pharmaceutical Services, Inc. (US) ', 'Benchmark Electronics Inc. (US) ', 'Kimball Electronics, Inc. (US) ', 'Nortech Systems, Inc. (US) ', 'Phillips-Medisize Corporation (US) ', 'Tessy Plastics Corp. (US) ', 'Tekni-Plex (US) ', 'Recipharm AB (Sweden) ', 'Gerresheimer AG (Germany) ', 'Carclo PLC (UK) ', 'Nemera (France) ', 'SMC Ltd. (UK) ', 'Sanmina Corporation (Japan) ', 'Nipro Corporation (Japan) ', 'NOLATO GW, Inc. (NOLATO AB) (Sweden) ', 'Mehow (Japan)'

Increasing demand for medical devices arising from increasing incidence of chronic diseases, aging population and advancement in healthcare is a major driver of the medical device contract manufacturing market. Growing demand for new high-end equipment and original equipment manufacturers (OEMs) collaborate with contractors to increase productivity and reduce costs. This collaborative effort that also draws attention building on similar core competencies enables faster production timelines and enhances world-class medical technology.

The adoption of advanced manufacturing technologies such as automation, 3D printing, and robotics is revolutionizing medical device contract manufacturing. These innovations increase, lower production, accuracy time, permitting cost-powerful customization of the medical devices. For instance, 3D printing permits rapid prototyping and production of complex scientific tool parts, at the same time as automation guarantees steady and scalable product quality and increases innovation and efficiency in the medical device contract manufacturing industry.

North America dominated the medical device contract manufacturing market share in 2023 with 36.1% revenue. 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.

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Medical Device Contract Manufacturing Market Insights

Medical Device Contract Manufacturing Market Report Snapshots

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What is the global market size of Medical Device Contract Manufacturing Market?

Who are the key vendors in the Medical Device Contract Manufacturing Market?

What is the key driver of Medical Device Contract Manufacturing Market?

What is the key market trend for Medical Device Contract Manufacturing Market?

Which region accounted for the largest share in Medical Device Contract Manufacturing Market?

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