According to the TechSci Research report, “Medical Device Contract Manufacturing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”. Global Medical Device Contract Manufacturing market is projected to increase at an impressive rate in the forecast period 2024-2028. The global medical device contract manufacturing market is driven by various factors such as increasing complexity and customization of medical devices, cost optimization efforts by Original Equipment Manufacturers (OEMs), emphasis on quality and regulatory compliance, and advancements in manufacturing technologies. Additionally, globalization and outsourcing of manufacturing activities have become common practices in the medical device industry. Contract manufacturing enables OEMs to access a global network of manufacturing partners, which allows them to tap into specialized capabilities, geographical advantages, and cost efficiencies offered by contract manufacturers in different regions.
Contract manufacturing can provide cost-effective solutions for medical device production, as it allows OEMs to leverage the economies of scale, reduce capital investments, and optimize manufacturing processes. Contract manufacturers often have established supply chains, manufacturing expertise, and operational efficiencies that can result in cost savings for OEMs. This, in turn, is expected to support the growth of global medical device contract manufacturing market during the forecast period.
However, lack of constant innovation to balance technological capabilities against cost, can hamper the growth of global medical device contract manufacturing market. Additionally, increasing consolidation in the medical device industry due to mergers and acquisitions of various companies, especially the small and medium sized companies, can further slow-down the growth of global medical device contract manufacturing market.
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Global Medical Device Contract Manufacturing market is segmented based on devices type, class of devices, services, and region.
Based on device type, the global medical device contract manufacturing market is categorized into IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy and Laparoscopy Devices, Gynecology and Urology Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive and Monitoring Devices, & Others. Drug Delivery devices gained highest market share in the segment. The demand for prefilled syringes has increased due to zero waste and zero calibration error during the course of treatment. Additionally, growing demand for biologics due to rise in chronic diseases prevalence is anticipated to the boost drug delivery devices segment growth throughout the forecast period.
Based on class of devices, the global medical device contract manufacturing market is divided into class I, class II, and class III. The class III category dominated the market for advanced wound care in 2022, accounting for highest revenue share. Class III segment includes high-risk devices that are very important to health or sustaining life. Class III medical devices includes Breast implants, pacemakers, defibrillators, high-frequency ventilators, cochlear implants, fetal blood sampling monitors, and implanted prosthetics.
Major companies operating in the Medical Device Contract Manufacturing market are:
- Flex, Ltd.
- Integer Holdings Corporation
- Jabil Inc.
- Synecco Ltd.
- Invetech Pty Ltd.
- Gerresheimer AG
- Sanmina Corporation
- Nipro Corporation
- Celestica International LP.
- Plexus Corp.
Various companies operating in the market are following strategies such as mergers & acquisitions, collaborations & partnerships, etc., expanding their manufacturing capabilities, opening new manufacturing units in order to cater to the market demand and have an edge over other players operating in the global medical device contract manufacturing market. For instance, a collaboration agreement on the contract development and manufacturing organization (CDMO) of in vitro diagnostic devices was signed by Somnics, Inc. and Maxnerva Technology Services, in June 2021.
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The Asia Pacific region is expected to register highest growth in the global medical device contract manufacturing market. The region has emerged as a global manufacturing hub for medical devices due to factors such as cost-effective labor, advanced manufacturing capabilities, and increasing demand for medical devices from domestic and global markets. The market is characterized by a wide range of contract manufacturers, ranging from large multinational corporations to SMEs, with diverse capabilities and expertise. The regulatory landscape in Asia Pacific is evolving, with regulatory bodies in countries such as China and India implementing stricter regulations to ensure the quality and safety of medical devices. The market is driven by factors such as increasing healthcare spending, rising awareness about healthcare, and growing prevalence of chronic diseases. The demand for medical devices in Asia Pacific is also driven by the aging population and the increasing middle-class population with higher purchasing power.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Medical Device Contract Manufacturing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Devices Type (IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy and Laparoscopy Devices, Gynecology and Urology Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive and Monitoring Devices, & Others), By Class of Devices (Class I, Class II, Class III), By Services (Device Development & Services, Quality Management Services, Packaging and Assembly Devices), By Company and By Region, has evaluated the future growth potential of Medical Device Contract Manufacturing market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Medical Device Contract Manufacturing market.”
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