The primary drivers of the medical device contract manufacturing market's expansion are the growing demand for minimally invasive surgical procedures and the growing outsourcing of medical device manufacturing by OEMs. The growing use of advanced technologies such as the Internet of Things in medical devices has led to contract manufacturers offering end-to-end services, from product design to regulatory approvals. They help OEMs reduce production costs and time-to-market by outsourcing manufacturing activities.
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Market Trends:
Growing demand for miniature and disposable medical devices: Miniature and disposable medical devices are gaining prominence due to their advantages such as reduced risk of infection, ease of use, and disposability. Contract manufacturers are focusing on developing miniature devices for applications such as drug delivery, endoscopy, and cardiac monitoring.
Adoption of Industry 4.0 in manufacturing: Implementation of advanced technologies such as 3D printing, AI, and IoT are helping contract manufacturers enhance productivity, quality, and capability. They are investing in Industry 4.0 technologies to facilitate customized production in low volumes.
Medical Device Contract Manufacturing Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$97.5 billion |
|
Estimated Value by 2030 |
$192.3 billion |
|
Growth Rate |
Poised to grow at a CAGR of 10.2% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Device, By Service |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing prevalence of chronic diseases • Increasing demand for medical devices |
|
Restraints & Challenges |
• Stringent rules and regulations • Risk of consolidation |
Market Opportunities:
With the largest
market share in 2022, the IVD devices category is anticipated to maintain its
leadership position throughout the forecast period. Rapid, accurate, and
affordable point-of-care testing is becoming more and more necessary as the
prevalence of infectious and chronic diseases rises.
Rising geriatric population and increasing healthcare spending are fueling the
demand for advanced medical imaging devices for disease diagnosis. Contract
manufacturers are partnering with OEMs to provide cost-effective solutions for
manufacturing CT, MRI, ultrasound and X-ray equipment. They help OEMs to expand
into new markets by leveraging their global network and regulatory expertise.
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Key Market Takeaways:
• The global medical device contract manufacturing market is anticipated to witness a CAGR of 10.2% during the forecast period 2023-2030, owing to growing demand for affordable healthcare solutions.
• On the basis of device, the IVD devices segment is expected to hold a dominant position, owing to increased focus on rapid diagnostics.
• On the basis of service, device development and manufacturing service segment held the largest share in 2022 due to comprehensive solutions offered by CMOs.
• On the basis of region, North America is expected to hold a dominant position over the forecast period. This is due to presence of major players and advanced healthcare infrastructure.
Key Players Insights
• Nordson Corporation
• Integer Holdings Corporation
• Plexus Corp.
• Jabil Inc.
• FLEX LTD.
• Celestica Inc.
• Viant Technology LLC
• Sanmina Corporation
Recent Developments:
In June 2022, medical device service provider, BAAT Medical, and Belgian contract manufacturer, Amnovis, partnered to deliver a cutting-edge and quick turnaround procedure for 3D printed medical equipment.
In May 2022, a 2,000 square foot balloon and balloon catheter center of excellence was established in Galway by Biomerics, one of the top vertically integrated medical device contract manufacturers catering to the interventional device market. After Costa Rica, this is Biomerics' second facility outside of the U.S. and their first in Europe.
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