Overview and Scope
Medical device contract manufacturing refers to a process where a Medtech company that owns the idea (sole proprietorship) outsources manufacturing to another medical device manufacturing firm. The medical device contract manufacturing is used for the benefits of cost optimization, device upgrade, regulatory guidance, or expansion.
Sizing and Forecast
The medical device contract manufacturing market size has grown rapidly in recent years. It will grow from <b>$88.36 billion in 2023 to $101.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. </b> The growth in the historic period can be attributed to cost efficiency, specialized manufacturing, supply chain resilience, quality and certification, regulatory expertise.
The medical device contract manufacturing market size is expected to see rapid growth in the next few years. It will grow to <b>$174.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. </b> The growth in the forecast period can be attributed to reshoring and nearshoring, additive manufacturing, economic and geopolitical factors, collaborative research and development (r&d), sustainable practices. Major trends in the forecast period include digital manufacturing, wearable devices, data security and privacy, material advancements, remote auditing and inspections.
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Segmentation & Regional Insights
The medical device contract manufacturing market covered in this report is segmented –
1) By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, Ophthalmology Devices, Orthopedic Devices, Dental Devices, Other Devices
2) By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service
3) By Application: Laparoscopy, Pulmonary, Urology, Gynecology, Other Applications
<b>North America</b> will be the largest region in the medical device contract manufacturing market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract manufacturing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising prevalence of chronic disorders is expected to propel the growth of the medical device contract manufacturing market going forward. Chronic diseases refer to conditions that require ongoing medical attention or limit activities. Smart medical devices help patients monitor their health conditions and better manage their chronic diseases. As a result, there is an increase in demand for medical device contract manufacturing. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, there would be 142.66 million people with chronic diseases worldwide by the year 2050, up from 71.522 million in 2020. Therefore, the rising prevalence of chronic disorders is driving the growth of the medical device contract manufacturing market.
Key Industry Players
Major companies operating in the medical device contract manufacturing market include <b> Benchmark Electronics Inc., Celestica International LP, Consort Medical plc, Flex Ltd., Gerresheimer AG, Integer Holdings Corporation, Kimball Electronics Inc., Nemera Development S.A., Nipro Corporation, Nortech Systems Inc., Phillips-Medisize Corporation, Plexus Corporation, Sanmina Corporation, Biofortuna Limited, Catalent Inc., Forefront Medical Technologies Pte Ltd., Invetech, SteriPack Group Ltd., Abbott Laboratories, Becton Dickinson and Company, Cardinal Health Inc., Danaher Corporation, GE HealthCare Technologies Inc., Hologic Inc., Intuitive Surgical Inc., Johnson & Johnson, Medtronic plc, Siemens Healthineers AG, Stryker Corporation, 3M Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, Fresenius Medical Care AG & Co. KGaA, Hill-Rom Holdings Inc., Masimo Corporation, ResMed Inc., Smith & Nephew plc, Teleflex Incorporated, Terumo Corporation, Zimmer Biomet Holdings Inc., Alcon Inc., Baxter International Inc., The Cooper Companies Inc., Dentsply Sirona Inc., Getinge AB, Olympus Corporation, Varian Medical Systems Inc. </b>
The medical device contract manufacturing market report table of contents includes
1. Executive Summary
2. Medical Device Contract Manufacturing Market Characteristics
3. Medical Device Contract Manufacturing Market Trends And Strategies
4. Medical Device Contract Manufacturing Market – Macro Economic Scenario
5. Global Medical Device Contract Manufacturing Market Size and Growth
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26. South America Medical Device Contract Manufacturing Market
27. Brazil Medical Device Contract Manufacturing Market
28. Middle East Medical Device Contract Manufacturing Market
29. Africa Medical Device Contract Manufacturing Market
30. Medical Device Contract Manufacturing Market Competitive Landscape And Company Profiles
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