Overview

Medical Device Contract Manufacturing Market Introduction

Medical device contract manufacturing market is estimated to value over USD 89.8 billion by 2027 end and register a CAGR of over 9.5% from the forecast period 2020 to 2027.

The rising demand for medical devices owing to improving healthcare infrastructure and lower cost of raw materials are increasing the market size. The growing adoption of technologically advanced products is triggering market growth. Increased life expectancy along with rising geriatric population is further positively influencing the market. An increase in healthcare expenditure alongside rising patient awareness is also inflating the medical device contract manufacturing market size.

The market is divided into device type, by service, by class of device and by region. Based on device type, IVD devices are expected to control the growth of the market. Technological advancements such as automation and high-throughput capabilities are stimulating the market. The rapid expansion of clinical laboratories and hospitals in emerging economies alongside advancements made in the area of life science is complementing the growth of the market.

In terms of service, the development and manufacturing services segment are expected to hold a vast share of the market. Expansion of medical devices industry and expensive cost for in-house manufacturing of medical devices with low returns on investment are increasing the demand for the development and manufacturing services segment thus expanding the market.

Based on the class of devices, class II medical devices are expected to be the front runner of the market owing to a low number of regulatory compliance issues related to class II medical devices.

Based on the region, North America dictates the growth of the market. Rising awareness among health care providers regarding medical devices coupled with favourable government initiatives is stimulating the growth of the market in the region. Constant innovation and evolution of advanced medical device products are further bolstering the market in the region.

Increase in manufacturing sites and technological advancements are expected to stimulate the market in regions like Asia-Pacific and Europe.

Prominent players of the market are Flex Ltd., Jabil Inc., Consort Medical PLC, Tessy Plastics, Corp, Nemera, Tecomet, Nordson Corporation, Kimball Electronics Inc., Teleflex Incorporated, Nortech Systems, Inc., Gerresheimer AG, Celestica Inc., Plexus Corporation, TE Connectivity, Ltd., Nipro Corporation, Benchmarker Electronics and Integer Holdings Corporation.

Competitive Landscape:

West Pharmaceutical Services, Inc in 2019, expanded its presence in Asia-Pacific by opening a new sales office in Korea
Jabil Inc. acquired True-Tech Corporation in 2019. The move helped Jabil Inc. to venture in machined medical components, semiconductor and aerospace components
Nemera Development SA collaborated with Novo Nordisk to build a manufacturing site in France to produce injectable devices

Medical device contract manufacturing market

Global Medical Device Contract Manufacturing Market Segmentation:

By Device

IVD Devices
IVD Consumables
IVD Equipment
Diagnostic Imaging Devices
Cardiovascular Devices
Drug Delivery Devices
Syringes
Autoinjectors & Pen Injectors
Inhalers
Orthopedic Devices
Ophthalmology Devices
Diabetes Care Devices
Dental Devices
Endoscopy Devices
Other Devices

By Service

Device Development and Manufacturing Services
Device Engineering Services
Process Development Services
Device Manufacturing Services
Quality Management Services
Packaging Validation Services
Inspection & Testing Services
Final Goods Assembly Services

By Class of Device

Class I Medical Devices
Class II Medical Devices
Class III Medical Devices

By Region

North America
Europe
Asia Pacific
Latin America
Rest of the World

FutureWise Key Takeaways

Growth Prospects
SWOT Analysis
Key Trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the global medical device contract manufacturing market by device, by service, by class of device and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
Evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financial and core competencies

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