According to FutureWise analysis the market for medical device contract manufacturing in 2023 is US$ 79.05 billion, and is expected to reach US$ 182.43 billion by 2031 at a CAGR of 11.02%.
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.