Contract Manufacturing in Medical Device Market : Emerging Market Trends, Top Growing Segments and Future Developments
According to the new market research report Contract Manufacturing in Medical Device Market is estimated to reach $113.3 billion in 2026 from USD 65.9 billion in 2021, at a CAGR of 11.5% during the forecast period.
The key factors driving the growth of the Contract Manufacturing in Medical Device Market include the overall growth of the medical devices market, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management.
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on the class of device, the market is segmented into Class I, Class II,
and Class III medical devices. In 2020, the Class II medical devices
segment is projected to grow at the highest CAGR in the market. The
growth of this segment can be attributed to the large number of medical
devices that fall under this device class and their greater utilization
(compared to other classes) by end users and caregivers in the
healthcare industry. In addition, due to the outbreak of COVID-19,
governments minimized the regulatory compliance on these devices and
issued Emergency Use Authorizations (EUA) for diagnostics and PPE kits,
thereby boosting the market growth.
Based on device type, the
market is broadly segmented 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 devices,
gynecology/urology devices, personal care devices, neurology devices,
and other devices. In 2020, IVD devices accounted for the largest share
of the market. The large share of this segment can be attributed to the
increasing volume of IVD tests performed globally, the COVID-19
pandemic, the increasing availability of IVD kits and reagents, the
growing number of hospitals & clinical laboratories in developing
countries, automation & technological advancements in instruments
with high-throughput capabilities, and advances in life sciences
Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services and other services. The device development and manufacturing services segment dominated this market. The increasing adoption of contract manufacturing services in the medical device industry, growth in the medical devices market (especially in the single-use disposable medical devices market), and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment.
Geographically, the Contract Manufacturing in Medical Device Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to witness the fastest growth during the forecast period. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
Opportunity: Growing healthcare expenditure in the
Emerging economies such as China and India offer significant growth opportunities for players operating in the medical device contract manufacturing market. The large patient pool, growing healthcare awareness, and improving healthcare infrastructure in these countries have created a favorable environment for the overall growth of the healthcare market. These countries also have comparatively lenient regulatory requirements than developed countries.
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The prominent players in this market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062