Medical Device Contract Manufacturing Global Market – Forecast To 2028
Medical Device Contract Manufacturing Global Market estimated to be worth of $82.0 billion by 2028
IQ4I Research & Consultancy published a new report on “Medical Device Contract Manufacturing Global Market – Forecast To 2028” This report analyzes and studies the overall market, major Drivers & Opportunities, Restraints & Threats in North America, Europe, Asia-Pacific and Rest of the World.
IQ4I’s Report Contains 79 market data tables and 105 figures spread through 550 pages and an exhaustive TOC on “Medical Device Contract Manufacturing Global Market”, [PRODUCT (Diagnostic and Monitoring Devices, Therapeutic Devices, Drug Delivery Devices and Others); DEVICE TYPE (Electronic Medical Device and Non-Electronic Medical Device); SERVICE (Product Design and Development Service, Product Manufacturing and Assembly Services, Quality Assurance and Quality Control (QA and QC), Regulatory Consulting Services and Packaging and Sterilization); APPLICATION (Cardiovascular Diseases, Diagnostic Imaging, Orthopedic, Endoscopy, Dental, Diabetes Care, Wound Care, Nephrology, IVD, Respiratory and Others); REGION (North America, Europe, Asia-Pacific and Rest of the World)]
The continuous pursuit of branded medical device companies to achieve operational agility and cost-savings has led to increased demand Medical device contract manufacturing (MDCM), a form of outsourcing in which a manufacturing company makes the whole medical device or certain components of medical devices as per the specifications of Original equipment manufacturer (OEM). The current, vertically integrated MDCM companies that have ascended up the global medical device value chain have evolved to become a trusted ‘concept to commercialization’ partner of the OEMs by providing a complete package of services for both the conventional and new generation medical devices for various medical needs.
According to IQ4I estimations, the medical device contract manufacturing global market is expected to reach $82,035.6 million by 2028 growing at a mid single digit CAGR from 2021 to 2028. Factors like the increasing trend of outsourcing among the medical device OEMs to enhance the speed to market of their proprietary products economically, the necessity for OEMs to perpetuate their market share and achieve operational efficiency and competitive edge over their peers by gaining timely, economical access to the advanced, scale appropriate and multiple product manufacturing capabilities of CMOs, the need to meet the huge volume medical device demand associated with persistently escalating prevalence of chronic and infectious diseases and varying medical needs of steadily escalating geriatric population, the gradual transition of medical device market to the value enhanced and cost-efficient disposable devices, increase in surgical procedural volume, hospitalizations and developing healthcare facilities across the globe, the requirement of medical device companies to stay abreast in the highly competitive medical device market with technologically advanced medical devices, and the trend of consolidation in the market are propelling the market growth. Factors like lack of competency among CMOs to develop Class III medical devices, dearth of skilled manufacturing technicians, the necessity of CMOs to adhere to the stringent regulatory guidelines during the medical device development and manufacturing and increasing concerns among OEMs about the threat to their intellectual property (IP) assets are dampening the market growth.
The report covers business intelligence information and analysis of various MDCM market segments based on the device type, service type, product type, application and geography. The Electronic MDCM segment is the largest and fastest emerging device type service segment and is expected to grow at a mid single digit CAGR from 2021 to 2028 while the Product Manufacturing and Assembly service segment is the largest and fastest emerging service segment that is also expected to grow at a mid single digit CAGR during the forecasted period. The Therapeutic devices contract manufacturing segment fetched the largest revenue in 2021 while Drug delivery devices contract manufacturing segment is the fastest emerging segment and both are expected to grow at a mid single digit CAGR from 2021 to 2028. The IVD application market accounted for the largest share in 2021 while Orthopedics application market is the fastest emerging segment and both are expected to grow at a mid single digit CAGR during the forecasted period. North America dominated the MDCM market in 2021 and is expected to grow at a mid single digit CAGR from 2021 to 2028 while Asia-Pacific region is the fastest emerging region that is expected of growing a high single digit CAGR during the forecasted period.
During COVID-19 pandemic, the demand for services and hence revenue of certain application markets of MDCM had been adversely affected especially in 2020 attributed to significant decline in elective medical procedures while owing to the skyrocketing demand for certain pandemic associated essential devices, some of the product and application markets of the industry unexpectedly flourished. The industry has rebounded back in 2021.
Some of the prominent players in the fragmented MDCM global market are Jabil Inc. (U.S.), Integer Holdings Corporation (U.S.), Flex Ltd. (Singapore), Celestica Inc. (Canada), Sanmina Corporation (U.S.), Plexus Corp. (U.S.), Gerresheimer AG (Germany), Molex, LLC (U.S.), Viant (U.S.), TE Connectivity Ltd. (Switzerland), Tecomet, Inc. (U.S.), Orchid Orthopedic Solutions (U.S.) and others.