Global Medical Device Contract Manufacturing Market

Medical Device Contract Manufacturing Market Size, Share, Growth Analysis, By Device Type (IVD Devices, Diagnostic Imaging Devices), By Class Device (Class I: General controls, Class II: General controls with special controls), By Service (Fillers & Diluents, Suspending & Viscosity Agents), By Functionality Application (Device Development and Manufacturing, Quality Management), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2534 | Region: Global | Published Date: September, 2024
Pages: 219 | Tables: 94 | Figures: 75

Medical Device Contract Manufacturing Market Insights

Global Medical Device Contract Manufacturing Market size was valued at USD 63.58 billion in 2022 and is poised to grow from USD 70.83 billion in 2023 to USD 167.99 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031). 

The medical device contract manufacturing market for medical devices is experiencing robust growth, driven by increased demand for the medical devices and technological advancements in the market has shown resilience and recovery, with a significant increase in the outsourcing of medical devices. The increase is driven by higher demand for devices such as ventilators and COVID-19-related products, putting companies in touch with contractors for their expertise and capabilities. The medical device contract manufacturing market with its diverse range of devices and product lines drives the demand for contract manufacturing services. 

Companies that do not have in-house manufacturing facilities are turning into more contract manufacturers, fueling market growth. The initiatives taken to widen the acceptance and usage of medical devices across the globe, such as new regulatory framework and strategic approach also contribute to the market expansion. The in vitro diagnostic (IVD) device segment is poised to hold a significant share of the market demand for providing point-of-care devices is increasing. The market is driven by accessibility and expansion by key market players in North America, especially the US, as a key contributor to the market.

US Medical Device Contract Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Medical Device Contract Manufacturing Market size was valued at USD 63.58 billion in 2022 and is poised to grow from USD 70.83 billion in 2023 to USD 167.99 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031). 

The competitive landscape of the medical device contract manufacturing market is composed of a wide variety of players including established companies, specialty contractors and emerging companies. These companies compete based on their technological expertise, manufacturing capabilities, regulatory compliance, and ability to provide end-to-end services, from product design to production and post-market support. Strategic partnerships, mergers and acquisitions, and investment in cutting-edge technologies are common strategies used by key players to maintain a competitive edge in this rapidly evolving market. 'Jabil Inc. (US) ', 'Flex, Ltd. (US) ', 'Plexus Corp. (US) ', 'Integer Holdings Corporation (US) ', 'Celestica Inc. (Canada) ', 'West Pharmaceutical Services, Inc. (US) ', 'Benchmark Electronics Inc. (US) ', 'Kimball Electronics, Inc. (US) ', 'Nortech Systems, Inc. (US) ', 'Phillips-Medisize Corporation (US) ', 'Tessy Plastics Corp. (US) ', 'Tekni-Plex (US) ', 'Recipharm AB (Sweden) ', 'Gerresheimer AG (Germany) ', 'Carclo PLC (UK) ', 'Nemera (France) ', 'SMC Ltd. (UK) ', 'Sanmina Corporation (Japan) ', 'Nipro Corporation (Japan) ', 'NOLATO GW, Inc. (NOLATO AB) (Sweden) ', 'Mehow (Japan)'

Increasing demand for medical devices arising from increasing incidence of chronic diseases, aging population and advancement in healthcare is a major driver of the medical device contract manufacturing market. Growing demand for new high-end equipment and original equipment manufacturers (OEMs) collaborate with contractors to increase productivity and reduce costs. This collaborative effort that also draws attention building on similar core competencies enables faster production timelines and enhances world-class medical technology. 

Technological Advances in Manufacturing: The adoption of advanced manufacturing technologies such as automation, 3D printing, and robotics is revolutionizing medical device contract manufacturing. These innovations increase, lower production, accuracy time, permitting cost-powerful customization of the medical devices. For instance, 3D printing permits rapid prototyping and production of complex scientific tool parts, at the same time as automation guarantees steady and scalable product quality and increases innovation and efficiency in the medical device contract manufacturing industry. 

North America dominated the medical device contract manufacturing market in 2023 with 36.1% revenue share. Notably, there are many established biotechnology, pharmaceutical and medical device companies. In addition, increasing R&D investments by life sciences and pharmaceutical companies are expected to increase the sector’s demand for contract manufacturing independently. Strict regulation manufacturing and quality issues are also expected to provide opportunities for growth in medical device contract manufacturing.

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Global Medical Device Contract Manufacturing Market

Report ID: SQMIG35A2534

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