Medical Device Contract Manufacturing Market to be Dominated by Packaging and Assembly Devices Through 2028
High burden of chronic diseases is driving the growth of the
market in the forecast period 2024-2028.
According to the TechSci Research report, “Medical Device Contract Manufacturing Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”. Global Medical Device Contract Manufacturing market is projected to increase at an impressive rate
in the forecast period 2024-2028. The global medical device contract
manufacturing market is driven by various factors such as increasing complexity
and customization of medical devices, cost optimization efforts by Original Equipment
Manufacturers (OEMs), emphasis on quality and regulatory compliance, and
advancements in manufacturing technologies. Additionally, globalization and
outsourcing of manufacturing activities have become common practices in the
medical device industry. Contract manufacturing enables OEMs to access a global
network of manufacturing partners, which allows them to tap into specialized
capabilities, geographical advantages, and cost efficiencies offered by
contract manufacturers in different regions.
Contract manufacturing
can provide cost-effective solutions for medical device production, as it
allows OEMs to leverage the economies of scale, reduce capital investments, and
optimize manufacturing processes. Contract manufacturers often have established
supply chains, manufacturing expertise, and operational efficiencies that can
result in cost savings for OEMs. This, in turn, is expected to support the
growth of global medical device contract manufacturing market during the
forecast period.
However, lack of
constant innovation to balance technological capabilities against cost, can
hamper the growth of global medical device contract manufacturing market.
Additionally, increasing consolidation in the medical device industry due to
mergers and acquisitions of various companies, especially the small and medium
sized companies, can further slow-down the growth of global medical device
contract manufacturing market.
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TOC on the "Medical Device Contract Manufacturing Market.”
Global Medical Device Contract Manufacturing market is segmented based on devices
type, class of devices, services, and region.
Based on device type, the global
medical device contract manufacturing market is categorized 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 and Laparoscopy
Devices, Gynecology and Urology Devices, Neurology Devices, Patient Monitoring
Devices, Patient Assistive and Monitoring Devices, & Others. Drug Delivery devices
gained highest market share in the segment. The demand for prefilled syringes
has increased due to zero waste and zero calibration error during the course of
treatment. Additionally, growing demand for biologics due to rise in chronic
diseases prevalence is anticipated to the boost drug delivery devices segment
growth throughout the forecast period.
Based on class of devices,
the global medical device contract
manufacturing market is divided into class I, class II, and class III. The class III category dominated the
market for advanced wound care in 2022, accounting for highest revenue share. Class
III segment includes high-risk devices that are very important to health or
sustaining life. Class III medical
devices includes Breast implants, pacemakers, defibrillators, high-frequency
ventilators, cochlear implants, fetal blood sampling monitors, and implanted prosthetics.
Major companies operating
in the Medical Device Contract Manufacturing market are:
- Flex, Ltd.
- Integer
Holdings Corporation
- Jabil Inc.
- Synecco Ltd.
- Invetech Pty
Ltd.
- Gerresheimer
AG
- Sanmina
Corporation
- Nipro
Corporation
- Celestica
International LP.
- Plexus Corp.
Various companies operating in the market are following strategies such as
mergers & acquisitions, collaborations & partnerships, etc., expanding
their manufacturing capabilities, opening new manufacturing units in order to
cater to the market demand and have an edge over other players operating in the
global medical device contract manufacturing market. For instance, a collaboration
agreement on the contract development and manufacturing organization (CDMO) of
in vitro diagnostic devices was signed by Somnics, Inc. and Maxnerva Technology
Services, in June 2021.
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The Asia Pacific region is expected to register highest growth in the global
medical device contract manufacturing market. The region has emerged as a
global manufacturing hub for medical devices due to factors such as
cost-effective labor, advanced manufacturing capabilities, and increasing
demand for medical devices from domestic and global markets. The market is
characterized by a wide range of contract manufacturers, ranging from large
multinational corporations to SMEs, with diverse capabilities and expertise.
The regulatory landscape in Asia Pacific is evolving, with regulatory bodies in
countries such as China and India implementing stricter regulations to ensure
the quality and safety of medical devices. The market is driven by factors such
as increasing healthcare spending, rising awareness about healthcare, and
growing prevalence of chronic diseases. The demand for medical devices in Asia
Pacific is also driven by the aging population and the increasing middle-class
population with higher purchasing power.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Medical Device Contract Manufacturing Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Devices
Type (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 and
Laparoscopy Devices, Gynecology and Urology Devices, Neurology Devices, Patient
Monitoring Devices, Patient Assistive and Monitoring Devices, & Others), By
Class of Devices (Class I, Class II, Class III), By Services (Device
Development & Services, Quality Management Services, Packaging and Assembly
Devices), By Company and By Region,
has evaluated the future growth potential of Medical Device Contract
Manufacturing market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Medical Device Contract
Manufacturing market.”
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