Medical Device Contract Manufacturing Market Size Will Attain USD 167.34 Bn By 2030

The global medical device contract manufacturing market size accounted for 72.89 billion in 2022 and would grow to USD 167.34 billion by 2030, with a remarkable CAGR of 10.9% between 2022 and 2030.

Current market trends include a growth in offshore, particularly in emerging nations, and changes to the regulatory environment. Pharmaceutical and medical device businesses outsource low-end services to third parties (CMOs) to lower production costs overall and shorten the time it takes for products to reach the market. The market for medical device contract manufacturing is anticipated to expand as a result of rising demand for R&D and post-market product support services. A shift toward outsourcing crucial procedures, including design, development, evaluation, feasibility testing, regulatory compliance, and post-market manufacturing activities including product maintenance and updates, has been observed during the past few years.

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Market Growth

The increased incidence of chronic diseases worldwide, which is anticipated to have an impact on demand for medical device contract manufacturing, is one of the main factors fueling the market expansion for medical device contract manufacturing. Additionally, the prevalence of cardiovascular disorders will raise demand for medical equipment, fueling the expansion of the market for medical device contract manufacturing. For instance, cardiovascular illnesses are the world's largest cause of death, accounting for around 17.9 million deaths year, according to the World Health Organization 2022.

Medical Device Contract Manufacturing Market Report Scope

Report Highlights

• Device Insights: Due to the increasing use of point-of-care testing along with the adoption of fully automated instruments and lab automation, IVD devices accounted for a sizeable revenue share in the product type segment of the global medical device contract manufacturing market in 2019. This trend is expected to continue in the years to come.
• Service Insights: Device development and manufacturing services, final goods assembly services, and quality management services are the three categories under which the global medical device contract manufacturing market falls under the service category. Device development and manufacturing services retained the biggest market share among them, contributed around 53% of revenue share in 2019.
• Application Insights: It is anticipated that the demand for various orthopedic implants and devices, particularly among older people, will increase significantly in the coming years. During the analysis period, the orthopedic application sector is anticipated to expand at a CAGR of 12.9%.

Regional Analysis

Due to better healthcare services and the expansion of developing economies, the Asia Pacific (APAC) region, which had the biggest revenue share of 45.7% in 2021, is anticipated to maintain its dominance during the projected period. The rise of the North American area is mostly caused by rising internal production expenses, which push medical device businesses to pursue contract manufacturing as a means of cost-cutting. Additionally, the existence of major medical device manufacturers is anticipated to fuel the U.S. medical device contract manufacturing market.

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Market Dynamics

Drivers

It has been demonstrated that producing biologics in multi-product facilities is both safe and cost-effective because there is little to no risk of product carryover, which promotes market expansion. The expanding developments in healthcare, medical, and biomedical technologies, which are anticipated to fuel demand for medical device contract manufacturing during the forecast period, are another significant factor contributing to the rising need for medical device manufacturing.

Restraints

In order to maintain supply, there is now an unprecedented demand for the production of active pharmaceutical ingredients (APIs), completed doses, and medical devices. Manufacturers anticipate that outsourcing will result in cost savings and a quicker time to market, according to Medical Product Outsourcing. Various reputable tabloids claim that based on the 2020 Global Managed Services Report, businesses intend to outsource more work. According to a poll conducted by this report with 1,250 executives from 29 different countries, 45% of businesses want to increase their outsourcing over the next several years. However, the CMOs' constrained capacity for production could be a major hindrance to the market's expansion.

Opportunities

Along with the aforementioned elements, the COVID-19 pandemic's imposition had a marginally favourable effect on the market for medical device contract manufacturing. The number of Original Equipment Manufacturers (OEMs) merging with Medical Device Contract Manufacturing Organizations (CMOs) has increased; this is a crucial change because the companies are currently unable to meet the urgent demands of patients for the life-saving ventilators needed to support the coronavirus victims.

Challenges

Diagnostic procedures, personal protective equipment (PPE), ventilators, and other vital medical supplies saw unprecedented demand as a result of COVID-19. The supply-demand imbalance has been significantly impacted by COVID-19, which resulted in an increase of 1,000 to 2,000 times for PPE items and an increase of over 10% in raw material shortages, driving the by more than 100% in 2020.

Recent Development of Medical Device Contract Manufacturing Market

• July 2020: According to Channel Medsystems, its next-generation Cerenecryotherapy treatment to treat menstrual bleeding has received FDA clearance. Additionally, according to the company, patients and gynaecologists now more than ever need convenient and secure in-office therapy because to the COVID-19 pandemic.
• The next-generation Venclose Radiofrequency (RF) ablation catheter is being developed in conjunction with Viant, according to a January 2019 announcement.

Competitive Landscape

A design and development company that mostly specialized in balloon catheters, Clada Medical Devices, was bought by Nordson Corporation in October 2018. This improved the business' design and development skills, further solidifying its position as a leading OEM contract maker for the interventional and surgical device market. Additionally, Inomec, an Israeli startup, was purchased by Integer Holdings Corporation in February 2020. In a related vein, Jabil inaugurated a Nypro healthcare manufacturing facility in Hungary in May 2018. Through this project, Nypro, a Jabil firm, was able to increase its manufacturing capacity in the advanced human diagnostics and life sciences industries in Europe.

Some of the major players in the global medical device contract manufacturing market include:

• Flex, Ltd.
• Nortech Systems, Inc.
• Sanmina Corporation
• Nipro Corporation
• Jabil Inc.
• Nemera Development S.A.
• TE Connectivity Ltd.
• Kimball Electronics, Inc.
• Viant Medical
• Celestica International Lp.
• Plexus Corp.
• SMC Ltd.
• Phillips-Medisize Corporation
• Benchmark Electronics Inc.
• Integer Holdings Corporation
• Gerresheimer AG
• Consort Medical PLC
• Tessy Plastics Corp
• Tecomet, Inc.

Market Segmentation

By Device Type

• IVD Devices
• Drug Delivery Devices
• Diagnostic Imaging Devices
• Patient Monitoring Devices
• Therapeutic Patient Assistive Devices
• Minimally Access Surgical Instruments
• Others

By Service

• Device Development and Manufacturing Services
• Quality Management Services
• Final Goods Assembly Services

By Application

• Laparoscopy
• Pulmonary
• Urology & Gynecology
• Cardiovascular
• Orthopedic
• Oncology
• Neurovascular
• Radiology
• Others

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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