According to report study, the medical device contract manufacturing market size is estimated to hit US$ 150.624 billion by 2029 and growing at a CAGR of 10.9% from 2021 to 2030.
According to report study, the medical device contract manufacturing market size is estimated to hit US$ 150.624 billion by 2029 and growing at a CAGR of 10.9% from 2021 to 2030.
Growth Factors
Healthcare, biomedical, and medical technology improvements as well as growing growth and development of skilled and technologically better healthcare infrastructure and medical facilities, are driving the global medical device contract manufacturing market. Some of the important reasons driving the growth of the global medical device contract manufacturing market are raising global need for efficient and technologically advanced medical equipment as well as rising desire for complex and economical medical devices. The market for medical device contract manufacturing is advancing due to the rising prevalence of chronic diseases and growing older population.
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Genetic, neurological, and cardiovascular diseases are becoming more widespread. According to the World Health Organization (WHO), cardiovascular illnesses are the leading cause of death globally, with an estimated 17.9 million fatalities every year. This has led in a larger public awareness of early detection and an increase in routine diagnostics, both of which contribute to the overall growth of the medical device contract manufacturing market. Moreover, the launch of new improved in-vitro diagnostic products is assisting the medical device contract manufacturing market’s rapid growth. As a result, the global medical device contract manufacturing market is growing due to the rising frequency of chronic illnesses.
Industry 4.0 technology such as cloud computing, machine-to-machine, enable enhanced automation, which aids in the resolution of medical device production challenges. The data gathering capabilities of these technologies as well as better connection, enables smooth medical service manufacturing processes. Several governments are motivating major market players to include 4.0 into their manufacturing processes in order to enhance the development of technologically superior medical products. As a result, the growth in industry 4.0 technologies is creating growth prospects for the global medical device contract manufacturing market.
The medical device contract manufacturing for orthopedic therapy continues to have an impact on key players’ growth plans, accounting for more than a quarter of total revenue. The growing market share is projected to emerge from increased application in the manufacturing cardiovascular devices.
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Report Highlights:
- Based on the device type, the IVD devices segment dominated the global medical device contract manufacturing market in 2020 with highest market share. This is due to increased awareness among women and rapid technology advancements in IVD testing technologies, which have now been simplified and made more accessible to the general population.
- Based on the service, the device development and manufacturing services segment dominated the global medical device contract manufacturing market in 2020 with highest market share. Increased incentive-based systems developed by governments around the world have resulted in rise in expenditure on healthcare infrastructure, resulting in this rapid expansion.
- Based on the application, the orthopedic segment dominated the global medical device contract manufacturing market in 2020 with highest market share. This is attributed to the rising demand for various orthopedic implants and devices, particularly among the elderly population.
- North America is the largest segment for medical device contract manufacturing market in terms of region. The medical device contract manufacturing market in the U.S. is being driven by increased demand for innovative and effective medical equipment and a consistent growth in the number of surgical cases.
- Asia-Pacific region is the fastest growing region in the medical device contract manufacturing market. The region’s growth is mostly fueled by rising in-house production expenses, which stimulate medical device businesses to use contract manufacturing as a useful strategy.
Future of Medical device contract manufacturing Market
The medical device contract manufacturing market is expected to grow at a healthy rate. The medical technology advancements have led major market players to extend their manufacturing capacity by entering emerging markets. While the COVID-19 pandemic is projected to reduce surgical procedure demand, the medical device contract manufacturing market is expected to grow due to increased demand for sophisticated ventilation systems.
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COVID-19 Impact Analysis:
- As the number of infections shows no signs of slowdown, the medical device industry has encountered enormous obstacles in eradicating the pandemic.
- The COVID-19 pandemic is projected to have an impact on the medical device contract manufacturing market, as demand for medical devices for elective treatments has decreased.
Key Developments in the Marketplace:
- Jabil Inc. announced a strategic partnership with Johnson & Johnson Medical Devices Company in July 2018. This partnership is expected to broaden Jabil’s medical device manufacturing range while also providing diversification opportunities.
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
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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