Key factors increasing the medical device contract manufacturing market size are rising disease prevalence, increasing geriatric population, and growing life expectancy. Technological advancements and increasing technological adoption in medical devices vertical have led to low returns on investment owing to the increasing cost of in-house manufacturing. The technological advancements have led to various end-users updating their manufacturing systems, thus accelerating the medical device contract manufacturing market growth.
The market is divided into device type, by service, by class of device and by region. In terms of service, the development and manufacturing services are forecasted to dominate the growth of the market. The growth of the medical devices sector, continuous improving capabilities for new product development are contributing towards the growth of the segment which is expanding the medical device contract manufacturing market size.
On the basis of device type, IVD devices are expected to show notable growth owing to an increase in the number of clinical laboratories and hospitals in emerging economies. Factors such as advancements in the field of life science research and increasing volume of IVD tests worldwide is also accelerating the growth of the market.
In terms of class of devices, class II medical devices are expected to hold a major share of the market. The high utility of Class II devices and fewer regulatory compliance issues are the factors fueling the demand of class II devices thus escalating the market growth.
Based on region, the North America region is the front runner of the market. The presence of prominent companies alongside well-established healthcare infrastructure is propelling the market in the region. Asia-Pacific is termed to be a lucrative region owing to the rising demand for medical devices and the presence of technologically advanced products. The low cost of raw material and labour alongside less stringent regulations is further attracting prominent players to invest in the region. Improving healthcare infrastructure and growing preference for technologically advanced products is also bolstering the market in the region.
Prominent players of the market are Flex Ltd., Jabil Inc., Consort Medical PLC, Tessy Plastics, Corp, Nemera, Tecomet, Nordson Corporation, Kimball Electronics Inc., Teleflex Incorporated, Nortech Systems, Inc., Gerresheimer AG, Celestica Inc., Plexus Corporation, TE Connectivity, Ltd., Nipro Corporation, Benchmarker Electronics and Integer Holdings Corporation.
Competitive Landscape:
● West Pharmaceutical Services, Inc in 2019, expanded its presence in Asia-Pacific by opening a new sales office in Korea
● Jabil Inc. acquired True-Tech Corporation in 2018. The move helped Jabil Inc. to venture in machined medical components, semiconductor and aerospace components
● Nemera Development SA collaborated with Novo Nordisk to build a manufacturing site in France to produce injectable devices
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Global Medical Device Contract Manufacturing Market Segmentation:
By Device
● IVD Devices
▪ IVD Consumables
▪ IVD Equipment
● Diagnostic Imaging Devices
● Cardiovascular Devices
● Drug Delivery Devices
▪ Infusion/Administration Sets
▪ Syringes
▪ Autoinjectors & Pen Injectors
▪ Inhalers
● Orthopedic Devices
● Ophthalmology Devices
● Diabetes Care Devices
● Dental Devices
● Endoscopy Devices
● Other Devices
By Service
● Device Development and Manufacturing Services
▪ Device Engineering Services
▪ Process Development Services
▪ Device Manufacturing Services
● Quality Management Services
▪ Packaging Validation Services
▪ Inspection & Testing Services
● Final Goods Assembly Services
By Class of Device
● Class I Medical Devices
● Class II Medical Devices
● Class III Medical Devices
By Region
● North America
● Europe
● Asia Pacific
● Latin America
● Rest of the World
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FutureWise Key Takeaways:
● Growth Prospects
● SWOT Analysis
● Key Trends
● Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global medical device contract manufacturing market by device, by service, by class of device and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• Evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies
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