Global Medical Device Contract Manufacturing Market to Grow at a CAGR of 10.32% Due to Purchasing Convenience

Global medical device contract manufacturing market is experiencing faster growth, fueled by increasing technological developments, the growing need for compact and portable devices, the rising prevalence of chronic disorders, and huge investments made by industry giants.

According to the Markets and Data Research report, “Global Medical Device Contract Manufacturing Market Assessment, Opportunities and Forecast, 2017-2031”, global medical device contract manufacturing market was estimated at USD 77,340.00 million in 2023 and is anticipated to reach USD 166,150.00 million by 2031, growing at a CAGR of 10.32% during the forecast period. The global medical device contract manufacturing market is rapidly growing due to the increased capabilities of contract manufacturers for their service offerings. Contract manufacturers are developing their infrastructures and manufacturing capabilities to provide better outcomes and expand the umbrella of their services.

The medical device manufacturing market has seen a rise in contract manufacturing, which involves outsourcing production operations to external companies. This approach is gaining popularity due to its efficiency and cost-effectiveness. The growing need for advanced medical products and the increase in chronic diseases are driving the demand for contract for contract manufacturing of medical devices is expected to grow significantly.manufacturing. By entrusting manufacturing to skilled contract manufacturers, medical device firms can focus on areas like marketing, development, and research, leading to better results and maintaining a competitive edge in the market. In the coming years, the global market

Spread through 280 pages, the "Global Medical Device Contract Manufacturing Market" report includes an in-depth TOC, over 280 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

• The rising demand for advanced medical products is fueling market growth. Technological advancements in healthcare are driving the need for more advanced medical equipment. Medical device firms are partnering with contract manufacturers for their expertise in intricately manufacturing devices to meet the market's demand.
• Medical device manufacturers can focus on their developmental skills by outsourcing production processes to skilled contract manufacturers. This allows them to concentrate resources on marketing, development, and research, leading to better results and maintaining a competitive edge in the market.
• Complex medical devices require sophisticated machinery, strict quality control procedures, and specialized knowledge. Manufacturers must navigate complex regulatory requirements and ensure compliance with changing laws to guarantee patient safety and product efficacy. Due to their complexity, many businesses opt for contract manufacturing instead of internal production.
• The market is experiencing heightened demand for class II and class I medical devices, especially wearables, which require bulk production with high precision. Contract manufacturing facilities are considered by original equipment manufacturers (OEMs) for such conditions to focus more on quality and innovation.

Global Medical Device Contract Manufacturing market is segmented into the following categories:

By Device Type: IVD Devices, Diagnostic Imaging Devices, Surgical Devices, Cardiovascular Devices, Dental Devices, Patient Monitoring Devices, Neurology Devices, Others

By Class of Device: Class II Devices, Class I Devices, Class III Devices

By Service: Manufacturing, Packaging and Assembly Services, Design and Development, Testing and Validation, Quality Management, Others

By End-user: Large-Scale Medical Device Companies, Mid-Scale Medical Device Companies, Small-Scale Medical Device Companies

By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa

Based on device type, the in-vitro devices (IVD) segment is expected to hold a significant share of the market due to factors such as the high incidence of chronic diseases, the expansion of healthcare infrastructure, and the increasing number of hospitals in emerging nations. These diagnostic medical devices cover a wide range of procedures, from simple self-tests to complex diagnoses in clinical laboratories. The market for IVD devices is expected to expand rapidly due to the growing need for advanced and rapid diagnostic tools.

Based on the class of device, class II devices held a major share in the global medical device contract manufacturing market. The increasing demand for class II devices due to rising health issues, such as chronic and infectious diseases, and the growing requirement for advanced diagnostic tools is driving the production demand. Additionally, class II devices generally require more rigorous regulatory oversight than class I devices but less than class III, making them more accessible for manufacturers and encouraging development and outsourcing. Various contract manufacturers also offer dispatch and storage solutions and cater to varying production capacities, ensuring economic efficiency and timely medical device availability. Additionally, contract manufacturers often have established quality control processes and expertise in regulatory compliance, further increasing their adoption for producing class II devices.

Based on service, manufacturing services are anticipated to hold the highest share in the medical device contract manufacturing market. The increasing trend of outsourcing design and production processes allows companies to reduce costs and time while accessing specialized expertise. This is particularly crucial in a sector that demands high-quality and innovative solutions, as contract manufacturers often possess advanced technologies and capabilities that in-house teams may lack. Additionally, the regulatory complexities surrounding medical devices compel manufacturers to seek external partners who can navigate these challenges effectively, ensuring compliance and quality assurance.

Based on end-user, large-scale medical device companies hold a significant share and lead the medical device contract manufacturing market. The growing efforts and investments of leading medical device companies towards novel product launches and research and development activities are propelling the requirement for contract manufacturing services as contract manufacturers alleviate the requirement of maintenance and upgradation of equipment necessary for manufacturing activities, allowing large-scale companies to invest in collaborations and partnerships.

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North America stands as the dominant force in the global medical device contract manufacturing market and has a significant influence. The presence of an advanced healthcare sector and acceptance of novel technologies in the country, coupled with the growing threat of chronic diseases, is propelling the requirement for medical devices in the region, providing lucrative growth opportunities to the market. Additionally, the major market players are also investing in the region to expand their reach in the North American market, providing lucrative growth opportunities to the market.

Major Companies Operating in the Global Medical Device Contract Manufacturing Market Include:

• Jabil, Inc.
• FLEX LTD.
• Plexus Corp.
• Integer Holdings Corporation
• Sanmina Corporation
• Nipro Corporation
• West Pharmaceutical Services, Inc.
• TE Connectivity Ltd.
• Celestica Inc.
• Benchmark Electronics, Inc.

Companies in the global medical device contract manufacturing market are actively involved in various initiatives to promote their market share by expanding their manufacturing capabilities in terms of regulatory compliance and infrastructure, which is anticipated to drive the market in the foreseeable future.

In March 2024, HnG Medical Incorporated, a major player in the healthcare industry, signed a manufacturing representation agreement with Medibrane Ltd., a well-known medical device contract manufacturer. This partnership signifies Medibrane Ltd.'s commitment to expanding its global presence and introducing innovative solutions to China's rapidly growing healthcare market.

“Global Medical Device Contract Manufacturing Market Assessment, 2017-2031” evaluates the future growth potential of the global medical device contract manufacturing market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers make more strategic investment decisions for their organizations. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global medical device contract manufacturing market.

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