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Redding, California - April 29, 2024

Medical Device Contract Manufacturing Market to be Worth $171.19 Billion by 2031

Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis By Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) – Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis by Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) - Global Forecast to 2031.

According to this latest publication from Meticulous Research®, the global medical device contract manufacturing market is projected to reach $171.19 billion by 2031, at a CAGR of 9.9% during the forecast period 2024–2031. The growth of this market is driven by the growing preference for outsourcing for development & manufacturing of medical devices by companies, technological advancements in manufacturing processes, and growth in the medical device & IVD industry. However, stringent technical & regulatory requirements for medical devices restrain the market growth.

Key Players

The key players operating in the global medical device contract manufacturing market are Jabil Inc. (U.S.), Gerresheimer AG (Germany), Nordson Corporation (U.S.), Teleflex Incorporated (U.S.), Celestica Inc. (Canada), Plexus Corp (U.S.), SteriPack Group Ltd (U.S.), Nortech Systems, Inc. (U.S.), Invetech Pty. Ltd. (Australia), Flextronics International, LTD. (Singapore), Benchmark Electronics Inc. (U.S.), Integer Holdings Corporation (U.S.), and STRATEC SE (Germany).

Medical Device Contract Manufacturing Market: Future Outlook

The global medical device contract manufacturing market is segmented by Devices (IVD Devices {IVD Consumables, IVD Instruments [Immunoassay Analyzers, Biochemistry/Clinical Chemistry Analyzers, Molecular Diagnostics Instruments, Other IVD Instruments]}, Imaging Devices {MRI Scanners, CT Scanners, X-rays, Ultrasound, Other Imaging Devices}, Drug Delivery Devices {Nasal & Pulmonary Drug Delivery Devices, Parenteral Drug Delivery Devices, Other Drug Delivery Devices}, Cardiovascular Devices {Defibrillators, Pacemakers, Cardiac Monitors}, Orthopedic Devices, Endoscopy Devices, Ophthalmology Devices, Dental Devices, Patient Monitoring Devices [Patient Monitors, Glucometers, Apnea Monitors, Fetal Monitors, Weight Monitors, Oximeters], Anesthesia Devices, Mobility Aids, Surgical Systems, Consumables, Other Devices}), by Risk type (Low-risk Medical Devices, Moderate Risk Medical Devices, High-risk Medical Devices), by Services (Design & Development {Molding, Designing & Engineering}, Manufacturing {Device Manufacturing, Component Manufacturing, Accessories Manufacturing, Assembly Manufacturing}, Testing and Validation, Quality Assurance, Implementation & Maintenance Services, Packaging Services, Regulatory Affairs Services {Legal Representation Services, Clinical Trial Services, Regulatory Writing & Publishing}, Other Services), by Application (IVD, Drug Delivery, Dental Applications, Diabetes, Diagnostic Imaging Applications, Cardiology Applications, Orthopedic Applications, Endoscopy, Surgical Applications, Other Applications), by End User (Large-scale Medical Device Companies, Mid-sized Medical Device Companies, Small-scale Medical Device Companies), and Geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on device, the global medical device contract manufacturing market is segmented into IVD devices, IVD consumables, imaging devices, cardiovascular devices, imaging devices, drug delivery devices, orthopedic devices, endoscopy devices, ophthalmology devices, dental devices, patient monitoring devices, anesthesia devices, mobility aids, surgical systems, consumables, and other devices.

The drug delivery devices segment is expected to grow at the highest CAGR during the forecast period of 2024-2031. The factors attributed to the growth of this segment include technological advancements, rising chronic disease prevalence, growing adoption of biologic drugs and specialty pharmaceuticals, and growing emphasis on patient-centric care and self-administration of medications.

There is a growing emphasis on patient-centric care and self-administration of medications, particularly in chronic disease management. Drug delivery devices such as auto-injectors, wearable injectors, and implantable pumps empower patients to manage their treatment regimens more independently, leading to improved adherence and better clinical outcomes. Due to the improved clinical outcomes and adherence to medicine regimes, the adoption of drug delivery devices such as autoinjectors, smart inhalers, and insulin administration drives the segment's growth.

Based on risk type, the global medical device contract manufacturing market is segmented into low-risk medical devices, moderate-risk medical devices, and high-risk medical devices. In 2024, the moderate-risk medical devices segment is expected to account for the largest share of the medical device contract manufacturing market. The high preference of medical device companies for outsourcing of development & manufacture of moderate-risk medical devices, high use of syringes, growing geriatric population leading to high demand for catheters, and high adoption of self-pregnancy test kits.

Based on service, the global medical device contract manufacturing market is segmented into design & development, manufacturing, testing & validation, quality assurance, implementation & maintenance services, packaging services, regulatory affairs services, and other services. The design & development segment is expected to grow at the highest CAGR of 11.7% during the forecast period 2024-2031. The growth of this segment is attributed to contract manufacturers acquiring advanced technical capabilities for medical device development and design. Additionally, the medical technology industry's trend towards outsourcing the development and manufacturing of medical devices rather than conducting in-house production further fuels this growth.

The healthcare sector is experiencing swift technological progress, marked by advancements in medical device materials, miniaturization, connectivity, and software integration. Contract manufacturers specializing in design and development are pivotal in translating these advancements into commercially feasible and regulatory-compliant medical devices. Moreover, contemporary medical devices are growing in complexity, integrating advanced functionalities like wireless connectivity, data analytics, artificial intelligence, and advanced sensors. Design and development services are indispensable for ensuring the practicality of concepts, prototyping, and refining these intricate devices to cater to the evolving demands of healthcare providers and patients.

Based on application, the global medical device contract manufacturing market is segmented into IVD, drug delivery, dental applications, diabetes, diagnostic imaging applications, cardiology applications, orthopedic applications, endoscopy applications, surgical applications, and other applications. In 2024, the IVD segment is expected to account for the largest share of the market. This large market share is attributed to the growing demand for IVD tests due to the high burden of communicable and non-communicable diseases, the high adoption of predictive testing, and the growing preference for IVD companies to outsource the development & manufacturing of IVD devices.

Based on end user, the global medical device contract manufacturing market is segmented into large-scale medical device companies, mid-scale medical device companies, and small-scale medical device companies. In 2024, the large-scale medical device companies segment is expected to account for the largest share of the market. The global demand for advanced medical technologies is on the rise, driven by the increasing burden of diseases worldwide. Established large-scale medical device companies, grappling with cost containment challenges, find value in leveraging the cost efficiencies offered by contract manufacturers. This strategic partnership not only enhances scalability but also improves the quality and affordability of medical devices, meeting the evolving needs of healthcare systems and patients alike.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Sweden, Belgium, and the Rest of Europe), Asia-Pacific (Japan, China, India, Singapore, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (South Africa, Saudi Arabia, and Rest of Middle East & Africa).

Based on geography, in 2024, North America is expected to account for the largest share of the global medical device contract manufacturing market. Additionally, in 2024, the U.S. is expected to account for the largest share of the global market. The large market share of the U.S. is attributed to the well-developed manufacturing infrastructure, industry-academia collaborations for the adoption of new technologies, high demand for medical devices, presence of leading contract manufacturers and medical devices companies, and high adoption of technologically advanced manufacturing processes.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5821

Key questions answered in the report-

What is the current value of revenue generated by medical device contract manufacturing services across the globe?
At what rate is the demand for global medical device contract manufacturing services projected to grow for the next 5-7 years?
What is the historical market size and growth rate for medical device contract manufacturing services across the globe?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
Which segments are creating major traction for the vendors in this market in terms of device, risk type, service, application, and end user?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global medical device contract manufacturing market?
Who are the major players in the global medical device contract manufacturing market? And what are their specific services offered in the industry?
What recent developments have taken place in the global medical device contract manufacturing market, and how these strategic developments are creating a global impact in this market?

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Redding, California - April 29, 2024

Medical Device Contract Manufacturing Market to be Worth $171.19 Billion by 2031

Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis By Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) – Global Forecast to 2031

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Redding, California - April 29, 2024

Medical Device Contract Manufacturing Market to be Worth $171.19 Billion by 2031

Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis By Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) – Global Forecast to 2031

Recommended Readings

Related Reports

Medical Device Contract Manufacturing Market - Global Opportunity Analysis and Industry Forecast (2024-2031)

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