Medical Device Contract Manufacturing Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Medical Device Contract Manufacturing Market covers analysis - By Technology (IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Ophthalmology Devices, Diabetes Care Devices, Dental Devices, Endoscopy Devices, Respiratory Care Devices, Surgical Devices, Gynecology/Urology Devices, Personal Care, Neurology Devices, and Other Devices), Service Type (Device Development & Manufacturing Services and Quality Management Services), Packaging & Assembly Type (Primary & Secondary Packing, Labelling, and Other Packaging), and Class of Devices (Class II Medical Devices, Class I Medical Devices, and Class III Medical Devices), and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00006532
  • Category : Medical Device
  • No. of Pages : 150
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The medical device contract manufacturing market is expected to grow from US$ 65.23 billion in 2021 to US$ 130.03 billion by 2028. It is expected to grow at a CAGR of 10.3% from 2022 to 2031.

The increasing uptake of robotics and automation has contributed substantially to the growth of the medical device contract manufacturing market. The increasing demand for technological advancement in medical devices is another factor promoting the market growth. However, the consolidation of medical devices is the primary factor restraining the market.

Nonetheless, the increasing geriatric population, followed by growing healthcare expenditure in developed countries, will bring substantial growth opportunities during the forecast year. Moreover, ongoing research and development by various manufacturers also assist in developing new opportunities for the market. For instance, In July 2020, Channel Medsystems announced that it had obtained the FDA clearance for its next-generation Cerenecryotherapy product to treat menstrual bleeding. In January 2019, Venclose Inc. and Viant announced a collaboration for developing Venclose's next-generation Venclose Radiofrequency (RF) ablation catheter.

MARKET DYNAMICS

The growth of the medical device contract manufacturing market is majorly attributed to increasing demand for target diseases, rising demand for biosimilars & monoclonal antibodies, and surging uptake of immunotherapy drug categories compared to traditional treatment methods. However, challenges related to manufacturing medical device contract manufacturing are hampering the growth of the market.

Moreover, the rising demand for personalized medicinal treatments is driving the growth of the medical device contract manufacturing market.

MARKET SCOPE

The "Global Medical Device Contract Manufacturing Market Analysis to 2028" report aims to provide an overview of the medical device contract manufacturing market with detailed market segmentation based on technology, service type, packaging & assembly type, and class of devices. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION

The global medical device contract manufacturing market is segmented into technology, service type, packaging & assembly type, and a class of devices. Based on technology, the market is segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, ophthalmology devices, diabetes care devices, dental devices, endoscopy devices, respiratory care devices, surgical devices, gynecology/urology devices, personal care, neurology devices, and other devices. Based on service type, the market Is bifurcated into device development & manufacturing services and quality management services. Based on packaging & assembly type, the market is segmented into primary & secondary packing, labeling, and other packaging. The class of devices segment is further segmented into Class I medical devices, Class II medical devices, and Class III medical devices.

REGIONAL FRAMEWORK

The global medical device contract manufacturing market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report covers analysis and forecast of 18 countries worldwide along with trends and opportunities prevailing in the region. North America held the largest market share in the year 2021.

From the regional perspective, North America dominates the medical device contract manufacturing market with ~42% market share in 2021. The market growth in the region is majorly attributed to the lower cost of raw materials and cheap labor costs. Advanced healthcare infrastructure is another factor promoting the growth of the market. 

Source: The Insight Partners Analysis

The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the medical device contract manufacturing market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.

IMPACT OF COVID-19 PANDEMIC

Manufacturing outsourcing has drastically changed in the recent past due to the COVID-19 crisis. The same has resulted in rising consolidation between OEMs and contract manufacturing organizations (CMOs). This shift has positively influenced the medical device contract manufacturing market to meet the urgent demand for life-saving ventilators required to support coronavirus victims. Companies that are serving multiple industries have made medical technologies their priority. There was an influx of COVID-19-related medical components that needed urgent production, ranging from test kits, accessories, and ventilator parts.

Medical Device Contract Manufacturing Market Report Analysis

Medical Device Contract Manufacturing Market

  • CAGR (2023 - 2031)
    10.30%
  • Market Size 2023
    US$ 79.36 Billion
  • Market Size 2031
    US$ 173.86 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Flextronics International, LTD.
  • Jabil Inc.
  • Benchmark Electronics, Inc.
  • Integer Holdings Corporation (Greatbatch)
  • West Pharmaceutical Services, Inc.
  • Tecomet, Inc.
  • Nortech Systems
  • TE Connectivity (Creganna Medical)
  • Forefront Medical Technologies

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Technology
  • IVD Devices
  • Diagnostic Imaging Devices
  • Cardiovascular Devices
  • Drug Delivery Devices
  • Orthopedic Devices
  • Ophthalmology Devices
  • Diabetes Care Devices
  • Dental Devices
  • Endoscopy Devices
  • Respiratory Care Devices
  • Surgical Devices
  • Gynecology/Urology Devices
  • Personal Care
  • Neurology Devices
  • Other Devices
By Service Type
  • Device Development & Manufacturing Services and Quality Management Services
By Packaging & Assembly Type
  • Primary & Secondary Packing
  • Labelling
  • Other Packaging
By and Class of Devices
  • Class II Medical Devices
  • Class I Medical Devices
  • Class III Medical Devices
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

The report covers key developments in the medical device contract manufacturing market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and the customer base of market players. The market players operating in the medical device contract manufacturing market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for medical device contract manufacturing.

The report also includes the profiles of key medical device contract manufacturing market companies and their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components and services offered, and financial information, for the last 3 years and key development in the past 5 years.

The list of a few companies engaged in the medical device contract manufacturing market is mentioned below:

  • Flex, Ltd.
  • Jabil, Inc.
  • TE Connectivity, Ltd.
  • Sanmina Corporation
  • Nipro Corporation
  • Celestica International
  • Plexus Corporation
  • Benchmark Electronics, Inc.
  • Integer Holdings Corporation
  • Gerresheimer Ag
  • West Pharmaceutical Services, Inc.
  • Nortech Systems, Inc.
  • Consort Medical PLC
  • Kimball Electronics Inc.
  • Teleflex Incorporated

The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.

Medical Device Contract Manufacturing Market Report Scope

Report Attribute Details
Market size in 2023 US$ 79.36 Billion
Market Size by 2031 US$ 173.86 Billion
Global CAGR (2023 - 2031) 10.30%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Technology
  • IVD Devices
  • Diagnostic Imaging Devices
  • Cardiovascular Devices
  • Drug Delivery Devices
  • Orthopedic Devices
  • Ophthalmology Devices
  • Diabetes Care Devices
  • Dental Devices
  • Endoscopy Devices
  • Respiratory Care Devices
  • Surgical Devices
  • Gynecology/Urology Devices
  • Personal Care
  • Neurology Devices
  • Other Devices
By Service Type
  • Device Development & Manufacturing Services and Quality Management Services
By Packaging & Assembly Type
  • Primary & Secondary Packing
  • Labelling
  • Other Packaging
By and Class of Devices
  • Class II Medical Devices
  • Class I Medical Devices
  • Class III Medical Devices
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Flextronics International, LTD.
  • Jabil Inc.
  • Benchmark Electronics, Inc.
  • Integer Holdings Corporation (Greatbatch)
  • West Pharmaceutical Services, Inc.
  • Tecomet, Inc.
  • Nortech Systems
  • TE Connectivity (Creganna Medical)
  • Forefront Medical Technologies
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Technology, Service Type, Packaging & Assembly Type, and Class of Devices

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

    The List of Companies

    1. Flextronics International, LTD.2. Jabil Inc.3. Benchmark Electronics, Inc.4. Integer Holdings Corporation (Greatbatch)5. West Pharmaceutical Services, Inc.6. Tecomet, Inc.7. Nortech Systems8. TE Connectivity (Creganna Medical)9. Forefront Medical Technologies10. Nordson Corporation

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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