The global medical device contract manufacturing market was valued at USD 66.9 billion in 2021 and it is anticipated to grow further till USD 195.3 billion by 2031, at a CAGR of 11.3% during the forecast period.
Global Medical Device Contract Manufacturing Market report from Global Insight Services is the single authoritative source of intelligence on Medical Device Contract Manufacturing Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Medical device contract manufacturing is a business model where a medical device company or Original Equipment Manufacturer (OEM) outsources some or all of the production activities of their entire medical device or some specific components of the device to another company with specialized knowledge, technical expertise, and effective business operations. Medical device contract manufacturing (MDCM) companies provide a range of services, including product development, manufacture, and assembly, quality assurance and control, packaging, sterilization, and regulatory advising. In response to the rapidly expanding and changing medical device industry, today’s contract manufacturers have expanded their manufacturing capabilities, technological know-how, and business definitions to become “total solutions providers,” “full-service providers,” or “end to end solution providers.”
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Market Trends and Drivers
Due to the increased development and production of sophisticated items like pacemakers and implanted medical devices, innovation in Class III medical devices is increasing. Given the intricacy of the assembly and testing processes, medical device manufacturers confront difficulties producing Class III devices in high amounts. Additionally, regulatory compliance for component traceability and verification, storage, and access must be met by both the devices and the processes. Automated production and manufacturing are essential due to the intricacy involved in generating a Class III device in these quantities. In order to achieve automation, high-quality manufacturing processes, and regulatory compliance, OEMs are using the knowledge of electronic manufacturing services. Advanced automation is made possible by Industry 4.0 technologies, such as cloud computing, machine-to-machine connectivity, and cyber-physical systems, which aid in overcoming these production issues. These technologies’ improved connectivity and data collection capabilities enable the development of high-volume, legally compliant manufacturing processes with effective inventory and production management.
Governments in numerous APAC nations are enticing manufacturers to include Industry 4.0 into their production methods in order to further the development of cutting-edge medical products. For instance, Thailand’s 4.0 growth model led to the establishment of an inventive centre to boost medtech device development and production. To help small and medium-sized businesses (SMEs) create newer technologies, the Intellectual Property Innovation-driven Entrepreneurship Center (IP-IDE) maintains its own data pool and patent information. The Thai government hopes to inspire Thai medical device companies to develop and expand into both domestic and international markets with the IP-IDE centre. The market for medical device outsourced manufacturing is anticipated to expand rapidly over the course of the forecast period due to the growing adoption of Industry 4.0 technologies in the production of sophisticated and crucial medical devices.
Global Medical Device Contract Manufacturing Market Segmental Overview
The report analyses the global medical device contract manufacturing market based on the device, service, and region.
Global Medical Device Contract Manufacturing Market by Device
Based on the device, it is segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, endoscopy devices, ophthalmology devices, orthopedic devices, dental devices, and other devices. The IVD devices segment is anticipated to dominate the market during the forecast period. The rising number of IVD tests conducted globally, the COVID-19 pandemic, the expanding availability of IVD kits and reagents, the rise in hospitals and clinical laboratories in developing nations, automation and technological advancements in instruments with high-throughput capabilities, and developments in life sciences research are all factors that contribute to the large share of this market.
Major Players in the Global Medical Device Contract Manufacturing Market
The key players studied in the report are Jabil Inc., Synecco, Gerresheimer AG, Celestica Inc., Nordson Corporation, Teleflex Incorporated, Integer Holdings Corporation, Nipro Corporation, SteriPack Group Ltd., TE Connectivity Ltd., Nortech Systems Inc., Invetech and Biofortuna Limited among others.
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