Market Definition
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.”
Market Outlook
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.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Medical Device Contract Manufacturing Market Segmentation
By Device
- IVD Devices
- Diagnostic Imaging Devices
- Cardiovascular Devices
- Drug Delivery Devices
- Endoscopy Devices
- Ophthalmology Devices
- Orthopedic Devices
- Dental Devices
- Other Devices
By Service
- Device Development and Manufacturing Service
- Quality Management Service
- Assembly Service
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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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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