CHICAGO, March 20, 2024 /PRNewswire/ -- Medical Device Contract Manufacturing Market in terms of revenue was estimated to be worth $78.9 billion in 2024 and is poised to reach $149.4 billion by 2029, growing at a CAGR of 11.4% from 2024 to 2029 according to a new report by MarketsandMarkets. The global population is growing older, leading to an increased demand for medical devices used in diagnostics, treatment, and monitoring of age-related conditions also chronic diseases like diabetes, heart disease, and cancer are becoming increasingly prevalent worldwide, necessitating a rise in the demand for medical devices used in their management. which is expected to drive the market growth. However, stringent regulatory compliance for the approval of medical devices is expected to challenge the growth of the market.
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Medical Device Contract Manufacturing Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $78.9 billion |
Estimated Value by 2029 | $149.4 billion |
Growth Rate | Poised to grow at a CAGR of 11.4% |
Market Size Available for | 2019-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Medical Device Contract Manufacturing - Class of Device, Service, Device Type, Region |
Geographies Covered | Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa and GCC countries |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Potential for growth in emerging countries |
Key Market Drivers | Rising aging population |
"Based on medical device contract manufacturing devices by IVD device type, the IVD consumables segment is expected to grow at the highest CAGR during the forecast period."
Under IVD device type, IVD consumables is forecasted to grow at the highest CAGR from 2024 to 2029. IVD consumables, the disposable components used in In Vitro Diagnostics (tests conducted outside the living body), offer several advantages that contribute to efficient and accurate medical diagnoses. IVD consumables are designed and manufactured following strict specifications, ensuring consistent performance across various tests and batches. This minimizes the risk of errors due to variations in the testing environment.
"The primary & secondary packing segment is expected to account for the largest share, by packaging & assembly services in the medical device contract manufacturing market."
By packaging & assembly services in service segment, the medical device contract manufacturing market can be segmented into primary & secondary packing, labelling and others. The advantages of primary and secondary packaging segment by protecting the device from contamination and damage during transport, storage, and handling, is expected to drive the segment growth.
"In 2023, Europe was the region with the second largest market share in the medical device contract manufacturing market."
The medical device contract manufacturing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa and GCC countries
Europe accounted for the second-largest share of the medical device contract manufacturing market in 2023. The rapidly aging population, leading to a higher demand for medical devices used in diagnosing, treating, and monitoring age-related condition is driving the growth of the medical device contract manufacturing market in the European region.
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Medical Device Contract Manufacturing Market Dynamics:
Drivers:
- Rising aging population
Restraints:
- Stringent regulatory guidelines for medical devices
Opportunities:
- Potential for growth in emerging countries
Challenge:
- Lack of constant innovation to balance technological capabilities against costs
Key Market Players of Medical Device Contract Manufacturing Industry:
Key players in the medical device contract manufacturing market include Flex Ltd. (Singapore), Jabil Inc. (US), TE Connectivity Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica Inc. (Canada), Plexus Corp. (US), Integer Holdings Corporation (US), West Pharmaceutical Services, Inc. (US), Benchmark Electronics Inc. (US), Recipharm AB (Sweden), Gerresheimer AG (Germany), Kimball Electronics Inc. (US), Nortech Systems, Inc. (US), Nemera Development S.A. (France), Viant Medical Holdings, Inc. (US), Tecomet, Inc. (US), SMC Ltd. (US), Phillips-Medisize Corporation (US), Tessy Plastics Corp. (US), Carclo Plc (UK), Nolato GW, Inc. (US), MeHow (China), Tekni-Plex (US), and Peter's Technology (China).
A breakdown of the primary participants (supply-side) for the medical device contract manufacturing market referred to for this report is provided below:
- By Company Type: Tier 1-40%, Tier 2-35%, and Tier 3-25%
- By Designation: C-level-30%, Director Level-55%, and Others-15%
- By Region: North America-20%, Europe-15%, Asia Pacific-25%, Latin America- 10%, Middle East & Africa-30%
Recent Developments of Medical Device Contract Manufacturing Industry:
- In November 2023, Jabil Inc. announced the successful acquisition of Retronix, an innovative provider in the reclamation and refurbishment of electronic components, completed earlier this year.
- In January 2023, Integer announced the acquisition of Pulse Technologies, Inc., a privately held technology, engineering and contract manufacturing company focused on complex micro machining of medical device components for high growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets.
- In January 2022, MixComm, the mmWave Antennas to Algorithms pioneer, announced it has selected Advanced Microsystems Technologies, a division of Sanmina as a lead partner to productize its 5G wireless infrastructure solutions
- In November 2021, Nipro Corporation entered into a partnership with toyobo for cellulose triacetate (CTA) dialyzers (artificial kidneys).
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Medical Device Contract Manufacturing Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall medical device contract manufacturing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
- Analysis of key drivers (growth in medical devices market in developing countries, adoption of robotics and automation in manufacturing processes, technological advancements in medical device modalities, impact of industry 4.0 on the medical device industry), restraints (consolidation in medical devices market by acquiring small and medium-sized companies), opportunities (increasing healthcare expenditure, infrastructure, and awareness in developing countries, rising geriatric population and its associated diseases) and challenges (lack of constant innovation to balance technological capabilities against costs)
- Market Penetration: It includes extensive information on product portfolios offered by the major players in the global medical device contract manufacturing market. The report includes various segments in market device type, class of device, service and region
- Product Enhancement/Innovation: Comprehensive details about new product launches and anticipated trends in the global medical device contract manufacturing market.
- Market Development: Thorough knowledge and analysis of the profitable rising markets by device type, class of device, service and region
- Market Diversification: Comprehensive information about newly launched product and services, expanding markets, current advancements, and investments in the global medical device contract manufacturing market.
- Competitive Assessment: Thorough evaluation of the market shares, growth plans, offerings of product and services, and capacities of the major competitors in the global medical device contract manufacturing market.
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