The global medical device contract manufacturing market is expected to grow at a CAGR of ~10.9% from 2020 to reach 122.8 billion by 2027. The growth is primarily attributed to rising prevalence of lifestyle diseases, growing life expectancy, growing medical device market, technological advancement and rising geriatric population, and impact of industry 4.0 on medical device industry. However, consolidation in the medical devices is expected to hinder the growth of the market.
The global medical device contract manufacturing market study provides market data for-by device type (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, gynaecology/urology devices, personal care, neurology devices and other devices), by service type (device development and manufacturing services, quality management services), by class of device (Class II medical devices, Class I medical devices and Class III medical devices). The study also evaluates industry competitors and analyses the market at a regional and country level.
By device type, IVD segment is expected to grow at the highest rate during the forecast period. The growth of this segment is mainly attributed to COVID pandemic, rising number of hospitals & clinics, technological advancements, advancement in life science research, rising volume of IVD tests and greater availability of IVD kits and reagents. Due to COVID pandemic demand for kits and devices has increased which is expected to drive the outsourcing of IVD devices and kits.
By service type, device development and manufacturing services segment accounted for the largest market share in 2020. The large share of this segment is mainly due to rising adoption of contract manufacturing services, rapidly growing medical device market and improving manufacturing abilities.
Based on class of device, class II segment is expected to grow at the higher rate for medical device contract manufacturing market. The growth of this segment is mainly driven by relaxed regulatory compliance during COVID-pandemic and rising utilization of medical devices.
This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). APAC commanded largest market share of medical device contract manufacturing market, by region. The largest share is attributed to lower cost of raw material, growing demand for medical devices, low cost labor, technological advancements and relaxed regulatory framework. In addition, large patient pool, improving healthcare infrastructure, and government initiatives are driving the growth of this market in this region.
The major players operating in the medical device contract manufacturing market are
- Flex Ltd. (Singapore)
- Jabil Inc. (US)
- TE Connectivity Ltd. (Switzerland)
- Sanmina Corporation (US)
- Nipro Corporation (Japan)
- Celestica International (Canada)
- Plexus Corporation (US)
- Benchmark Electronics Inc. (US)
- Integer Holdings Corporation (US)
- Gerresheimer Ag (Germany)
- West Pharmaceutical Services Inc. (US)
- Nortech Systems Inc. (US)
- Consort Medical PLC (UK)
- Kimball Electronics Inc. (US)
- Teleflex Incorporated (US)
- Nordson Corporation (US)
- Tecomet Inc. (US)
- SMC Ltd. (US)
- Nemera (France)
- Tessy Plastics Corporation (US)