The medical device contract manufacturing market plays a vital role in fulfilling the rising need for various medical equipment across the globe. Medical devices such as surgical instruments, mechanical ventilators, imaging equipment, and diabetic care devices help save lives by providing effective clinical treatments. Outsourcing the manufacturing of these devices allows original equipment manufacturers to focus on product design and development.
Market key trends:
The increased demand for medical devices in emerging markets has been a key trend accelerating the growth of the medical device contract manufacturing market. Rapidly improving healthcare infrastructure and increasing expenditures on healthcare have significantly expanded the market potential for medical devices in developing Asian countries, Latin America, and the Middle East & Africa. Contract manufacturers are capitalizing on this opportunity through strategic expansion focused on emerging markets. Their expanded production capabilities are helping address the rising demand from both global medical device OEMs and local clients. This has been driving higher outsourcing and boosting the revenue growth of the medical device contract manufacturing market.
Segment Analysis
Medical device contract manufacturing market is primarily segmented into in vitro diagnostic devices, diagnostic imaging devices, cardiology devices, drug delivery devices, orthopedic devices, ophthalmology devices and others. Among these, in vitro diagnostic devices dominates the market and accounts for over 20% share of the overall market. In vitro diagnostic devices segment is dominating as there is increasing demand for point of care testing devices for conditions like diabetes, infectious diseases among others.
Key Takeaways
Global Medical Device Contract Manufacturing Market Size is expected to witness high growth.
Regional analysis shows that North America accounts for largest share of over 35% of the global market currently due to presence of leading medical device OEMs and contract manufacturers in the region. Asia Pacific market is expected to witness highest growth during the forecast period due to expanding medical infrastructure, large pool of skilled workforce and low manufacturing costs in countries like China and India.
Key players operating in the Medical Device Contract Manufacturing market are Flex, TE Connectivity, Sanmina, Jabil, Celestica, Plexus, and Tecomet, among others. Flex led the market with around 15% share as of 2023 owing to its extensive global manufacturing footprint and capabilities across various device classes. TE Connectivity specializes in design, development and manufacturing of medical devices and had around 10% share due to its expertise in minimally invasive technologies and surgical instruments. Sanmina focuses on orthopedic, cardiovascular and diabetes care devices and accounted for 8% share in 2023.
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