The medical device contract manufacturing market plays a vital role in catering to the healthcare needs of patients globally. Medical devices such as orthopedic implants, cardiovascular implants, diagnostic imaging equipment, respiratory care devices, and surgical devices help medical practitioners to diagnose, treat and monitor numerous medical conditions effectively. Outsourcing various manufacturing processes related to medical devices helps OEMs focus on their core competencies such as product design and development.
The global Medical Device Contract Manufacturing Market is estimated to be valued at Us$ 112.32 Bn in 2024 and is expected to exhibit a CAGR Of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of chronic diseases and rising healthcare expenditure have accelerated the demand for advanced medical devices. This has prompted medical device OEMs to outsource their manufacturing activities to specialized contract manufacturers to meet the surging requirements. Contract manufacturers with advanced infrastructure and skilled workforce can produce medical devices at lower costs as compared to in-house manufacturing while maintaining high quality standards. They help OEMs minimize production costs and time-to-market by offering vertically integrated and geographically diversified operations. This trend is expected to drive the growth of medical device contract manufacturing market over the forecast period.
Segment Analysis
The global medical device contract manufacturing market is dominated by the devices segment, which accounts for over 50% share. Within devices, in vitro diagnostic devices is the leading sub-segment due to rising cases of chronic and infectious diseases that require diagnostic testing and screening. Factors such as the growing need for personalized care and preference for home healthcare are expected to drive the segment's growth over the forecast period.
Key Takeaways
The Global Medical Device Contract Manufacturing Market Demand is expected to witness high growth over the forecast period 2024 to 2031.
Regional analysis reveals that North America currently accounts for the largest share due to increased adoption of advanced technologies and medical treatment expenditures. Europe follows in terms of market share and is driven by supportive regulatory guidelines in countries like Germany, UK, and others. Asia Pacific is the fastest growing region on account of rising geriatric population, increased healthcare spending, and growth in medical tourism.
Key players operating in the medical device contract manufacturing market are Flex, TE Connectivity, Sanmina, Jabil, Celestica, and Plexus, among others. Flex leads the market owing to its diverse product portfolio and strong presence across multiple geographies. Sanmina follows Flex in terms of revenue and caters to a variety of device segments like cardiology, neurology, orthopedics and others. Celestica has a wide customer base of over 50 original equipment manufacturers and focuses on components and complex assembly production.
Get more insights on this topic :
Check more trending articles on this topic:
Comments
0 comment