The latest report from Meticulous Research® projects that the global medical device contract manufacturing market,will reach $171.19 billion by 2031, with a CAGR of 9.9% from 2024 to 2031. The market’s expansion is driven by the increasing trend of outsourcing, technological advancements, and growth in the medical device and IVD industries.
Outsourcing is increasingly favored by medical device companies seeking to leverage advanced technologies and reduce production costs. Technological advancements are improving manufacturing processes, leading to more efficient and sophisticated devices. The rise in chronic diseases and the growing adoption of biologic drugs are driving demand for drug delivery devices.
The drug delivery devices segment, including innovations like auto-injectors and wearable pumps, is expected to grow the fastest due to their benefits in managing chronic conditions and improving patient adherence. The market is segmented into various device types, such as IVD devices, imaging devices, and cardiovascular devices. Moderate-risk medical devices are projected to dominate the market due to high outsourcing rates and increased demand.
Design and development services are expected to grow rapidly, with a CAGR of 11.7%, reflecting the need for advanced technical capabilities and the trend towards outsourcing. North America, particularly the U.S., is anticipated to lead the market, supported by its advanced manufacturing infrastructure, high demand for medical technologies, and strong presence of contract manufacturers.
Key Players
The key players operating in the global medical device contract manufacturing market are Jabil Inc. (U.S.), Gerresheimer AG (Germany), Nordson Corporation (U.S.), Teleflex Incorporated (U.S.), Celestica Inc. (Canada), Plexus Corp (U.S.), SteriPack Group Ltd (U.S.), Nortech Systems, Inc. (U.S.), Invetech Pty. Ltd. (Australia), Flextronics International, LTD. (Singapore), Benchmark Electronics Inc. (U.S.), Integer Holdings Corporation (U.S.), and STRATEC SE (Germany).
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Key questions answered in the report-
- What is the current value of revenue generated by medical device contract manufacturing services across the globe?
- At what rate is the demand for global medical device contract manufacturing services projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for medical device contract manufacturing services across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- Which segments are creating major traction for the vendors in this market in terms of device, risk type, service, application, and end user?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global medical device contract manufacturing market?
- Who are the major players in the global medical device contract manufacturing market? And what are their specific services offered in the industry?
- What recent developments have taken place in the global medical device contract manufacturing market, and how these strategic developments are creating a global impact in this market?
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