Meticulous Research®, a leading global market research company, has published an insightful report titled ‘Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis by Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) - Global Forecast to 2031.’ This research indicates that the global medical device contract manufacturing market is set to reach approximately $171.19 billion by 2031, with a compound annual growth rate (CAGR) of 9.9% during the period from 2024 to 2031. The projected growth is fueled by an increasing preference among companies to outsource their medical device development and manufacturing processes, advancements in manufacturing technologies, and the burgeoning medical device and in vitro diagnostic (IVD) industry. However, the market does face obstacles, particularly concerning the stringent technical and regulatory requirements that govern medical devices, which could restrict growth opportunities.
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The market is intricately segmented based on devices, including IVD devices, imaging devices, drug delivery devices, cardiovascular devices, and more. The drug delivery devices segment is anticipated to experience the highest growth rate during the forecast period, driven by a combination of technological innovations, rising chronic disease prevalence, and an increased focus on patient-centric care. Self-administered medication solutions such as auto-injectors and wearable devices empower patients, enhancing their ability to manage their health independently, thereby improving adherence to treatment regimens.
The medical device contract manufacturing market is categorized into various device types, including in vitro diagnostic (IVD) devices—comprising consumables and instruments like immunoassay analyzers and molecular diagnostics tools—imaging devices such as MRI and CT scanners, as well as drug delivery devices, cardiovascular devices, orthopedic devices, and more. Each segment exhibits distinct growth dynamics shaped by technological advancements, regulatory factors, and market needs. Notably, the drug delivery devices segment is anticipated to achieve the highest compound annual growth rate (CAGR) during the forecast period. This growth is driven by several key factors, including advancements in technology, a rising prevalence of chronic diseases, and an increasing emphasis on patient-centric care that promotes self-administration of medications. Devices like auto-injectors and wearable injectors are gaining traction, providing patients with greater independence in managing their treatment plans.
From a risk perspective, the medical device contract manufacturing market comprises low-risk, moderate-risk, and high-risk medical devices. The moderate-risk category is expected to dominate in 2024, driven by companies' outsourcing strategies and the growing demand for essential devices in an aging population. The report further classifies services into various categories, such as design and development, manufacturing, and regulatory affairs, with the design and development segment expected to grow at a CAGR of 11.7% from 2024 to 2031. This growth is largely due to the increasing complexity of medical devices and the rising need for advanced design capabilities to ensure regulatory compliance and market viability.
The rapid technological advancements in healthcare are leading to the introduction of more intricate medical devices that incorporate features like wireless connectivity, artificial intelligence, and advanced sensors. Contract manufacturers specializing in design and development play a crucial role in navigating these complexities, turning innovative concepts into compliant products that meet market demands. The trend towards outsourcing development services is a strategic move by medical device companies aiming to enhance efficiency and product quality.
In the application segment, the IVD category is expected to capture the largest share in 2024, driven by a growing need for testing solutions due to the high prevalence of diseases and the rising popularity of predictive testing. The end-user segment is divided into large-scale, mid-scale, and small-scale medical device companies, with large-scale companies expected to hold the most significant market share due to their increasing demand for advanced medical technologies and the cost benefits provided by contract manufacturers.
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The geographical analysis within the report covers key regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America, particularly the U.S., is projected to maintain the largest market share in 2024, attributable to a robust manufacturing infrastructure, collaborative efforts between industry and academia, and an elevated demand for innovative medical devices. The presence of leading manufacturers in this region enhances its competitive edge in the global market.
In summary, the Medical Device Contract Manufacturing Market is on an upward trajectory, driven by various factors such as technological advancements, outsourcing trends, and a focus on patient-centered care. The insights provided by Meticulous Research® highlight the significance of innovation, regulatory compliance, and strategic collaborations in shaping the future landscape of this market.
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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