How Has the Medical Device Contract Manufacturing Market Size Evolved in Recent Years?
The medical device contract manufacturing market has seen considerable growth due to a variety of factors.
• The market size for medical device contract manufacturing has experienced significant growth lately. The market, which is currently valued at $101.04 billion in 2024, is predicted to increase to $115.53 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%.
Factors contributing to this historical period of growth include cost efficiency, specialized manufacturing, resilient supply chains, quality and certification, as well as regulatory expertise.
What are the Market Size and Expected Growth Rates for the Medical Device Contract Manufacturing Market?
The medical device contract manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the medical device contract manufacturing market to experience a swift expansion in the forthcoming years. The market is projected to swell to a value of $200.88 billion by 2029, boasting a compound annual growth rate (CAGR) of 14.8%.
This anticipated growth within the forecast period is linked to factors such as reshoring and nearshoring, the rise of additive manufacturing, the effect of economic and geopolitical elements, partnership in research and development (r&d), and the adoption of sustainable practices. Expected trends within the forecast period encompass digital manufacturing, the rise of wearable devices, the importance of data security and privacy, advances in materials, and the practice of remote auditing and inspections.
What Are The Essential Drivers Behind The Growth Of The Medical Device Contract Manufacturing Market?
The projected increase in chronic health conditions is likely to stimulate the expansion of the medical device contract manufacturing market. Chronic conditions are those that need continuous medical care or impede regular activities. Intelligent medical devices assist patients in monitoring their health and more effectively managing persistent illnesses, leading to a growing demand for medical device contract manufacturing. For example, the US-based National Center for Biotechnology Information (NCBI), a division of the National Library of Medicine, predicted in January 2023 that by 2050, chronic disease cases worldwide will increase to 142.66 million from 71.522 million in 2020. Consequently, the escalating prevalence of chronic illnesses is propelling the progress of the medical device contract manufacturing market.
How Is The Global Medical Device Contract Manufacturing Market Divided Into Key Segments?
The medical device contract manufacturing market covered in this report is segmented –
1) By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, Ophthalmology Devices, Orthopedic Devices, Dental Devices, Other Devices
2) By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service
3) By Application: Laparoscopy, Pulmonary, Urology, Gynecology, Other Applications
Subsegments:
1) By In Vitro Diagnostics (IVD) Devices: Reagents, Test Kits, Assays
2) By Diagnostic Imaging Devices: X-ray Machines, MRI Machines, Ultrasound Equipment
3) By Cardiovascular Devices: Stents, Catheters, Pacemakers
4) By Drug Delivery Devices: Infusion Pumps, Nebulizers, Auto-Injectors
5) By Endoscopy Devices: Flexible Endoscopes, Rigid Endoscopes, Accessories
6) By Ophthalmology Devices: Intraocular Lenses (IOLs), Diagnostic Equipment, Surgical Instruments
7) By Orthopedic Devices: Implants, Surgical Tools, Prosthetics
8) By Dental Devices: Dental Implants, Orthodontic Devices, Dental Chairs
9) By Other Devices: Surgical Instruments, Monitoring Devices, Wearable Health Tech
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What Trends Are Reshaping The Future Of The Price Market?
Prominent businesses in the medical device contract manufacturing sector are creating strategic alliances with other companies to bolster their product development efforts. For example, in June 2022, Amnovis, an additive manufacturing firm based in Belgium, and BAAT Medical, an orthopedic medical devices firm from the Netherlands, teamed up to produce 3D printed medical instruments. This alliance encapsulated the whole process - from design to legal manufacturing, thus hastening the market entry of these devices and improving patient outcomes. This teamwork was designed to establish new benchmarks for specific categories of medical devices, concentrating on material research, post-processing techniques, process automation, and validation. Their collaborative move offered a thorough and ISO 13485:2016 certified process for mass-production of 3D printed medical instruments, making the development and validation procedures easier for medical device OEMs.
Who Are the Key Players in the Medical Device Contract Manufacturing Market?
Major companies operating in the medical device contract manufacturing market include:
• Benchmark Electronics Inc.
• Celestica International LP
• Consort Medical plc
• Flex Ltd.
• Gerresheimer AG
• Integer Holdings Corporation
• Kimball Electronics Inc.
• Nemera Development S.A.
• Nipro Corporation
• Nortech Systems Inc.
• Phillips-Medisize Corporation
• Plexus Corporation
• Sanmina Corporation
• Biofortuna Limited
• Catalent Inc.
• Forefront Medical Technologies Pte Ltd.
• Invetech
• SteriPack Group Ltd.
• Abbott Laboratories
• Becton Dickinson and Company
• Cardinal Health Inc.
• Danaher Corporation
• GE HealthCare Technologies Inc.
• Hologic Inc.
• Intuitive Surgical Inc.
• Johnson & Johnson
• Medtronic plc
• Siemens Healthineers AG
• Stryker Corporation
• 3M Company
• Boston Scientific Corporation
• Edwards Lifesciences Corporation
• Fresenius Medical Care AG & Co. KGaA
• Hill-Rom Holdings Inc.
• Masimo Corporation
• ResMed Inc.
• Smith & Nephew plc
• Teleflex Incorporated
• Terumo Corporation
• Zimmer Biomet Holdings Inc.
• Alcon Inc.
• Baxter International Inc.
• The Cooper Companies Inc.
• Dentsply Sirona Inc.
• Getinge AB
• Olympus Corporation
• Varian Medical Systems Inc.
What are the Regional Insights into the Medical Device Contract Manufacturing Market?
North America will be the largest region in the medical device contract manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract manufacturing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
