Vancouver, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global medical device contract manufacturing market size was USD 211.90 Billion in 2021 and is expected to register a steady revenue CAGR of 9.6% during the forecast period, according to latest analysis by Emergen Research. Rising popularity of Minimally Invasive Surgical (MIS) techniques is a major factor driving market revenue growth. Manufacturers are offshoring production of non-core manufacturing activities to keep up with the demand as it helps them to save labor costs, free up capital, increase worker productivity, and shorten manufacturing lead times.
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According to research, outsourcing often proves to be a financially viable alternative for many major, medium, and small pharmaceutical companies, as fixed expenses for manufacturing biologics products account for about 60%–70% of Cost Of Goods Sold (COGS) and cannot be avoided even during recessive situations.
In addition, increasing contract manufacture of medical devices for orthopedic treatments, which continues to have an impact on market companies' growth plans, is a major factor driving market revenue growth. Increasing market share is projected to be the result of growing applications in production of cardiovascular devices. There will likely be an influx of new players specializing in orthopedic devices owing to increasing population, which suffers from conditions including arthritis and growing need for personalized equipment. Moreover, increasing cardiac-related mortality and resulting rise in demand for guidewires, stents, catheters, and implanted devices are other factors rising production of cardiovascular devices and driving revenue growth of the market.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 211.90 Billion |
| CAGR (2022–2030) | 9.6%% |
| Revenue Forecast to 2030 | USD 483.53 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Medical application, product type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Flex, Ltd., Jabil, Inc. , TE Connectivity, Ltd., Sanmina Corporation, Nipro Corporation, Celestica International, Plexus Corporation, Benchmark Electronics, Inc., Integer Holdings Corporation, Gerresheimer AG, and West Pharmaceutical Services, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global medical device contract manufacturing market is fairly fragmented with many large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some major players included in the global medical device contract manufacturing market report are:
- Flex, Ltd.
- Jabil, Inc.
- TE Connectivity, Ltd.
- Sanmina Corporation
- Nipro Corporation
- Celestica International
- Plexus Corporation
- Benchmark Electronics, Inc.
- Integer Holdings Corporation
- Gerresheimer AG
- West Pharmaceutical Services, Inc.
Strategic Development
- On September 5, 2022, Ibex Medical, an Israel based company released the cancer diagnostics platform Galen 3.0. This most recent Galen platform improves gastric, breast, and prostate cancer diagnosis.
- On June 29, 2021, a research team at Kumamoto University created a microfilter that can quickly separate and obtain minute quantities of cancer cells in blood. This palm-sized device is expected to aid in advanced and new cancer diagnostic techniques based on blood-borne cancer cells, including blood tests for early identification, postoperative care, and relapse monitoring.
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Some Key Highlights From the Report
- The cardiology segment accounted for largest revenue share in 2021. This is attributed to increasing cases of cardiac disorders and growth of outsourcing of cardiological devices. In addition, there is an increasing number of such devices being outsourced. , owing to complicated nature of cardiovascular devices and rising demand for technical skills.
- The accessories manufacturing segment accounted for largest revenue share in 2021. This is attributed to rising prevalence of cancer, neurodegenerative illnesses, and other ailments.
- The North America market accounted for largest revenue share in 2021. This is due to significant number of industry players investing in the medical device contract manufacturing market. It is expected that number of product launches would increase significantly as more biomedical businesses invest in manufacturing of medical devices in this industry.
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Emergen Research has segmented the global medical device contract manufacturing market based on medical applications, product type, and region:
- Medical Applications Outlook (Revenue, USD Billion; 2019-2030)
- Cardiology
- Diagnostic Imaging
- Others
- Product type Outlook (Revenue, USD Billion; 2019-2030)
- Accessories Manufacturing
- Device Manufacturing
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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