Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Device Contract Manufacturing Market by Device Type (IVD, Cardiovascular, Drug Delivery (Autoinjectors, Infusion Device), Diabetes Care, Orthopedic, Ophthalmology, Endoscopy, Surgical), Device Class (I, II, III), Services - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global medical device contract manufacturing market is projected to reach USD 149.4 Billion in 2029 from USD 78.9 Billion in 2023, at a CAGR of 11.4% between 2024 and 2029.
The report analyzes the medical device contract manufacturing market and aims at estimating the market size and future growth potential of this market based on various segments such as device type, class of device, service and region. The report also includes a competitive analysis of the key players in this market along with their company profiles, product/service offerings, recent developments, and key market strategies.
The market is anticipated to grow as a result of development continuous advancements in medical devices felid such as robotics and minimally invasive surgery, artificial intelligence (AI) in medical devices, telemedicine and remote patient monitoring is expected to drive the market growth. Ageing populations with rising need for medical diagnostics further contribute to market growth. On the other hand, stringent regulatory compliance and complexities in supply chain management are expected to limit market growth to a certain extent.
The rapid population growth, increasing awareness about medical devices, and a rising middle class translate to a strong demand for MDCM services across Asia Pacific. Also global leaders in medical device contract manufacturing are establishing their presence in APAC, introducing advanced devices, innovative software, and diverse biocompatible materials.
Europe was the largest segment in the medical device contract manufacturing market in 2023. The Germany accounted for the larger share of the European medical device contract manufacturing market in 2023. The rising number of chronic diseases and and growing awareness regarding medical devices is expected to drive the market growth in Europen market.
Major players in the medical device contract manufacturing market include Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), and Gerresheimer AG (Germany).
Based on the device type, the cardiovascular device segment is expected to grow by the highest CAGR in the medical device contract manufacturing market.
Devices like pacemakers regulate irregular heartbeats, stents open blocked arteries, and defibrillators prevent sudden cardiac arrest. This translates to a reduced risk of mortality and improved cardiovascular health also advancements in technologies like balloon angioplasty and stent placement allow for less invasive procedures compared to traditional open-heart surgery. This leads to quicker recovery times, reduced pain, and minimized scarring which is expected to drive the market growth.
The device and component manufacturing services segment is expected to grow with the highest CAGR in the device development and manufacturing services segment in the medical device contract manufacturing market.
Device and component manufacturing services offer several significant advantages which includes reduced costs, contract manufacturers (CMs) specialize in high-volume production, allowing them to leverage economies of scale and negotiate better rates with material suppliers. This translates to cost savings for medical device companies that may not have the resources to establish their own large-scale manufacturing facilities.
Based on the class of device, the class III segment is expected to grow by the highest CAGR in the medical device contract manufacturing market. Out of the other class of device, class III is expected to grow at the highest CAGR from 2024 to 2029.
The stringent regulatory requirements for class III devices incentivize manufacturers to invest heavily in research and development. This leads to continuous innovation and the creation of new, more sophisticated medical technologies that push the boundaries of healthcare possibilities which is expected to drive the medical device contract manufacturing market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 430 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $78.9 Billion |
| Forecasted Market Value (USD) by 2029 | $149.4 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Premium Insights
- Technological Advancements in Medical Device Modalities to Drive Market
- Class III Medical Devices Segment Accounted for Largest Share of Asia-Pacific Market in 2023
- China to Register Highest Growth Rate During Forecast Period
- Asia-Pacific Countries to Register Higher Growth During Forecast Period
- Asia-Pacific Will Continue to Dominate Market in 2029
Case Study Analysis
- Jabil Inc. and Heartware International
- Flex Ltd. in Medical Device Manufacturing
- Bringing an Innovative Insulin Pump to Market
- Investment and Funding Scenario
Market Dynamics
Drivers
- Growing Medical Devices Market in Developing Countries
- Adoption of Robotics and Automation in Manufacturing
- Technological Advancements in Medical Device Modalities
- Impact of Industry 4.0 on Medical Device Industry
Restraints
- Consolidation in Medical Devices Market
Opportunities
- Increasing Healthcare Expenditure, Infrastructure, and Awareness in Developing Economies
- Rising Geriatric Population and Increasing Incidence of Associated Diseases
Challenges
- Lack of Constant Innovation to Balance Technological Capabilities Against Costs
Industry Trends
- Increasing Consolidation of OEMs and Contract Manufacturers
- Growing Interest of Private Equity Firms in Medical Device Contract Manufacturing
- Outsourcing of Medical Device Contract Manufacturing Services
- Industry 5.0
Pricing Analysis
- Average Selling Price Trend for Medical Device Contract Manufacturing Services, by Device
- Average Selling Price Trend, by Region
- Value Chain Analysis
Technology Analysis
Key Technologies
- Digital Transformation
- Robotics and Automation
Adjacent Technologies
- Artificial Intelligence
- Big Data
- Complementary Technologies
- 5G
Company Profiles
Key Players
- Jabil Inc.
- Flex Ltd.
- Plexus Corp.
- Sanmina Corporation
- Integer Holdings Corporation
- Te Connectivity Ltd.
- Nipro Corporation
- Celestica Inc.
- West Pharmaceutical Services, Inc.
- Benchmark Electronics Inc.
- Recipharm Ab
- Gerresheimer AG
- Kimball Electronics, Inc.
- Nortech Systems Incorporated
- Carclo PLC
- Nolato Gw, Inc. (Nolato Ab)
Other Players
- Nemera
- Viant Medical Holdings, Inc.
- Tecomet, Inc.
- Smc Ltd.
- Phillips-Medisize Corporation
- Tessy Plastics Corp.
- Mehow
- Tekni-Plex
- Peter's Technology
For more information about this report visit https://www.researchandmarkets.com/r/xwxxmi
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