Covina, June 08, 2023 (GLOBE NEWSWIRE) -- CMO (Contract Manufacturing Organizations) provides wide variety of benefits such as risk mitigation, cost savings, bolstered quality control, scaling up production and provides efficient management of resources.
Growing outsourcing manufacturing activities to CMOs to save time and money has further facilitated the target market growth. Growing prevalence of diseases, rising demand for drugs, vaccines and medical devices, growing huge investment in research and development activities and investment in new capacities by CMOs to support consumer’s growth plans is expected to fruitful the demand for MedTech CMO Market growth over the forecast period.
The report “MedTech CMO Market, By Product Type (Raw Materials, Finished Goods, Electronic Manufacturing Services), By Manufacturing Techniques (Cutting, Injection Molding and Machining), By End-Users (Orthopedics, In-Vitro Diagnostics, Cardiovascular, Minimally Invasive Surgery, Surgical Instruments, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Highlights:
- In March 2022, Delpharm Industries acquired Sandoz Canada manufacturing plant a largest sterile injectable production facility located in Quebec from Novartis. This acquisition has represented the Delpharm’s second production site in Canada.
Analyst View:
CMOs aid in the formation of long-term partnerships that benefit the success of current product as well as the manufacturing of future products of key player’s pipeline along with business expansion. Further, growing demand for medical devices due to prevalence of diseases has driven market growth. Rising demand for outsourcing product in healthcare due to a lack of manufacturing facilities and high costs is expected to boost the demand for MedTech CMO market growth. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish positions in the market.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Product Type – Raw Materials, Finished Goods, Electronic Manufacturing Services By Manufacturing Techniques - Cutting, Injection Molding and Machining By End-Users - Orthopedics, In-Vitro Diagnostics, Cardiovascular, Minimally Invasive Surgery, Surgical Instruments, and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Key players:
- Jabil Inc.
- Gerresheimer
- TE Connectivity
- Tecomet
- Integer Corporation
- Nipro Corporation
- Celestica Inc.
- West Pharmaceutical Services, Inc.
- Sanmina Corporation
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Browse in-depth TOC on “MedTech CMO Market”
60 – Tables
35 – Figures
140 – Slides
What are some challenges faced by the MedTech CMO Market?
- Regulatory Compliance: MedTech CMOs operate in a highly regulated environment, where adherence to stringent regulatory requirements is essential. They must comply with various regulatory standards, such as Good Manufacturing Practices (GMP), ISO certifications, and FDA regulations. Meeting these compliance standards and keeping up with evolving regulations can be complex and resource-intensive.
- Cost Pressures: The MedTech industry is under constant pressure to reduce costs while maintaining high-quality standards. MedTech CMOs often face challenges in managing manufacturing costs, sourcing raw materials, and optimizing production processes. Balancing cost-efficiency with maintaining quality and compliance is a constant challenge for these organizations.
- Technological Advancements: The rapid pace of technological advancements in the MedTech industry presents both opportunities and challenges for CMOs. On one hand, emerging technologies and innovative products offer growth potential. On the other hand, keeping up with these advancements and investing in the necessary infrastructure, equipment, and skilled workforce can be challenging.
- Intellectual Property Protection: MedTech CMOs often collaborate closely with medical device and pharmaceutical companies to develop and manufacture products. Protecting intellectual property (IP) and ensuring confidentiality of client information is crucial. CMOs need to establish robust systems and processes to maintain the security and integrity of client IP.
- Supply Chain Management: Managing the complex supply chain is another challenge for MedTech CMOs. They need to ensure a consistent supply of high-quality raw materials, manage inventory efficiently, and maintain strong supplier relationships. Disruptions in the supply chain, such as raw material shortages or logistic issues, can impact production timelines and customer satisfaction.
What are the Drivers of the MedTech CMO Market?
- Outsourcing Trend: Medical device and pharmaceutical companies increasingly outsource their manufacturing operations to CMOs to focus on core competencies such as research, development, and marketing. Outsourcing allows companies to leverage the expertise and infrastructure of CMOs, leading to cost savings, scalability, and flexibility in manufacturing operations.
- Cost-Effectiveness: MedTech CMOs provide cost-effective solutions to their clients by leveraging economies of scale, expertise in manufacturing processes, and efficient supply chain management. CMOs can optimize production processes, reduce overhead costs, and provide manufacturing services at a lower cost compared to in-house manufacturing.
- Specialized Expertise: MedTech CMOs offer specialized expertise in manufacturing complex medical devices, diagnostics, and pharmaceutical products. They have the necessary technical knowledge, experience, and resources to handle diverse product portfolios and manufacturing requirements. CMOs can provide value-added services such as design for manufacturing, process optimization, and regulatory support.
- Regulatory Compliance and Quality Assurance: MedTech CMOs have established quality systems and compliance frameworks in place to meet the stringent regulatory requirements of the industry. They are experienced in navigating regulatory frameworks such as Good Manufacturing Practices (GMP), ISO certifications, and FDA regulations. CMOs offer clients assurance of regulatory compliance and high-quality manufacturing processes.
- Scalability and Flexibility: MedTech CMOs provide scalability and flexibility in manufacturing operations to meet changing market demands. They can accommodate fluctuations in production volumes, accommodate product variations, and adapt to new product launches or market expansions. CMOs offer clients the ability to scale up or down production without significant capital investments or operational risks.
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