Medical Device Contract Manufacturing Market is Expected to Reach $149.4 billion | MarketsandMarkets™

Chicago, April 12, 2024 (GLOBE NEWSWIRE) — Medical Device Contract Manufacturing market in terms of revenue was estimated to be worth $78.9 billion in 2024 and is poised to reach $149.4 billion by 2029, growing at a CAGR of 11.4% from 2024 to 2029 according to a latest report published by MarketsandMarkets™. The rising technological advancements and growing awareness regarding contact manufacturing is driving the growth of the market. The rising investments in R&D by CDMOs enable them to handle complex device production and meet the evolving needs of the medical device industry.

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Medical Device Contract Manufacturing Market Scope:

Many CDMOs now offer a wider range of services beyond manufacturing, including design, development, regulatory support, and sterilization. This comprehensive approach makes them more attractive to a broader range of medical device companies.
Based on class of device, the medical device contract manufacturing market is segmented into class I, class II and class III. The class III medical device accounts for the largest share in the medical device contract manufacturing market, this is due to class III devices can pave the way for novel treatment approaches and even breakthroughs in various medical fields. For instance, advancements in artificial intelligence and robotics are being integrated into class III devices, offering the potential for minimally invasive surgeries and personalized treatment plans.

Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging & assembly services, other services. The packaging & assembly service accounts for the largest share in the medical device contract manufacturing market as proper packaging safeguards the sterility of medical devices during transportation, storage, and until the point of use. This is critical to prevent contamination and ensure patient safety which is expected to drive the market growth.

In 2023, Asia Pacific accounted for the largest share of the medical device contract manufacturing market, followed by Europe and North America. This is due to increasing population, growing middle class, and rising healthcare expenditure in the region are fueling the demand for various pharmaceuticals and medical devices also compared to established markets like North America and Europe, the Asia Pacific region often offers lower labour costs, making it an attractive option for companies seeking to optimize manufacturing expenses.

Additionally, several countries in the region, like China and India, have developed a robust infrastructure for manufacturing pharmaceuticals and medical devices which is expected to lead to Asia Pacific growing at the fastest rate during the forecast period.

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Medical Device Contract Manufacturing market major players covered in the report, such as:

• Flex Ltd. (Singapore)
• Jabil Inc. (US)
• TE Connectivity Ltd. (Switzerland)
• Sanmina Corporation (US)
• Nipro Corporation (Japan)
• Celestica Inc. (Canada)
• Plexus Corp. (US)
• Integer Holdings Corporation (US)
• West Pharmaceutical Services, Inc. (US)
• Benchmark Electronics Inc. (US)
• Recipharm AB (Sweden)
• Gerresheimer AG (Germany)
• Kimball Electronics Inc. (US)
• Nortech Systems, Inc. (US)
• Nemera Development S.A. (France)
• Viant Medical Holdings, Inc. (US)
• Tecomet, Inc. (US)
• SMC Ltd. (US)
• Phillips-Medisize Corporation (US)
• Tessy Plastics Corp. (US)
• Carclo Plc (UK)
• Nolato GW, Inc. (US)
• MeHow (China)
• Tekni-Plex (US)
• Peter’s Technology (China)
• and Among Others

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The study categorizes the medical device contract manufacturing market based on device type, class of device, service and region.

Device Type

• IVD Devices
  • IVD Consumables
  • IVD Equipment
• Diagnostic Imaging Devices
• Cardiovascular Devices
• Drug Delivery Devices
  • Infusion Devices and Administration Sets
  • Syringes
  • Inhalers
  • Autoinjectors and Pen Injectors
• Orthopedic Devices
• Respiratory Care Devices
• Ophthalmology Devices
• Surgical Devices
• Diabetes Care Devices
• Dental Devices
• Endoscopy and Laparoscopy Devices
• Gynecology and Urology Devices
• Personal Care Devices
• Neurology Devices
• Patient Monitoring Devices
• Patient Assistive Devices
• Other Devices

Class of Device

• Class I Medical Device
• Class II Medical Device
• Class III Medical Device

Service

• Device Development and Manufacturing Services
  • Device and Component Manufacturing
  • Process Development Services
  • Device Engineering Services
• Quality Management Services
  • Packaging Validation Services
  • Inspection and Testing Services
  • Sterilization Services
• Packaging and Assembly Services
  • Primary and Secondary Packaging
  • Labelling
  • Others
• Other Services

Region

• Asia Pacific
  • China
  • Japan
  • Malaysia and Singapore
  • India
  • Australia and New Zealand
  • South Korea
  • Rest of Asia Pacific
• North America
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East and Africa
• GCC Countries

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Key Market Stakeholders:

• Manufacturers and distributors of medical devices
• Manufacturers and distributors of medical device components
• Medical device contract manufacturing companies
• Healthcare institutes
• Diagnostic laboratories
• Hospitals and clinics
• Academic institutes
• Research institutes
• Government associations
• Market research and consulting firms
• Venture capitalists and investors

Report Objectives:

• To define, describe, segment, analyze, and forecast the global medical device contract manufacturing market by device type, class of device, service and region
• To provide detailed information about the factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To analyze micromarkets concerning individual growth trends, prospects, and contributions to the overall market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
• To forecast the size of the medical device contract manufacturing market in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa and GCC countries.
• To profile the key players in the medical device contract manufacturing market and comprehensively analyze their core competencies.
• To track and analyze competitive developments such as agreements, collaborations, and partnerships; expansions; acquisitions; and product launches and approvals in the medical device contract manufacturing market.
• To analyze the impact of the recession on the medical device contract manufacturing market

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