Ottawa, Jan. 11, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global medical device contract manufacturing market was estimated at USD 59.44 in 2020. The global medical device contract manufacturing market is driven by advancements in healthcare, medical, and biomedical technology, as well as the increasing expansion and development of skilled and technologically superior healthcare infrastructure and medical facilities.
The increased global demand for efficient and technologically advanced medical equipment, as well as rising demand for complex and affordable medical devices is some of the key factors driving the growth of the global medical device contract manufacturing market. The rising prevalence of chronic disorders and the growing elderly population are propelling the market for medical device contract manufacturing forward.
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About Market
Contract manufacturing allows an organization to exploit a specialist in one or more fields of design and production without needing significant capital investments. Design, engineering, component production, assembly or even full-service capabilities are among the choices that OEMs will find in the contract manufacturing partner. This helps the organization to stay focused on core competencies and strategic planning.
As medical devices OEMs are more likely to follow these standards, specialized companies familiar with the tight regulatory environment will continue to grow. Price, time on the market, project experience and cost controls are just a few of the many reasons OEMs choose a service partner.
Scope of the Medical Device Contract Manufacturing Market
| Report Highlights | Details |
| Market Size in 2021 | USD 65.81 Billion |
| Growth Rate From 2021 to 2030 | CAGR of 10.9% |
| Revenue Projection by 2028 | USD 135.63 Billion |
| Base Year | 2021 |
| By Device Type |
|
| By Service |
|
| By Application | Laparoscopy, Pulmonary, Urology & Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Others |
Regional Snapshot
Asia-Pacific is the fastest growing region for global medical device contract manufacturing market in terms of region. The increased demand for innovative and effective medical equipment, as well as rising healthcare spending, rising medical needs of the ageing population, and a steady increase in the number of surgical cases, are driving the medical device contract manufacturing market in the U.S.
North America region accounted largest revenue share in the 2020. This could be attributable to an increase in the number of elderly people in Asia-Pacific countries. Due to high levels of unhealthy eating and drinking habits, the U.S. is a significant consumer of medical equipment and so has the greatest market share by consumption.
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Key Players
Some of the major players noticed and covered in the medical device contract manufacturing market report are Flex, Ltd., Integer Holdings Corporation, Gerresheimer AG, Sanmina Corporation, Nipro Corporation, Celestica International Lp., Plexus Corp., Benchmark Electronics Inc., and West Pharmaceutical Services, Inc.
Market Dynamics
Drivers
Rising prevalence of chronic disorders
Several disorders, such as genetic, cardiovascular, and neurological ailments, are becoming more common. The cardiovascular diseases are the leading cause of the death worldwide, according to the World Health Organization (WHO), with an estimated 17.9 million deaths each year. This has resulted in a greater public awareness of early diagnosis and an increase in routine diagnosis, both of which support the medical device contract manufacturing market’s overall growth. Furthermore, the medical device contract manufacturing market’s strong growth is being aided by the launch of novel advanced in-vitro diagnostics (IVD) products. As a result, the rising prevalence of chronic disorders is driving the growth of the global medical device contract manufacturing market.
Restraints
High cost of medical devices
The medical devices have seen considerable advancements and innovations in the last decade, including the adoption of new products and design changes, among other things. However, the high cost of medical devices, as well as the high cost of equipment maintenance, limits the medical device contract manufacturing market expansion to a greater extent. Additionally, the operation of medical devices necessitates the use of trained personnel. As a result, the medical device’s maintenance costs will rise, stifling the medical device contract manufacturing market’s overall growth during the forecast period.
Opportunities
Growth in Industry 4.0 technologies
The advanced automation is enabled by Industry 4.0 technologies, such as machine-to-machine connectivity and cloud computing, which help to overcome the production issues of medical devices. These technologies’ data gathering capabilities and improved connectivity is enabling the smooth manufacturing processes of medical services. Several governments are encouraging key market players to include 4.0 into their manufacturing processes in order to accelerate the development of technologically superior medical products. Thus, the growth in Industry 4.0 technologies is creating lucrative opportunities for the growth of the medical device contract manufacturing market.
Challenges
Budgetary constraints of hospitals
Several healthcare providers have aligned themselves with integrated health networks, group buying organizations, and integrated delivery networks in response to increased government pressure to reduce healthcare costs. These groups pool their members’ purchasing power and negotiate with medical equipment suppliers and manufacturers for a low price. For mass purchasing of medical devices, integrated health networks, group buying organizations, and integrated delivery networks engage in extensive negotiations. As a result, the budgetary constraints of hospitals are a huge challenge for the growth of the medical device contract manufacturing market during the forecast period.
Related Reports
- Medical Devices Market Research Report 2021 to 2027
- Medical Device Outsourcing Market Research Report 2021 to 2027
- Portable Medical Devices Market Research Report 2021 to 2027
- Wearable Medical Device Market Research Report 2021 to 2030
Report Highlights
- Based on device type, the IVD segment is expected to grow at a rapid pace during the forecast period, and it currently holds the greatest market share. This is attributed to improved awareness among women and quick technological improvements in IVD testing devices, which have now been made simple to use and increasingly available to the general public.
- Based on service, the device development and manufacturing is the largest segment, and it is predicted to increase at a faster rate than the other segments. This rapid expansion can be attributed to increased incentive-based systems implemented by governments around the world, which have resulted in an increase in expenditure on healthcare infrastructure.
COVID -19 Impacts:-
Manufacturing outsourcing has drastically changed in recent years, with a surge of consolidation between OEMs and contract manufacturing organizations (CMOs) a shift that is particularly important now that companies are struggling to meet the urgent demand for life-saving ventilators required to support coronavirus victims.
Companies serving multiple industries have made medtech their priority. Quick-turn manufacturer Protolabs said that there was an influx of COVID-19-related medical components that needed urgent production, ranging from test kits to ventilator parts. Various firms have provided expressions of encouragement to clients and workers. Integer Holdings, one of the world's largest contract manufacturers of medical devices said that, patients and healthcare professionals now rely more than ever on the medtech industry.
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