The medical device contract manufacturing market is poised to expand at a CAGR of 11.3% during the forecast period (2020-2026). This is attributed to rapidly evolving healthcare industry and increasing adoption of technologically advanced surgical procedures. A number of original equipment manufacturers (OEMs) and contract manufacturers have been focusing on advanced technologies such as robotics, 3D-printing, and minimally invasive surgeries. Mergers & acquisition activities among leading players have greatly accelerated the medical device contract manufacturing market growth.
The market is anticipated to experience a significant degree of downsizing amidst the coronavirus pandemic. This is because of the cessation of production due to stringent lockdowns to contain the spread of the virus. Fortunately, researchers and analysts are optimistic that medical devices will prove useful in diagnosing COVID-19 infections with greater precision compared to existing testing mechanisms. This is anticipated to keep market speculations high during the course of the pandemic.
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Key Takeaways of Medical Device Contract Manufacturing Market Study:
- Minimally access surgical instruments are anticipated to witness a strong growth in demand and increase at a CAGR of 10.6% over the forecast period.
- High popularity of minimally access surgical instruments is attributed to reduced tissue trauma, minimal blood loss and pain, greater affordability, and enhanced patient satisfaction.
- Contract manufacturing of electronic devices accounts for nearly half of the total market revenue. Increasing demand for patient monitoring and diagnostic devices across the globe is a major factor driving its growth.
- Finished device manufacturing remains highly preferred service, accounting for more than a quarter of the medical device contract manufacturing market value. A large number of market players offering finished products are expected to drive the segment’s growth.
- Contract manufacturing of orthopedic devices is expected to witness significant entry of key market players, attributed to rising incidence of arthritis amongst the geriatric population. Manufacturing of these devices is poised to capture over 1/4th of the total market value.
- North America will continue to maintain its hegemony in the global market, accounting for more than 40% of the revenue, while Asia-Pacific promises lucrative growth opportunities for market players, expanding at a CAGR of 10.8% through 2026.
“Booming healthcare industry has facilitated significant technological advancements in surgical procedures. These advancements have motivated key players to invest more in research & development of effective solutions, which in turn drives the medical device contract manufacturing market growth,” says the Fact.MR analyst.
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Prominent manufacturers with established market presence in the medical device contract manufacturing market
- Integer Holdings Corporation
- Flex Ltd., Jabil Inc.
- West Pharmaceutical Inc.
- Benchmark Electronics, Inc.
- Tecomet, Inc.
- Nortech Systems
- TE Connectivity
- Forefront Medical Technologies
- Nordson Corporation
A detailed assessment of the medical device contract manufacturing market value chain, business execution, and supply chain across regional markets has been covered in the report. A list of prominent companies operating in the medical device contract manufacturing market along with their product portfolio enhances the reliability of this comprehensive research study.
Medical Device Contract Manufacturing Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in the medical device contract manufacturing markets across the globe.
A comprehensive estimate of the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales in the medical device contract manufacturing market during the forecast period. Price point comparison by region with global average price is also considered in the study.
Medical Device Contract Manufacturing: Market Segmentation
Fact.MR has studied the medical device contract manufacturing market with detailed segmentation on the basis of device, type of manufacturing, services, application and region.
|Device||Type of Manufacturing||Services||Application||Region|
|In-vitro Diagnostic Medical Devices||Raw Materials||Prototype Development||Cardiovascular||North America|
|Diagnostic Imaging & Medical Equipment||Electronics||Finished Device Manufacturing||Orthopedic||Europe|
|Drug Delivery Devices||Finished Goods||Assembly & Packaging||Neurovascular||Asia Pacific|
|Patient Monitoring Devices||Testing & Regulatory Support Services||Pulmonary||Latin America|
|Minimally Access Surgical Instruments||Molding & Casting||Oncology||Middle East & Africa (MEA)|
|Therapeutic Patient Assistive Devices||Others||Laparoscopy|
|Others||Urology & Gynecology|
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Medical Device Contract Manufacturing Market: Market Size Evaluation
The medical device contract manufacturing market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for medical device contract manufacturing is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent medical device contract manufacturing market segments, along with market attractiveness evaluation, has been incorporated in the report.
Medical Device Contract Manufacturing Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the medical device contract manufacturing market report, which have helped deliver projections on regional markets. These chapters include the regional macros (economic and business environment outlook), which are expected to have a momentous influence on the growth of the medical device contract manufacturing market during the forecast period.
Country-specific valuation on demand for medical device contract manufacturing has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
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