According to Vision Research Reports, the global medical devices contract manufacturing market size was valued at US$ 49 Bn in 2020 and to surpass around US$ 120 billion by 2028 with a CAGR of 12% from 2021 to 2028.
The global medical device contract manufacturing market is predicted to be driven by a rise in the adoption of technologically advanced processes in the medical device industry. This has led to the production of electronically integrated gadgets. Furthermore, expanding pool of geriatric population who are more vulnerable to illnesses are further likely to bolster the growth of the global medical device contract manufacturing market.
Expansion in the medical devices industry is anticipated to boost demand for medical devices contract manufacturing during the forecast period. North America and Europe are projected to dominate the global medical devices contract manufacturing market, owing to a highly developed health care sector, increase in awareness among health care professionals about medical devices, and the continuous evolution of technology. Asia Pacific, Latin America, and Middle East & Africa are expected to offer significant potential to the medical devices contract manufacturing market. The market in Asia Pacific is expected to expand at a CAGR of 13.2% from 2021 to 2028.
Increase in the Number of Various Diseases and Disorders to Drive Global Market
Increase in the number of cases of various disorders across the globe is likely to drive the medical devices contract manufacturing market. According to the WHO, cardiovascular diseases accounted for an estimated 17.7 million deaths in 2015, representing 31% of all global deaths. Among these, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to stroke. This is likely to increase the number of diagnostic procedures, propelling the global in-vitro diagnostic medical devices, which, in turn, is expected to drive the medical devices contract manufacturing market.
Electronics to be a Highly Lucrative Segment
In terms of type of manufacturing, electronics is an emerging segment of the medical devices contract manufacturing market. The segment is likely to expand at a significant CAGR. Moreover, it is likely to constitute a major market share due to the adoption of technologically advanced products by diagnostic centers. Moreover, factors such as increase in demand for patient monitoring and diagnostics devices are estimated to propel the segment.
Prototype Development Service Segment Accounted for Dominant Share of Global Medical Devices Contract Manufacturing Market
In terms of service, the global medical devices contract manufacturing market has been segmented into prototype development, finished device manufacturing, assembly & packaging, testing & regulatory support services, molding & casting, and others. Prototype development is projected to be a highly attractive segment during the forecast period. Prototyping directly determines the direction of the entire project and its eventual success. Additionally, prototyping reduces time and costs. These are the major factors expected to drive the prototype development segment.
Orthopedic Application to be Promising Segment
In terms of application, the global medical devices contract manufacturing market has been categorized into cardiovascular, orthopedic, neurovascular, pulmonary, oncology, laparoscopy, urology & gynecology, radiology, and others. The orthopedic segment held a major share of the global market in 2020. Increase in the geriatric population affected with arthritis and need for patient-specific devices are expected to propel the segment in the next few years. The laparoscopy segment is expanding at a high growth rate, especially in developed economies, due to wide acceptance of and preference for minimally invasive devices, and the trend is likely to continue in the near future.
North America Expected to Dominate Global Market
In terms of region, the global medical devices contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical devices contract manufacturing market in 2020. In terms of revenue, the market in North America was valued at US$ 23 Bn in 2020, owing to a highly developed health care sector, increase in awareness among health care providers about medical devices, and the presence of key players in the region. This region offers a significant opportunity to the medical devices contract manufacturing market. The medical devices contract manufacturing market in Asia Pacific is anticipated to expand at a CAGR of 13% during the forecast period, due low cost of products and labor for manufacturing. Moreover, expansion of the health care sector in countries such as China, Japan, and India offers significant potential in this region. Additionally, technological advancements and increase in the rate of adoption of medical devices are expected to propel the market in the region during the forecast period.
Flextronics International, Ltd., Jabil Inc., and Integer Holdings Corporation Anticipated to Lead Global Market
The global medical devices contract manufacturing market is highly fragmented in terms of number of players providing different products. Key players in the global medical devices contract manufacturing market include Flextronics International, LTD., Jabil Inc., Benchmark Electronics, Inc., Integer Holdings Corporation (Greatbatch), West Pharmaceutical Services, Inc., Tecomet, Inc., Nortech Systems, TE Connectivity (Creganna Medical), Forefront Medical Technologies, and Nordson Corporation. Expansion of product portfolio through mergers and acquisitions is a key strategy followed by several global players.
By Device Type
In-vitro Diagnostic Medical Devices
Diagnostic Imaging & Medical Equipment
Drug Delivery Devices
Patient Monitoring Devices
Minimally Access Surgical Instruments
Therapeutic Patient Assistive Devices
By Type of Manufacturing
Finished Device Manufacturing
Assembly & Packaging
Testing & Regulatory Support Services
Molding & Casting
Urology & Gynecology
By Regional Outlook
Middle East & Africa
The Medical device contract manufacturing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical device contract manufacturing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical device contract manufacturing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical device contract manufacturing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical device contract manufacturing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical device contract manufacturing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical device contract manufacturing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical device contract manufacturing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical device contract manufacturing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical device contract manufacturing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical device contract manufacturing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Medical device contract manufacturing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical device contract manufacturing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical device contract manufacturing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical device contract manufacturing market. These factors have benefited the growth of the global market for Medical device contract manufacturing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical device contract manufacturing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical device contract manufacturing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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