Medical Device Contract Manufacturing Market Size to Hit US$ 97.52 Bn by 2027

According to Precedence Research, the medical device contract manufacturing market size is projected to hit US$ 97.52 billion by 2027 globally.

OTTAWA, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The global medical device contract manufacturing market size was valued at USD 53.71 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2020 to 2027. Get more details@ https://www.precedenceresearch.com/medical-device-contract-manufacturing-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.

Growth Factors

Growth of medical device industry and appearance of industry 4.0 are the major factor expected to propel the growth of medical device contract manufacturing in near future. Furthermore, growing pressure on medical device OEMs to reduce production costs and delay in the launch of new products is expected to fuel the demand for medical device contract manufacturing market in years to come. However, consolidation in the market of medical equipment is predicted to limit the growth of global medical device contract manufacturing market in analysis period. Even so, aging population provides the plenty of opportunities for many products as orthopedic implants and instruments in near future.

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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.

Report Highlights

• Technological advancement in medical device industry coupled with advent of Industry 4.0 is predicted to spur the growth of North America medical device contract manufacturing market
• In 2019, device development and manufacturing services segment held the majority of revenue share and estimated to maintain the its dominance throughout coming years.
• Mergers, acquisitions and new product releases are some of the approaches embraced by key players. Wright Medical Group, Inc and Tornier N.V. they also entered into a partnership agreement to improve business growth and expand the geographic scope of their upper and lower extremity product range, which has led to a rise in the demand for orthopedic products and will lead to drive the orthopedic application segment in near future.
• Rising spending on healthcare in Germany and growing patient monitoring devices in France and UK is expected to drive global medical device contract manufacturing market in Europe
• Disruption caused by Covid-19 to international supply chains has led to high shortages of critical/essential medical devices. Ramping up domestic production capacity of medical supplies is the major priority for most of the countries as Covid-19 spreads. In addition, domestic manufacturing of essential medical devices can not only overcome trade barriers, but also ensure quality of product and market solidity.
  

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Regional Snapshots

North America held the majority of revenue share in 2019. Aging population, growing health spending and numerous technological advancements are expected to fuel industry growth in over the next eight years.

China, India, and Brazil are the major regional players in Asia Pacific and Latin Americamedical device contract manufacturing market. The large patient base, growing health consciousness and expanding healthcare services have provided a favorable climate for the overall growth of healthcare markets. Quality labor pool and several cost-cutting as well as strategic business benefits is estimated to contribute the growth of medical device contract manufacturing market in Asia Pacific.

Key Players & Strategies

Consolidation of OEMs has led CMOs to pursue the broader market trend and also to develop capacity expansion and strategic alliances with their OEM customers. In addition, as OEMs reduce the number of suppliers and restructure their supply chain, smaller, less strategic contract manufacturers may be excluded from approved supplier lists.

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Some of the major players noticed and covered in the 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.

Other players functioning in the market arena are Nortech Systems Inc., Kimball Electronics, Inc., Nemera Development S.A., Consort Medical PLC, Jabil Inc., TE Connectivity Ltd., Viant Medical, Tessy Plastics Corp, Tecomet, Inc., SMC Ltd. and Phillips-Medisize Corporation amongst others.

Market Segmentation

By Device Type

• IVD Devices
• Drug Delivery Devices
• Diagnostic Imaging Devices
• Patient Monitoring Devices
• Therapeutic Patient Assistive Devices
• Minimally Access Surgical Instruments
• Others
  

By Service

• Device Development and Manufacturing Services
• Quality Management Services
• Final Goods Assembly Services
  

By Application

• Laparoscopy
• Pulmonary
• Urology & Gynecology
• Cardiovascular
• Orthopedic
• Oncology
• Neurovascular
• Radiology
• Others
  

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Rest of the World

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