Medical Device Contract Manufacturing Market worth $113.3 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 20, 2022 /PRNewswire/ -- Medical Device Contract Manufacturing Market is estimated to reach USD 113.3 billion in 2026 from USD 65.9 billion in 2021, at a CAGR of 11.5% according to a new report by MarketsandMarkets™. The key factors driving the growth of the medical device contract manufacturing market include the overall growth of the medical devices market, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management.

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Medical Device Contract Manufacturing Market Scope:

However, market growth is impeded by the growing consolidation in the medical devices market. Larger players, to develop their manufacturing capabilities to save costs, focus on the acquisition of smaller players and CMOs themselves. This may affect the overall pace of market growth.

The IVD devices segment accounted for the largest share of medical device contract manufacturing market in 2020

Based on device type, the medical device contract manufacturing market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices. In 2020, IVD devices accounted for the largest share of the medical device contract manufacturing market. The large share of this segment can be attributed to the increasing volume of IVD tests performed globally, the COVID-19 pandemic, the increasing availability of IVD kits and reagents, the growing number of hospitals & clinical laboratories in developing countries, automation & technological advancements in instruments with high-throughput capabilities, and advances in life sciences research.

Class II medical devices segment accounted for the largest share of the medical device contract manufacturing market in 2020.

Based on the class of device, the medical device contract manufacturing market is segmented into Class I, Class II, and Class III medical devices. In 2020, the Class II medical devices segment is projected to grow at the highest CAGR in the medical device contract manufacturing market. The growth of this segment can be attributed to the large number of medical devices that fall under this device class and their greater utilization (compared to other classes) by end users and caregivers in the healthcare industry. In addition, due to the outbreak of COVID-19, governments minimized the regulatory compliance on these devices and issued Emergency Use Authorizations (EUA) for diagnostics and PPE kits, thereby boosting the market growth.

In 2020, the device development and manufacturing services segment accounted for the largest share of the medical device contract manufacturing market

Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services and other services. The device development and manufacturing services segment dominated this market. The increasing adoption of contract manufacturing services in the medical device industry, growth in the medical devices market (especially in the single-use disposable medical devices market) and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment.

Asia Pacific is expected to witness the fastest growth during the forecast period of 2021–2026.

Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to witness the fastest growth during the forecast period. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.

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Medical Device Contract Manufacturing Market Dynamics:

Drivers:

1. Growth in the medical devices market
2. Adoption of robotics and automation
3. Technological advancements in medical device modalities
4. Impact of industry 4.0 on the medical device industry

Restraints:

1. Consolidation in the medical devices market

Opportunities:

1. Growing healthcare expenditure
2. Rising geriatric population

Challenges:

1. Balancing technological capabilities against costs

Key Market Players:

The prominent players in this market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others.

Recent Developments:

• In November 2020, Nipro Corporation (Japan) acquired Venari Medical's (Ireland) exclusive sales rights for a vascular treatment device developed by Venari Medical in Japan and overseas
• In October 2020, Nemera (France) acquired Copernicus (Poland) to become a leading patient-centric drug device combination solutions company. This acquisition will bolster the company's production capabilities and expand its product portfolio
• In September 2020, Nipro Corporation established its sales offices in Xi'an, Wuhan, Hefei, and Xiamen. The new offices will further strengthen the company's sales and service network in China to provide more community-based, meticulous services and respond to the needs of the medical scene, thereby enhancing the presence of the "Nipro brand"
• In January 2020, Nipro Asia Pte Ltd. (Singapore) acquired JMI Marketing (Bangladesh) to secure a large market share in Bangladesh's rapidly growing economy for disposable medical devices, including infusion sets, syringes, and IV catheters

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