Future Outlook of the Medical Device Contract Manufacturing Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Medical Device Contract Manufacturing Market Based on Industry Projections?
The market size for medical device contract manufacturing has seen substantial growth in the past few years. It is projected to rise from $101.04 billion in 2024 to $115.53 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%. Factors such as cost-efficiency, specialized manufacturing, resilient supply chain, quality and certification, and regulatory expertise contributed to the growth observed in the past.
In the forthcoming years, the medical device contract manufacturing market is set to experience substantial expansion. The projected growth indicates that the market will reach $200.88 billion in 2029, with a compound annual growth rate (CAGR) of 14.8%. This anticipated growth for the forecast period can be linked to factors such as reshoring and nearshoring, additive manufacturing, economic and geopolitical landscape, collaborative research and development (r&d), and sustainable practices. Moreover, the forecast period is even expecting to witness key trends such as the rise of digital manufacturing, wearable gadgets, enhancements in materials, data security and privacy matters, and the implementation of remote audits and inspections.
How Are the key drivers Contributing to the Expansion of the medical device contract manufacturing Market?
The growth of the medical device contract manufacturing market is anticipated to be fueled by the increasing prevalence of chronic disorders. Chronic diseases are those that require continuous medical supervision or restrict activities. Intelligent medical devices assist patients in monitoring their health status and better managing their long-standing diseases, which has resulted in a surge in demand for medical device contract manufacturing. For example, data from the US-based National Library of Medicine’s National Center for Biotechnology Information (NCBI) in January 2023 projected that the global chronic disease population would be 142.66 million by 2050, a increase from 71.522 million in 2020. Therefore, the growing prevalence of chronic illnesses is a key factor driving the medical device contract manufacturing market’s expansion.
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What Companies Are At the Forefront of Innovation in the Medical Device Contract Manufacturing Market?
Major companies operating in the medical device contract manufacturing market include:
• Benchmark Electronics Inc.
• Celestica International LP
• Consort Medical plc
• Flex Ltd.
• Gerresheimer AG
How Are Emerging Trends in Consumer Behavior Affecting the Medical Device Contract Manufacturing Market?
Leading firms within the medical device contract manufacturing market are establishing strategic alliances with other companies to bolster their product development efforts. For example, in June 2022, Amnovis, an additive manufacturing firm based in Belgium, and BAAT Medical, an orthopedic medical devices firm from the Netherlands, joined forces to produce 3D printed medical devices. The partnership encompassed the entire production chain, from design to approved production, speeding up the market introduction of these devices and improving patient results. The aim of this partnership was to establish new benchmarks for distinct types of medical devices, with a focus on material research, post-processing techniques, process automation, and validation. Their collaborative endeavour provided a thorough and ISO 13485:2016 certified process for mass producing 3D printed medical devices, simplifying the development and validation processes for medical device original equipment manufacturers (OEMs).
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What Are the Major Categories and Their Growth Dynamics in the Medical Device Contract Manufacturing Market?
The medical device contract manufacturing market covered in this report is segmented –
1) By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, Ophthalmology Devices, Orthopedic Devices, Dental Devices, Other Devices
2) By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service
3) By Application: Laparoscopy, Pulmonary, Urology, Gynecology, Other Applications
Subsegments:
1) By In Vitro Diagnostics (IVD) Devices: Reagents, Test Kits, Assays
2) By Diagnostic Imaging Devices: X-ray Machines, MRI Machines, Ultrasound Equipment
3) By Cardiovascular Devices: Stents, Catheters, Pacemakers
4) By Drug Delivery Devices: Infusion Pumps, Nebulizers, Auto-Injectors
5) By Endoscopy Devices: Flexible Endoscopes, Rigid Endoscopes, Accessories
6) By Ophthalmology Devices: Intraocular Lenses (IOLs), Diagnostic Equipment, Surgical Instruments
7) By Orthopedic Devices: Implants, Surgical Tools, Prosthetics
8) By Dental Devices: Dental Implants, Orthodontic Devices, Dental Chairs
9) By Other Devices: Surgical Instruments, Monitoring Devices, Wearable Health Tech
What Regions Are Propelling Growth in the Medical Device Contract Manufacturing Industry?
North America will be the largest region in the medical device contract manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract manufacturing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Key Parameters Define the Medical Device Contract Manufacturing Market’s Scope?
Medical device contract manufacturing refers to a process where a Medtech company that owns the idea (sole proprietorship) outsources manufacturing to another medical device manufacturing firm. The medical device contract manufacturing is used for the benefits of cost optimization, device upgrade, regulatory guidance, or expansion.
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