The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

1. Market Overview and Growth Projections

• Rapid growth from $88.36 billion in 2023 to $101.04 billion in 2024 (CAGR of 14.3%).
• Forecasted growth to $174.69 billion in 2028 (CAGR of 14.7%).
• Historic growth factors: Cost efficiency, specialized manufacturing, supply chain resilience, quality, and certification, regulatory expertise.
• Forecasted growth factors: Reshoring and nearshoring, additive manufacturing, economic and geopolitical factors, collaborative R&D, sustainable practices.
• Forecasted trends: Digital manufacturing, wearable devices, data security and privacy, material advancements, remote auditing, and inspections.

2. Rise In Healthcare Expenditure and Government Initiatives

• Market Drivers:
  • Healthcare expenditure pressures and budget constraints drive demand for cost-efficient solutions.
  • Government support for local manufacturing and emphasis on regulatory compliance.
  • Incentives for research and development contribute to the attractiveness of contract manufacturing.
• Case Study – US Healthcare Expenditure (2021):
  • Prescription drug expenditure rose by 7.8% to $378.0 billion.
  • Medicare spending surged by 8.4%, reaching $900.8 billion.
  • Medicaid spending increased by 9.2%, reaching $734.0 billion.
• Industry Impact:
  • Governments promote public-private partnerships, global market expansion, and preparedness for health crises.
  • Overall, healthcare expenditure and government initiatives drive the growth of the medical device contract manufacturing market.

Read More On The Medical Device Contract Manufacturing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/medical-device-contract-manufacturing-global-market-report

3. Key Players in the Market

• Major Companies:
  • Benchmark Electronics Inc., Celestica International LP, Consort Medical PLC, and more.
  • Diverse players from electronic manufacturing services to medical equipment manufacturers.
• Expansion Strategies:
  • Companies expanding services to gain a competitive edge.
  • Eakin Surgical Ltd. expanded into contract manufacturing services, focusing on cost-efficiency and supply chain optimization.
  • Tecan Group’s acquisition of Paramit Corporation for $1.0 billion brought engineering and cost-competitive manufacturing capabilities in North America and APAC.

4. Segmentation of the Market

• Market Segmentation:
  1. By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, and more.
  2. By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service.
  3. By Application: Laparoscopy, Pulmonary, Urology, Gynecology, and other applications.
• Regional Outlook:

• • North America leading in 2023, while Asia-Pacific anticipated as the fastest-growing region in the forecast period.

5. Recent Industry Movements

• Tecan Group’s Acquisition of Paramit Corporation (August 2021):
  • Acquisition for $1.0 billion expands global manufacturing capabilities.
  • Paramit Corporation brings engineering and cost-competitive manufacturing capabilities in North America and the APAC region.
• Eakin Surgical’s Expansion (September 2022):
  • UK-based company expands into contract manufacturing services.
  • New services include plastics injection molding, assembly, packaging in an ISO Class 8 cleanroom, ethylene oxide sterilization, and sourcing hard-to-find parts.

Conclusion
The medical device contract manufacturing market is on an upward trajectory, driven by factors such as the rise in healthcare expenditure, government initiatives, and strategic expansions by major players. The industry’s segmentation and regional dynamics further highlight the diverse opportunities and challenges in this evolving landscape. As technological advancements and market trends continue to shape the sector, staying attuned to these changes will be crucial for companies aiming to thrive in the competitive market.

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