The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s medical device contract manufacturing market report forecasts the medical device contract manufacturing market size to grow to $141.27 Billion by 2027, with a CAGR (compound annual growth rate) of almost 13%.

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Medical Device Contract Manufacturing Market Size Forecast
The global medical device contract manufacturing market is expected to grow from $76.83 billion in 2022 to $87.04 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical device contract manufacturing market size is expected to grow to $141.27 billion in 2027 at a CAGR of 12.9%.

North America held the largest medical device contract manufacturing market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Medical Device Contract Manufacturing Market Driver ­– Rise In The Prevalence Of Chronic Disorders
For instance, in 2020, according to the World Health Organization, a Switzerland-based government agency, chronic disease prevalence grew by 57% in the year 2020. Therefore, the rising prevalence of chronic disorders is driving the medical device contract manufacturing market.

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Key Medical Device Contract Manufacturing Market Trend – Technological Innovations
Major companies operating in the medical device contract manufacturing market are focused on developing new technological solutions to strengthen their position. For instance, in December 2020, Forefront Medical Technology Pte Ltd., a Singapore-based company and medical device contract manufacturer, launched EzySwaba, a uniquely designed nasopharyngeal COVID-19 test swab. The EzySwab was developed to support the need for COVID-19 test swabs in the forefront of medical research in Singapore. This consists of the flexibility of biocompatible nylon for simple nasopharyngeal insertion and a safe breakpoint feature for rapid transfer to a sample collection tube.

Medical Device Contract Manufacturing Market Segment
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

Medical Device Contract Manufacturing Market Major Players and Strategies
Major players in the medical device contract manufacturing market are Benchmark Electronics Inc., Celestica International Lp., Consort Medical PLC, Flex Ltd., Gerresheimer AG, Integer Holdings Corporation, Kimball Electronics Inc., Nemera Development S.A., Nipro Corporation, Nortech Systems Inc., Phillips-Medisize Corporation, Plexus Corporation, Sanmina Corporation, Biofortuna Limited, Catalent Inc., Forefront Medical Technologies Pte Ltd., Invetech, and SteriPack Group Ltd.

In August 2021, The Tecan Group, a Europe-based company provider of laboratory instruments and solutions in biopharmaceuticals, forensics, and clinical diagnostics, acquired Paramit Corporation and its affiliates (“Paramit”) for an amount of $1.0 billion. This acquisition brings significant engineering as well as cost-competitive manufacturing capabilities, both in North America and in the APAC region for Tecan. Paramit Corporation is a US-based medical device contract manufacturing firm.

The Medical Device Contract Manufacturing Global Market Report 2023 covers regional data on medical device contract manufacturing market size, medical device contract manufacturing market trends and drivers, opportunities, strategies, and medical device contract manufacturing market competitor analysis. The countries covered in the medical device contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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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