Precedence Research’s latest report on the global medical device contract manufacturing market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global medical device contract manufacturing market size was valued at US$ 53.71 Billion in 2019 and is projected to reach US$ 97.52 Billion by 2027, rising at a market growth (CAGR) of 11.4% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for medical device contract manufacturing market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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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 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.
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.
- 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.
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.
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.
Segments Covered in the Report:
By Device Type
- IVD Devices
- Drug Delivery Devices
- Diagnostic Imaging Devices
- Patient Monitoring Devices
- Therapeutic Patient Assistive Devices
- Minimally Access Surgical Instruments
- Device Development and Manufacturing Services
- Quality Management Services
- Final Goods Assembly Services
- Urology & Gynecology
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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