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(Health-NewsWire.Net, November 02, 2021 ) According to research report the medical device contract manufacturing market is projected to reach USD 91.3 billion in 2024 from an estimated USD 55.0 billion by 2024, at a CAGR of 10.6% during the forecast period.
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Market growth is largely driven by the rising global disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing.
Based on device type, the 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 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.
Based on the class of device, the 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 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.
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.
Some of the other leading players competing in the healthcare contract manufacturing market are Sanmina Corporation (US), Integer Holdings Corporation (US), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Gerresheimer AG (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), TE Connectivity, LTD. (Switzerland), Consort Medical PLC (UK), Nipro Corporation (Japan), Kimball Electronics Inc. (US), and Teleflex Incorporated (US).
The medical device contract manufacturing market is highly fragmented with the top 15 companies accounting for approximately 25% of the total market. As of 2018, Flex, Ltd. (Singapore) and Jabil, Inc. (US) together accounted for approximately 10% of the global healthcare contract manufacturing market.
Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services. It also offers advanced manufacturing technologies such as electronic manufacturing services and automation in a number of manufacturing facilities worldwide such as Singapore, Mexico, China, and the US, among others.
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Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as the increasing demand for medical devices in this region due to the improving healthcare infrastructure, adoption of technologically advanced products, low cost of manufacturing, and the less stringent regulatory scenario for manufacturing of medical devices which promotes higher usage of medical devices as compared to most developed countries.
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