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(Health-NewsWire.Net, November 20, 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 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 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.
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.
Opportunity: Growing healthcare expenditure in the
Emerging economies such as China and India offer significant growth opportunities for players operating in the medical device contract manufacturing market. The large patient pool, growing healthcare awareness, and improving healthcare infrastructure in these countries have created a favorable environment for the overall growth of the healthcare market. These countries also have comparatively lenient regulatory requirements than developed countries.
Governments across emerging regions have been launching new healthcare initiatives, such as the Ayushman Bharat - National Health Protection Scheme (AB-PMJAY) in India and Healthy China 2030 in China. The increasing healthcare expenditure, rising prevalence of various chronic and infectious diseases, and the growing demand for home healthcare are some of the key factors driving the demand for medical devices in developing countries. With such visible growth prospects, many global medical device contract manufacturers are investing in these emerging markets. The low cost of manufacturing in these countries also provides an added advantage for players; this has attracted a number of companies to establish manufacturing facilities in these regions
Challenge: Balancing technological capabilities against costs
Constant innovation in the medical device industry is crucial to compete in an increasingly complex market. For CMOs offering services to companies, innovation in the industry requires that CMOs also update and improve their capabilities. As a result, CMOs have become more flexible, active, and focused on meeting customer needs. Some of the major capabilities adopted by CMOs in the last few years include process automation, lab automation, robotics, and automated manufacturing. These capabilities help CMOs speed up manufacturing, lower the margin of errors, and attract more customers.
The prominent players in this market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (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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