Press release
Medical Device Contract Manufacturing Global Market Size, Top Companies, Share, Growth And Forecast 2033 | CAGR 14.7%
Medical Device Contract Manufacturing Market
The medical device contract manufacturing market size is expected to see rapid growth in the next few years. It will grow to $174.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to reshoring and nearshoring, additive manufacturing, economic and geopolitical factors, collaborative research and development (r&d), sustainable practices. Major trends in the forecast period include digital manufacturing, wearable devices, data security and privacy, material advancements, remote auditing and inspections.
Market Overview -
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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Rising Prevalence Of Chronic Disorders Fuels Growth In The Medical Device Contract Manufacturing Market
The rising prevalence of chronic disorders is expected to propel the growth of the medical device contract manufacturing market going forward. Chronic diseases refer to conditions that require ongoing medical attention or limit activities. Smart medical devices help patients monitor their health conditions and better manage their chronic diseases. As a result, there is an increase in demand for medical device contract manufacturing. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, there would be 142.66 million people with chronic diseases worldwide by the year 2050, up from 71.522 million in 2020. Therefore, the rising prevalence of chronic disorders is driving the growth of the medical device contract manufacturing market.
Competitive Landscape -
Major companies operating in the medical device contract manufacturing market include 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, SteriPack Group Ltd., Abbott Laboratories, Becton Dickinson and Company, Cardinal Health Inc., Danaher Corporation, GE HealthCare Technologies Inc., Hologic Inc., Intuitive Surgical Inc., Johnson & Johnson, Medtronic plc, Siemens Healthineers AG, Stryker Corporation, 3M Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, Fresenius Medical Care AG & Co. KGaA, Hill-Rom Holdings Inc., Masimo Corporation, ResMed Inc., Smith & Nephew plc, Teleflex Incorporated, Terumo Corporation, Zimmer Biomet Holdings Inc., Alcon Inc., Baxter International Inc., The Cooper Companies Inc., Dentsply Sirona Inc., Getinge AB, Olympus Corporation, Varian Medical Systems Inc.
Strategic Collaborations Drive Advancements In Medical Device Contract Manufacturing
Major companies within the medical device contract manufacturing market are forming strategic partnerships with other firms to enhance their product development initiatives. For instance, in June 2022, Amnovis, a Belgium-based additive manufacturing company and BAAT Medical, a Netherlands-based orthopedic medical devices company collaborated to develop 3D printed medical devices. Their partnership covered the entire process, from design to legal manufacturing, expediting the time to market for these devices while enhancing patient outcomes. This collaboration aimed to set new standards for specific medical device types by focusing on material research, post-processing methods, process automation, and validation. The joint effort provided a comprehensive and ISO 13485:2016 certified process for scalable manufacturing of 3D printed medical devices, streamlining the development and validation processes for medical device OEMs.
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Key Segments -
The medical device contract manufacturing market covered in this report is segmented -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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