Globe Newswire10.19.21
Reportlinker.com has released a report, "Medical Device Contract Manufacturing Market by Device, Class of Device, & Services - Global Forecast to 2026" that estimates the worldwide contract manufacturing market to be worth $113 billion in the next five years.
Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management. However, market growth is impeded by the growing consolidation in the medical devices market. To develop their own manufacturing capabilities and save costs, larger players are focusing on acquiring smaller players and CMOs themselves. This may affect the overall market growth to a certain extent.
Based on device type, the medical device contract manufacturing 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. The IVD segment is expected to witness the fastest growth during the forecast period.
The growth 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 and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, and advances in life sciences research.
Based on the class of device, the medical device contract manufacturing 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 medical device contract manufacturing 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.
Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, the Asia Pacific accounted for the largest market share of the medical device contract manufacturing market. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials and labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
Some of the key players in the medical device contract manufacturing market are Jabil Inc., Nipro Corporation, Flex Ltd., Sanmina Corporation, Plexus Corp., TE Connectivity, Kimball Electronics Inc., Benchmark Electronics Inc., West Pharmaceutical Services Inc., Carclo plc, Nolato GW Inc., Gerresheimer AG, Celestica Inc., Integer Holdings Corporation, Nortech Systems Inc., Consort Medical plc, Nemera Development SA, Tessy Plastics Corporation, Viant Medical, MeHow, Phillips-Medisize Corporation, Tekni-Plex, and Peter’s Technology. The study includes an in-depth competitive analysis of these key players in the medical device outsourced manufacturing market, along with their company profiles, recent developments, and key market strategies.
Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management. However, market growth is impeded by the growing consolidation in the medical devices market. To develop their own manufacturing capabilities and save costs, larger players are focusing on acquiring smaller players and CMOs themselves. This may affect the overall market growth to a certain extent.
Based on device type, the medical device contract manufacturing 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. The IVD segment is expected to witness the fastest growth during the forecast period.
The growth 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 and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, and advances in life sciences research.
Based on the class of device, the medical device contract manufacturing 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 medical device contract manufacturing 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.
Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, the Asia Pacific accounted for the largest market share of the medical device contract manufacturing market. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials and labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
Some of the key players in the medical device contract manufacturing market are Jabil Inc., Nipro Corporation, Flex Ltd., Sanmina Corporation, Plexus Corp., TE Connectivity, Kimball Electronics Inc., Benchmark Electronics Inc., West Pharmaceutical Services Inc., Carclo plc, Nolato GW Inc., Gerresheimer AG, Celestica Inc., Integer Holdings Corporation, Nortech Systems Inc., Consort Medical plc, Nemera Development SA, Tessy Plastics Corporation, Viant Medical, MeHow, Phillips-Medisize Corporation, Tekni-Plex, and Peter’s Technology. The study includes an in-depth competitive analysis of these key players in the medical device outsourced manufacturing market, along with their company profiles, recent developments, and key market strategies.
