Michael Barbella, Managing Editor08.10.22
The global medical device contract manufacturing market is primed for double-digit growth over the next decade.
Growth Plus Reports estimates the market to top $178 billion by 2031 due to the rising incidence of chronic diseases and booming medical device market. The contract manufacturing market was worth about $60.6 billion in 2020 and is expected to swell 10.3% annually over the next nine years, according to Growth Plus data.
The rapid global spread of COVID-19 has resulted in severe outcomes. The first case was detected in December 2019, and the count surged to more than 90.3 million worldwide just one year later. Several prominent players, government bodies and numerous organizations are making an effort to accelerate the identification of COVID-19-positive patients, predict symptoms and disease severity in patients, healthcare workers and other at-risk individuals in critical service sectors.
For instance, in October 2020, SteriPack Group, a global contract manufacturer of medical and diagnostic devices, was awarded $852,000 grant from the Bill & Melinda Gates Foundation. The purpose of the grant was procurement of necessary equipment to fast-track production of critically required sterile nasal swabs for Covid-19 testing.
The global medical device contract manufacturing market has been analyzed from four different perspectives: product type, services, application, and region.
The market has been segmented majorly into seven distinct categories depending on the application: cardiovascular, orthopedic, diabetes, pulmonary, oncology, diagnostic imaging, and others (urology, gynecology, etc.). Cardiovascular is expected to be the fastest growing application segment during the forecast period thanks mainly tothe growing prevalence of cardiovascular diseases (CVDs) globally and a rising awareness among the general population about regularly monitoring cardiac activity and early diagnosis of CVDs.
The global medical device contract manufacturing market has been segmented by region into North America, Europe, Asia Pacific, and The Rest of the World (RoW). North America is expected to command the largest market share, followed by Asia Pacific, Europe, and RoW. Factors such as developed healthcare infrastructure, rising prevalence of chronic and acute diseases owing to changing lifestyle, and significant investment and research in medical devices are driving the market's growth. The presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the growth of the market.
Some of the prominent players operating in the global medical device contract manufacturing market are Gerresheimer AG, Integer Holdings Corporation, West Pharmaceutical Services Inc., Benchmark, Plexus Corp., Celestica Inc., NIPRO PHARMA Corp., Sanmina Corporation, TE Connectivity, and FLEX Ltd.
Growth Plus Reports estimates the market to top $178 billion by 2031 due to the rising incidence of chronic diseases and booming medical device market. The contract manufacturing market was worth about $60.6 billion in 2020 and is expected to swell 10.3% annually over the next nine years, according to Growth Plus data.
The rapid global spread of COVID-19 has resulted in severe outcomes. The first case was detected in December 2019, and the count surged to more than 90.3 million worldwide just one year later. Several prominent players, government bodies and numerous organizations are making an effort to accelerate the identification of COVID-19-positive patients, predict symptoms and disease severity in patients, healthcare workers and other at-risk individuals in critical service sectors.
For instance, in October 2020, SteriPack Group, a global contract manufacturer of medical and diagnostic devices, was awarded $852,000 grant from the Bill & Melinda Gates Foundation. The purpose of the grant was procurement of necessary equipment to fast-track production of critically required sterile nasal swabs for Covid-19 testing.
The global medical device contract manufacturing market has been analyzed from four different perspectives: product type, services, application, and region.
The market has been segmented majorly into seven distinct categories depending on the application: cardiovascular, orthopedic, diabetes, pulmonary, oncology, diagnostic imaging, and others (urology, gynecology, etc.). Cardiovascular is expected to be the fastest growing application segment during the forecast period thanks mainly tothe growing prevalence of cardiovascular diseases (CVDs) globally and a rising awareness among the general population about regularly monitoring cardiac activity and early diagnosis of CVDs.
The global medical device contract manufacturing market has been segmented by region into North America, Europe, Asia Pacific, and The Rest of the World (RoW). North America is expected to command the largest market share, followed by Asia Pacific, Europe, and RoW. Factors such as developed healthcare infrastructure, rising prevalence of chronic and acute diseases owing to changing lifestyle, and significant investment and research in medical devices are driving the market's growth. The presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the growth of the market.
Some of the prominent players operating in the global medical device contract manufacturing market are Gerresheimer AG, Integer Holdings Corporation, West Pharmaceutical Services Inc., Benchmark, Plexus Corp., Celestica Inc., NIPRO PHARMA Corp., Sanmina Corporation, TE Connectivity, and FLEX Ltd.