The Medical Device Contract Manufacturing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Device Contract Manufacturing Global Market Report 2024, The medical device contract manufacturing market size has grown rapidly in recent years. It will grow from $88.36 billion in 2023 to $101.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to cost efficiency, specialized manufacturing, supply chain resilience, quality and certification, regulatory expertise.
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.
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.
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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
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.
The medical device contract manufacturing market report table of contents includes:
- Executive Summary
- Medical Device Contract Manufacturing Market Characteristics
- Medical Device Contract Manufacturing Market Trends And Strategies
- Medical Device Contract Manufacturing Market – Macro Economic Scenario
- Global Medical Device Contract Manufacturing Market Size and Growth
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- Global Medical Device Contract Manufacturing Market Competitive Benchmarking
- Global Medical Device Contract Manufacturing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Medical Device Contract Manufacturing Market
- Medical Device Contract Manufacturing Market Future Outlook and Potential Analysis
- Appendix
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