The global medical device contract manufacturing market is experiencing strong growth due to the increasing prevalence of chronic diseases and increasing demand for medical devices around the world. Moreover, growing trend of medical device contract manufacturing and the outbreak of COVID-19 (pandemic) is expected to propel the market growth. However, factors such as stringent rules and regulations and risk of consolidation are expected to hamper the market growth.
The process by which a manufacturing company produces medical devices and their components so that they can be marketed by another company is known as medical device contract manufacturing (CM). According to ISO:13485 and FDA regulations, the product is created in accordance with the original equipment manufacturer’s (OEM) standards.
The global medical device contract manufacturing market was valued at US$ 88.8 Bn in 2022 and is forecast to reach a value of US$ 192.3 Bn by 2030 at a CAGR of 10.2%between 2023 and 2030.
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Driving Forces of the Global Medical Device Contract Manufacturing Market
The rising prevalence of chronic diseases around the world is one of the main reasons anticipated to boost growth of the medical device contract manufacturing market during the forecast period. Because medical devices are used to prevent, diagnose, and cure chronic diseases, their use and demand are rising along with their prevalence. The World Health Organisation (WHO) estimates that chronic diseases account for 41 million annual deaths, or 74% of all fatalities worldwide. Over 17 million people pass away from a chronic illness before the age of 70 each year; 86% of these untimely deaths take place in low- and middle-income nations.
The rising demand for medical devices globally is another factor boosting the growth of the global medical device contract manufacturing market. For instance, the demand for revolutionary medical equipment is rising quickly along with the burden of disease and the worldwide elderly population. A 2,000 square foot balloon and balloon catheter centre of excellence was opened in Galway by Biomerics, one of the top vertically integrated medical device contract manufacturers for the interventional device market, in May 2022. After Costa Rica, this is the second location outside of the United States for Biomerics.
Market Possibilities:
The worldwide medical device contract manufacturing market is predicted to offer substantial development potential for participants due to the growing trend of medical device contract manufacturing. For instance, in May 2023 ONCAP planned to invest in Biomerics, a medical device contract manufacturer situated in Salt Lake City, Utah, with a focus on image-guided intervention, micro-plastics, and/or micro-metals, as well as final device assembly for the interventional sectors. One of the leading Interventional Contract Development and Manufacturing Organisations globally, Biomerics will have over 1.2 million square feet of manufacturing space spread over multiple locations.
Market trends for medical device contract manufacturing:
Outsourced production of medical devices for the healthcare industry is known as medical device contract manufacturing. Global Original Equipment Manufacturers (OEMs) are searching for contract manufacturers with the tools, space, and machine time necessary to keep up with the shifting market demands. OEMs are always looking for contract manufacturers (CMs) who can assist them expand their product line and provide cutting-edge goods. Throughout the projected period, this tendency is anticipated to persist.
Report Coverage:
| The market size value in 2023 |
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Global Medical Device Contract Manufacturing Market: Key Developments
- In June 2022, Belgian contract manufacturer Amnovis and medical device service provider BAAT Medical teamed up to offer an innovative and rapid turnaround process for 3D printed medical devices.
- In November 2021, Biofortuna, a contract development, and manufacturing partner to the IVD and point-of-care testing sectors, doubled its manufacturing capacity following its relocation to new state-of-the-art facilities in Deeside, North Wales.
- In September 2021, TE Connectivity acquired three companies focused on microfluidic cartridge and blister reagent package development, usability testing, clinical research, and manufacturing, including Toolbox Medical Innovations (California, USA), which provides development, usability testing, clinical research, and manufacturing services for Point of Care IVD products.
- In June 2021, Somnics, Inc. and Maxnerva Technology Services signed a cooperation agreement regarding the contract development and manufacturing organization (CDMO) of IVD devices.
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Market Overview
- Definition of Medical Device Contract Manufacturing Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Medical Device Contract Manufacturing Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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