Global Medical Device Contract Manufacturing Market Report to 2027 - Featuring Benchmark Electronics, Carclo, Flex, Jabil and Recipharm Among Others

DUBLIN, Feb. 21, 2023 /PRNewswire/ -- The "Global Medical Device Contract Manufacturing Market by Device Type (IVD, Cardiovascular, Drug Delivery (Autoinjectors, Infusion Pumps), Diabetes Care, Orthopedic, Ophthalmology, Endoscopy, Surgery) Class of Device (I, II, III) Services - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global medical device contract manufacturing market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8%.

The rapid advancements in technology related to medical devices and automation of manufacturing are factors driving the market. Additionally, increasing expenditure on healthcare infrastructure and awareness campaigns is expected to provide growth opportunities for market players.

By service, the device development & and manufacturing services was the larger segment in the medical device contract manufacturing market in 2021

By service, the medical device contract manufacturing market is segmented into research applications and therapeutic applications. The packaging and assembly services segment is expected to be the fastest-growing segment of the medical device contract manufacturing market in the forecast period. The need for these services arises since many medical device components are supplied by different suppliers/stakeholders. With the outsourcing of component manufacturing on the rise, this service is expected to be in high demand.

Among IVD devices, the IVD consumables segment accounted for the larger share in 2021

By IVD devices segment is further segmented into IVD consumables and IVD equipment, out of which the former held the larger share in 2021, and is expected to grow at a higher CAGR in the forecast period. Factors such as the increase in the variety of available reagents and analytical techniques are pushing the growth of this market.

In 2021, China accounted for the largest share of the Asia Pacific medical device contract manufacturing market

This can be attributed to the low-cost labour, favourable regulatory environment, and rapidly evolving healthcare infrastructure. In terms of CAGR, China is expected to grow at the fastest rate out of all countries in the region, followed by India, which is expected to be the next manufacturing hub after China, within a few years. The increasing private and public investments in India are set to fuel the growth of the country.

Market Dynamics

Drivers

• Growth in Medical Devices Market in Developing Countries
• Adoption of Robotics and Automation in Manufacturing Processes
• Technological Advancements in Medical Device Modalities
• Impact of Industry 4.0 on Medical Device Industry

Restraints

• Consolidation in Medical Devices Market by Acquiring Small and Medium-Sized Companies

Opportunities

• Increasing Healthcare Expenditure, Infrastructure, and Awareness in Developing Countries
• Rising Geriatric Population and Its Associated Diseases

Challenges

• Lack of Constant Innovation to Balance Technological Capabilities Against Costs

Companies Mentioned

• Benchmark Electronics Inc.
• Carclo plc
• Celestica Inc.
• Flex Ltd.
• Gerresheimer Ag
• Integer Holdings Corporation
• Jabil Inc.
• Kimball Electronics, Inc.
• Mehow
• Nemera
• Nipro Corporation
• Nolato Gw, Inc. (A Part of Nolato Ab)
• Nortech Systems Incorporated
• Peter's Technology
• Phillips-Medisize Corporation
• Plexus Corp.
• Recipharm Ab
• Sanmina Corporation
• Smc Ltd.
• Te Connectivity Ltd.
• Tecomet, Inc.
• Tekni-Plex
• Tessy Plastics Corp.
• Viant Medical Holdings, Inc.
• West Pharmaceutical Services, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/n5c415-medical?w=5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets