Medical Device Contract Manufacturing Global Market to Show Positive Growth at a CAGR of ~11% by 2028 | DelveInsight

The medical device contract manufacturing market is experiencing a surge in product demand due to a variety of factors, including an increased need for complex and cheap medical equipment. Another factor is the increased prevalence of chronic diseases and the growing senior population in the coming years. Furthermore, the expanding number of hospitals in emerging nations, as well as the rising IVD test volume, along with the active participation of key companies such as Flex, Ltd., Integer Holdings Corporation, Gerresheimer AG, Sanmina Corporation, Nipro Corporation, and others will play an important part in generating an upward growth trend in the medical device contract manufacturing market from 2023 to 2028.

LAS VEGAS, June 14, 2023 /PRNewswire/ -- DelveInsight's Medical Device Contract Manufacturing Market Insights report provides the current and forecast market analysis, individual leading medical device contract manufacturing companies' market shares, challenges, medical device contract manufacturing market drivers, barriers, trends, and key market medical device contract manufacturing companies in the market.

Key Takeaways from the Medical Device Contract Manufacturing Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global medical device contract manufacturing market during the forecast period. 
• Notable medical device contract manufacturing companies such as Flex, Ltd., Integer Holdings Corporation, Gerresheimer AG, Sanmina Corporation, Nipro Corporation, Celestica International Lp., Plexus Corp., Benchmark Electronics Inc., and West Pharmaceutical Services, Inc., Jabil Inc., Tecomet Inc., Nortech Systems Inc., TE Connectivity, Forefront Medical Technologies, Nordson Corporation, and several others, are currently operating in the medical device contract manufacturing market.
• In May 2023, Cybeats Technologies Corp. was pleased to announce a license agreement for SBOM Studio with StarFish Medical1 ("StarFish"), a premier North American-based full-service medical device design firm.
• In April 2023, SiNAPTIC and Lithoz signed major strategic sales and marketing agreement for the purchase of seven CeraFab S65 medical printers for contract manufacturing and R&D.
• In March 2023, ARCH Medical Solutions Corp. purchased Bettanini's Custom Manufacturing in Sonora, California. BCM is a contract maker of precision-machined components for the surgical robots, defense, aerospace, and specialized components markets. 
• In June 2022, Amnovis and BAAT Medical collaborated to offer an innovative and quick turnaround procedure for 3D-printed medical equipment.
• In May 2022, Biomerics opened a 2,000-square-foot balloon and balloon catheter center of excellence in Galway. This is Biomeric's first European facility and its second outside of the United States after Costa Rica.
• On July 27, 2021, ILC Dover acquired the medical device contract design and manufacturing organization (CDMO) Flexan.
• On December 30, 2020, Moderna Inc. and Recipharm AB, a CDMO drafted an agreement to support the formulation and fill-finish a part of the Moderna COVID-19 Vaccine supply outside the U.S.
• In May 2019, Catalent, Inc. completed the acquisition of Paragon Bioservices, Inc., a contract research and manufacturing organization, for $1.2 billion.

To read more about the latest highlights related to the medical device contract manufacturing market, get a snapshot of the key highlights entailed in the Global Medical Device Contract Manufacturing Market Report

Medical Device Contract Manufacturing Overview

Medical Device Contract Manufacturing Organisations (CMOs) are companies that provide contract medication development and manufacturing services in the pharmaceutical industry. Contract manufacturing organizations take a pre-formulated medicine and assist in its manufacture. Contract manufacturing enables a company to use an expert in one or more disciplines of design and production without making large capital commitments. OEMs will find contract manufacturing partners with design, engineering, component production, assembly, and even full-service capabilities. This assists the organization in remaining focused on key skills and strategic planning. As medical device OEMs become more likely to adhere to these requirements, the number of specialized companies familiar with the stringent regulatory environment will increase. Price, market time, project experience, and cost controls are just a few of the many reasons OEMs choose a service partner.

Medical Device Contract Manufacturing Market Insights

North America is expected to generate the most revenue in the global medical device contract manufacturing market, out of all regions. The rising incidence of patients suffering from chronic disorders, high levels of unhealthy eating and drinking habits among people living in the United States, rising cancer cases, and rising technological advancement associated with medical devices are some of the factors driving the growth of the North American medical device contract manufacturing market.

Furthermore, an increase in outsourcing activities for the development of medical devices via contract manufacturing companies will lead to an increase in demand for the medical device contract manufacturing market, thereby propelling the medical device contract manufacturing market growth. For example, in October 2020, Relay Medical Corporation and Fio Corporation, along with the Fionet Rapid Response Group, announced that its Fionet pandemic response devices will be manufactured by Keytronic, a US-based, FDA-approved contract manufacturer that provides both turnkey services and global reach. Recently, the company announced producing COVID-19-related medical devices.

To know more about why North America is leading the market growth in the medical device contract manufacturing market, get a snapshot of the Medical Device Contract Manufacturing Market Outlook 

Medical Device Contract Manufacturing Market Dynamics

The increased prevalence of chronic diseases around the world is one of the key factors driving the medical device contract manufacturing market expansion, which is likely to influence demand for medical device contract manufacturing. Furthermore, the rise in cardiovascular disorders around the world will raise demand for medical equipment, bolstering the expansion of the medical device contract manufacturing market. Another significant factor driving the rising need for medical device contract manufacturing is the improvements in healthcare, medical, and biomedical technology, which are projected to fuel the demand for medical device contract manufacturing over the forecast period.

However, hospital budget restrictions and a shortage of experienced people necessary to operate such complicated medical devices may limit the growth of the medical device contract manufacturing market during the forecast period of 2023–2028. 

Aside from the aforementioned factors, the imposition of the COVID-19 pandemic had little favorable impact on the medical device contract manufacturing market. There has been a surge in the consolidation of Original Equipment Manufacturers (OEMs) and Medical Device Contract Manufacturing Organisations (CMOs), a critical shift as the companies now struggle to meet the emergent demands of patients for life-saving ventilators that were required to support the coronavirus victims. Medtech has been prioritized in all aspects by companies operating in diverse industries. Various medical device manufacturers had received urgent demand for medical components, necessitating the rapid creation of medical equipment ranging from test kits to ventilator parts.

Get a sneak peek at the medical device contract manufacturing market dynamics @ Medical Device Contract Manufacturing Market Dynamics Analysis

Medical Device Contract Manufacturing Market Assessment

• Medical Device Contract Manufacturing Market Segmentation
• Medical Device Contract Manufacturing Market Segmentation By Device Type: IVD Devices, Drug Delivery Devices, Diagnostic Imaging Devices, Patient Monitoring Devices, Cardiovascular Devices, Orthopedic Devices, and Others
• Medical Device Contract Manufacturing Market Segmentation By Service: Device Development And Manufacturing Services, Quality Management Services, and Final Goods Assembly Services
• Medical Device Contract Manufacturing Market Segmentation By Application: Laparoscopy, Pulmonary, Urology & Gynecology, Cardiovascular, Orthopedic, and Others
• Medical Device Contract Manufacturing Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View

Which MedTech key players in the medical device contract manufacturing market are set to emerge as the trendsetter explore @ Medical Device Contract Manufacturing Companies 

Table of Contents 

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SOURCE DelveInsight Business Research, LLP