Medical Device Contract Manufacturing Market to Touch USD 197.1 Billion at CAGR of 12.00 % During the Forecast Period 2024-2032

Medical Device Contract Manufacturing Market Research Report Information By Device Type (IVD Devices (IVD Consumables, IVD Equipment), Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices (Infusion Devices and Administration Sets, Syringes, Inhalers, Autoinjectors and Pen Injectors), Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy and Laparoscopy Devices, Gynecology and Urology Devices, Personal Care Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive Devices and Other Devices), By Device (Class I Medical Device, Class II Medical Device and Class III Medical Device) –Market Forecast Till 2032

The Medical Device Contract Manufacturing Market size was valued at USD 79.6 billion in 2023 and is projected to grow to USD 197.1 billion by 2032, with CAGR of 12.00 % during the forecast period (2024 – 2032).

The Medical Device Contract Manufacturing Market is experiencing robust growth, driven by the increasing demand for advanced medical devices and the growing trend of outsourcing manufacturing processes. Contract manufacturing allows medical device companies to focus on core competencies such as research and development, while outsourcing production to specialized manufacturers who offer cost-effective and efficient services. This market is further propelled by technological advancements in manufacturing processes, including additive manufacturing, automation, and precision engineering, which enhance the production of complex and high-quality medical devices.

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Furthermore, the medical device industry’s strict regulatory environment pushes businesses to collaborate with contract manufacturers who possess knowledge in adhering to global standards. The market is growing due to factors such as an ageing population, an increase in chronic illness prevalence, and rising healthcare costs worldwide.

Key Market Drivers

One of the primary drivers of the medical device contract manufacturing market is the growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, and cancer, which necessitates the development of more sophisticated medical devices.

Additionally, the aging global population has increased the demand for various medical devices, from diagnostic equipment to surgical instruments.

Key Players

MRFR recognizes the following companies as the key players in the global Medical Device Contract Manufacturing Market— Flex Ltd., Integer Holdings Corporation, Celestica Inc., Plexus Corp., Sanmina Corporation, Benchmark Electronics, Inc., TE Connectivity Ltd., Jabil Inc., Nordson Corporation and Others

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Market Segmentation

The global Medical Device Contract Manufacturing market has been segmented based on Device Type, Device and Service.

On the basis of Device Type, the market is segmented into IVD Devices (IVD Consumables, IVD Equipment), Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices (Infusion Devices and Administration Sets, Syringes, Inhalers, Autoinjectors and Pen Injectors), Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy and Laparoscopy Devices, Gynecology and Urology Devices, Personal Care Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive Devices and Other Devices.

Based on Device, the global Medical Device Contract Manufacturing market has been segmented into Class I Medical Device, Class II Medical Device and Class III Medical Device.

Based on Service, Service includes different stages of manufacturing, such as design and development, manufacturing, assembly, and packaging. This allows companies to focus on their core competencies while outsourcing specialized tasks to contract manufacturers.

Regional Analysis

The global Medical Device Contract Manufacturing market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Medical Device Contract Manufacturing market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe.

North America dominated the Device Development and Manufacturing Services market due to factors such as a robust healthcare infrastructure, presence of key market players, and significant investments in research and development.

Europe secured the second largest market share in the Device Development and Manufacturing Services market due to factors such as a well-established healthcare infrastructure, a strong emphasis on innovation, and a supportive regulatory environment.

Asia Pacific is experiencing the highest compound annual growth rate (CAGR) in the Device Development and Manufacturing Services market due to factors such as the increasing adoption of advanced medical technologies, expanding healthcare infrastructure, and rising demand for cost-effective manufacturing solutions.

Furthermore, the rest of the world’s Medical Device Contract Manufacturing market is divided into the Middle East, Africa, and Latin America. The rest of the world is experiencing growth in the Device Development and Manufacturing Services market due to factors such as improving healthcare infrastructure, rising investments in medical device innovation, increasing outsourcing by global medical device companies, and expanding access to skilled labor and manufacturing capabilities in emerging markets.

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