Medical Device Contract Manufacturing Market is anticipated to reach USD 195.3 billion, at a CAGR of 11.3% during the forecast period 2021-2031 | Jabil Inc., Synecco, Gerresheimer AG, Celestica Inc

New York, According to a new market research report published by Global Insight Services Medical Device Contract Manufacturing The global medical device contract manufacturing market was valued at USD 66.9 billion in 2021 and it is anticipated to grow further till USD 195.3 billion by 2031, at a CAGR of 11.3% during the forecast period.

Medical device contract manufacturing is a business model where a medical device company or Original Equipment Manufacturer (OEM) outsources some or all of the production activities of their entire medical device or some specific components of the device to another company with specialized knowledge, technical expertise, and effective business operations. Medical device contract manufacturing (MDCM) companies provide a range of services, including product development, manufacture, and assembly, quality assurance and control, packaging, sterilization, and regulatory advising.

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Market Trends and Drivers

Due to the increased development and production of sophisticated items like pacemakers and implanted medical devices, innovation in Class III medical devices is increasing. Given the intricacy of the assembly and testing processes, medical device manufacturers confront difficulties producing Class III devices in high amounts. Additionally, regulatory compliance for component traceability and verification, storage, and access must be met by both the devices and the processes. Automated production and manufacturing are essential due to the intricacy involved in generating a Class III device in these quantities. In order to achieve automation, high-quality manufacturing processes, and regulatory compliance, OEMs are using the knowledge of electronic manufacturing services. Advanced automation is made possible by Industry 4.0 technologies, such as cloud computing, machine-to-machine connectivity, and cyber-physical systems, which aid in overcoming these production issues. These technologies' improved connectivity and data collection capabilities enable the development of high-volume, legally compliant manufacturing processes with effective inventory and production management.

Market Restraints and Challenges

To improve their internal capabilities, large medical device makers are currently actively investing in the acquisition of small and medium-sized specialist businesses. Given that acquirers will be able to conduct manufacturing in-house, this could restrict outsourcing to CMOs. One illustration of this is Linden's December 2018 acquisition of Avalign Technologies Medical, which significantly increased Linden's capabilities and opened up new growth prospects for the company. To lower their costs for contract manufacturing, other medical device businesses are also acquiring CMOs. A change in the manufacturing of medical devices is the result of this. The advanced technology business unit of Vention Medical (US) was bought by Nordson (US) in 2017. Catheters, sophisticated components, and minimally invasive interventional delivery devices are all areas in which this market excels. Due to this advancement, OEMs will now manufacture a small portion of medical devices instead of CMOs.

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Global Medical Device Contract Manufacturing Market Segmentation

By Device

• IVD Devices
• Diagnostic Imaging Devices
• Cardiovascular Devices
• Drug Delivery Devices
• Endoscopy Devices
• Ophthalmology Devices
• Orthopedic Devices
• Dental Devices

Major Players in the Global Medical Device Contract Manufacturing Market

The key players studied in the report are Jabil Inc., Synecco, Gerresheimer AG, Celestica Inc., Nordson Corporation, Teleflex Incorporated, Integer Holdings Corporation, Nipro Corporation, SteriPack Group Ltd., TE Connectivity Ltd., Nortech Systems Inc., Invetech and Biofortuna Limited among others.

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Reasons to buy Medical Device Contract Manufacturing Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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