Medical Device Contract Manufacturing Market to Reach USD 167.99 Billion by 2031, Attributed to Rising Demand for Biosimilars and Monoclonal Antibodies

Medical Device Contract Manufacturing Market size was valued at USD 63.58 billion in 2022 and is poised to grow from USD 70.83 billion in 2023 to USD 167.99 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
The growth of the [https://www.skyquestt.com/report/medical-device-contract-manufacturing-market] is derived from the factors such as increasing demand for monoclonal antibodies and biosimilars, increasing demand for target diseases, and the rapidly growing utilization of immunotherapy drug classes in contrast to traditional treatment strategies. Moreover, the increasing demand for personalized healthcare is likely to aid in future market growth. In addition, over the given forecast period, growth in the market is brought about by the growing healthcare costs in the developed economies and an aging population. Growth drivers for this market are increasing adoption of robotics, automation and technological advancement in medical devices.

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Impact of 3D Printing on Patient-Specific Solutions

The power of 3D printing brings about a change in medical device contract manufacturing as it enables the possibility of making custom and rapid production. It truly shows much promise to areas such as prosthetics, metal and polymeric implants, even to patient-specific jigs tailored specifically to respond to customized demands. This is exactly what BAAT Medical reported with Belgian contract manufacturer Amnovis back in June 2022. Together, they designed a new way of making medical equipment through 3D printing, not only something new but also efficient, which drastically reduced turnaround times. Today, with the demand for customized medical solutions on the rise, 3D printing is surely going to play a major role in this market.

Leading Companies in Medical Device Contract Manufacturing

The medical device contract manufacturing market has moderate competition with a few key manufacturers taking a significant share of the market. The major players such as Invetech, Jabil Inc., Synecco, Gerresheimer AG, and Biofortuna Limited- are all on an acquisition spree to increase their global presence. This trend enhances their in-house innovation capabilities and high-volume manufacturing capacities further while fortifying their market position. This is changing the market scenario fast because these major business houses are making forays into other markets through strategic alliances and acquisitions, and all this is encouraging more rivalry among the participants in the industry and cooperation.

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Strategic Moves by Key Players

In March 2024, due to the agreement on manufacturing representation that was signed with HnG Medical Incorporated, a health industry key player from the Chinese side, Medibrane Ltd. has achieved this important milestone as highly regarded one of the principal contract manufacturers in the medical device business.

In March 2024, KBI Biopharma and Argonaut Manufacturing Services announced a strategic partnership.

In May 2022, Biomerics, one of the leading vertically integrated medical device contract manufacturers for the interventional device industry, has opened its 2,000 square foot balloon and balloon catheter center of excellence in Galway, Ireland. This is its second location outside of the US, following on from Costa Rica, and its first in Europe.

This report covers the following segments:

A. Device Type

IVD Devices

Diagnostic Imaging Devices

Cardiovascular Devices

Drug Delivery Devices

Orthopedic Devices

Respiratory Care Devices

Ophthalmology Devices

Surgical Devices

Diabetes Care Devices

Dental Device

Endoscopy & Laparoscopy Devices

Gynecology/Urology Devices

Personal Care Devices

Neurology Devices

Patient Monitoring Devices

Patient Assistive Devices

Other Devices

B. Device Class

Class I: General controls

Class II: General controls with special controls

Class III: General controls, special controls, and premarket approval

C. Service

Device Development and Manufacturing

Quality Management

Packaging and Assembly Services

Other Services

This report covers the following players:

Jabil Inc.

Flex, Ltd.

Plexus Corp.

Integer Holdings Corporation

Celestica Inc. (Canada)

West Pharmaceutical Services, Inc.

Benchmark Electronics Inc.

Kimball Electronics, Inc.

Nortech Systems, Inc.

Phillips-Medisize Corporation

Tessy Plastics Corp.

Tekni-Plex

Recipharm AB

Gerresheimer AG

Carclo PLC

Nemera

SMC Ltd.

Sanmina Corporation

Nipro Corporation

NOLATO GW, Inc.

Mehow

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Capitalizing on Global Medical Device Demand

Ever-increasing medical equipment and gadget demand globally is making medical device contract manufacturing highly beneficial. The long-term future revenue growth is humongous for companies that get involved in contract manufacturing medical devices. All companies that make medical device contract manufacturing are going to be successful in finding profitable business by targeting developing countries and other medical device startups.

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Media Contact
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