Medical Device Contract Manufacturing Market Expected to Achieve 14.8% CAGR by 2029: Growth Forecast Insights

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How Large Will the Medical Device Contract Manufacturing Market Size By 2025?
The size of the medical device contract manufacturing market has seen a swift expansion in the past few years. It is projected to increase from $101.04 billion in 2024 to $115.53 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%. Factors contributing to the surge in the historical period essentially encompass cost efficiency, bespoke manufacturing, robustness of the supply chain, quality assurance and certification, along with regulatory acumen.

How Big Is the Medical Device Contract Manufacturing Market Size Expected to Grow by 2029?
In the upcoming years, the market size of medical device contract manufacturing is predicted to witness significant expansion. By 2029, it is forecasted to reach a valuation of $200.88 billion, with a compound annual growth rate (CAGR) of 14.8%. The anticipated growth during the forecast period can be credited to aspects such as reshoring and nearshoring, additive manufacturing, the influence of economic and geopolitical elements, joint research and development (r&d), and sustainable practices. The future trend trajectory is expected to be shaped by digital manufacturing, wearable devices, data security and privacy concerns, advancements in material, and remote auditing and inspection.

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Which Key Market Drivers Powering Medical Device Contract Manufacturing Market Expansion and Growth?
The medical device contract manufacturing market is set to expand due to the increasing incidence of chronic illnesses. Long-term medical care or activity restriction is required for such conditions, with smart medical devices providing substantial support by allowing patients to manage their chronic diseases more effectively and keep a close eye on their health status. This, in turn, drives up the demand for medical device contract manufacturing. Based on a report from the US-based National Library of Medicine, the National Center for Biotechnology Information (NCBI), in January 2023, it is predicted that by 2050, the number of global patients with chronic diseases will skyrocket to 142.66 million from 71.522 million in 2020. Consequently, the escalating incidence of chronic diseases is fuelling the development of the medical device contract manufacturing market.

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Which Fast-Growing Trends Are Poised to Disrupt the Medical Device Contract Manufacturing Market?
To boost their product development efforts, leading businesses in the medical device contract manufacturing market are creating strategic alliances with other corporations. For instance, Amnovis, a Belgium-based additive manufacturing firm, partnered with Netherlands-based orthopedic medical device company BAAT Medical in June 2022 to produce 3D printed medical devices. Their cooperative venture encompassed the complete process, from conceptualization to legal manufacturing, which accelerated the time it took for these devices to hit the market while also improving patient results. The collaboration aimed to establish new benchmarks for certain types of medical devices by concentrating on material research, post-processing techniques, process automation, and confirmation. This united effort offered a comprehensive and ISO 13485:2016 compliant process for the scalable production of 3D printed medical devices, simplifying the development and validation procedures for medical device OEMs.

What Are the Emerging Segments in the Medical Device Contract Manufacturing Market?
The medical device contract manufacturing market covered in this report is segmented -

1) By Device: IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Endoscopy Devices, Ophthalmology Devices, Orthopedic Devices, Dental Devices, Other Devices
2) By Service: Device Development and Manufacturing Service, Quality Management Service, Assembly Service
3) By Application: Laparoscopy, Pulmonary, Urology, Gynecology, Other Applications

Subsegments:
1) By In Vitro Diagnostics (IVD) Devices: Reagents, Test Kits, Assays
2) By Diagnostic Imaging Devices: X-ray Machines, MRI Machines, Ultrasound Equipment
3) By Cardiovascular Devices: Stents, Catheters, Pacemakers
4) By Drug Delivery Devices: Infusion Pumps, Nebulizers, Auto-Injectors
5) By Endoscopy Devices: Flexible Endoscopes, Rigid Endoscopes, Accessories
6) By Ophthalmology Devices: Intraocular Lenses (IOLs), Diagnostic Equipment, Surgical Instruments
7) By Orthopedic Devices: Implants, Surgical Tools, Prosthetics
8) By Dental Devices: Dental Implants, Orthodontic Devices, Dental Chairs
9) By Other Devices: Surgical Instruments, Monitoring Devices, Wearable Health Tech

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Who Are the Global Leaders in the Medical Device Contract Manufacturing Market?
Major companies operating in the medical device contract manufacturing market include Benchmark Electronics Inc., Celestica International LP, Consort Medical plc, Flex Ltd., Gerresheimer AG, Integer Holdings Corporation, Kimball Electronics Inc., Nemera Development S.A., Nipro Corporation, Nortech Systems Inc., Phillips-Medisize Corporation, Plexus Corporation, Sanmina Corporation, Biofortuna Limited, Catalent Inc., Forefront Medical Technologies Pte Ltd., Invetech, SteriPack Group Ltd., Abbott Laboratories, Becton Dickinson and Company, Cardinal Health Inc., Danaher Corporation, GE HealthCare Technologies Inc., Hologic Inc., Intuitive Surgical Inc., Johnson & Johnson, Medtronic plc, Siemens Healthineers AG, Stryker Corporation, 3M Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, Fresenius Medical Care AG & Co. KGaA, Hill-Rom Holdings Inc., Masimo Corporation, ResMed Inc., Smith & Nephew plc, Teleflex Incorporated, Terumo Corporation, Zimmer Biomet Holdings Inc., Alcon Inc., Baxter International Inc., The Cooper Companies Inc., Dentsply Sirona Inc., Getinge AB, Olympus Corporation, Varian Medical Systems Inc.

Which are the Top Profitable Regional Markets for the Medical Device Contract Manufacturing Industry?
North America will be the largest region in the medical device contract manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract manufacturing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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