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| Global Medical Device Contract Manufacturing Market Size |
The medical
device contract manufacturing market plays a vital role in fulfilling the
rising need for various medical equipment across the globe. Medical devices
such as surgical instruments, mechanical ventilators, imaging equipment, and
diabetic care devices help save lives by providing effective clinical
treatments. Outsourcing the manufacturing of these devices allows original
equipment manufacturers to focus on product design and development.
The global
medical device contract manufacturing market is estimated to be valued at US$ 97.5 Bn in 2024 and is expected to
exhibit a CAGR of 12% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increased demand for medical devices in emerging markets has been a key
trend accelerating the growth of the medical device contract manufacturing
market. Rapidly improving healthcare infrastructure and increasing expenditures
on healthcare have significantly expanded the market potential for medical
devices in developing Asian countries, Latin America, and the Middle East &
Africa. Contract manufacturers are capitalizing on this opportunity through
strategic expansion focused on emerging markets. Their expanded production
capabilities are helping address the rising demand from both global medical
device OEMs and local clients. This has been driving higher outsourcing and
boosting the revenue growth of the medical device contract manufacturing
market.
Segment
Analysis
Medical device contract manufacturing market is primarily segmented into in
vitro diagnostic devices, diagnostic imaging devices, cardiology devices, drug
delivery devices, orthopedic devices, ophthalmology devices and others. Among
these, in vitro diagnostic devices dominates the market and accounts for over
20% share of the overall market. In vitro diagnostic devices segment is
dominating as there is increasing demand for point of care testing devices for
conditions like diabetes, infectious diseases among others.
Key Takeaways
Global
Medical Device Contract Manufacturing Market Size is expected to
witness high growth.
Regional
analysis shows that North America accounts for largest share of over 35% of the
global market currently due to presence of leading medical device OEMs and
contract manufacturers in the region. Asia Pacific market is expected to
witness highest growth during the forecast period due to expanding medical
infrastructure, large pool of skilled workforce and low manufacturing costs in
countries like China and India.
Key players operating in the Medical Device Contract Manufacturing market are
Flex, TE Connectivity, Sanmina, Jabil, Celestica, Plexus, and Tecomet, among
others. Flex led the market with around 15% share as of 2023 owing to its
extensive global manufacturing footprint and capabilities across various device
classes. TE Connectivity specializes in design, development and manufacturing
of medical devices and had around 10% share due to its expertise in minimally
invasive technologies and surgical instruments. Sanmina focuses on orthopedic,
cardiovascular and diabetes care devices and accounted for 8% share in 2023.
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