Medical Device Contract Manufacturing Market Analysis, Revenue Trends, Company Profiles, Revenue Share Till 2027
Medical Device Contract Manufacturing Market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8% between 2022 and 2027 according to a new report by MarketsandMarkets™. The adoption of robotics and automation in manufacturing processes is driving the efficiency with which contract manufacturers produce medical devices, hence leading to an increase in their capability of serving a larger market.
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Key Market Players:
The Key players in the medical device contract manufacturing market include Jabil Inc. (US), Plexus Corp. (US), Flex Ltd. (Singapore), Nipro Corporation (Japan), TE Connectivity Ltd. (Switzerland), Sanmina Corporation (US), and Integer Holdings Corporation (US).
Jabil, Inc. (US) is a leading player in the medical device contract manufacturing market. Its product portfolio includes a focused range of products and services in the healthcare domain as well as advanced manufacturing technologies.
This report divides the medical device contract manufacturing market into four segments – device type, class of device, service, and region.
"During the forecast period, the Cardiovascular devices segment is expected to be the fastest growing segment of the medical device contract manufacturing market."
Under device type, cardiovascular devices is forecasted to grow at the highest CAGR from 2022 to 2027. An increase in the prevalence of cardiovascular diseases, the increased adoption of technologically advanced diagnostic and therapeutic devices, the rising awareness of safer alternatives to cardiac stents, and the growing focus on IoT-enabled features such as remote monitoring are expected to fuel the growth of this market segment.
"In 2021, by class of device, Class II medical devices held the largest share of the medical device contract manufacturing market."
By class of device, the medical device contract manufacturing market can be segmented into Class I, II, and III medical devices. Due to the higher utilization of class II medical devices by OEMs and end users, this segment occupies the largest share of the market. Additionally, during the COVID-19 outbreak, governments across the world eased the regulatory compliance requirements on Class II medical devices, which immensely boosted market growth.
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North America was the region with the second largest market share in the medical device contract manufacturing market
North America accounted for the second-largest share of the medical device contract manufacturing market. The strong presence of a large number of OEMs and end users of medical devices is driving the growth of the medical device contract manufacturing market in the North American region.
The research report categorizes the medical device contract manufacturing market into the following segments and sub-segments:
Device Type
o IVD Devices
o IVD Consumables
· IVD Equipment
· Diagnostic Imaging Devices
· Cardiovascular Devices
· Drug Delivery Devices
o Infusion Devices and Administration Sets
o Syringes
o Inhalers
o 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
· Other Devices
Class of Device
· Class I Medical Device
· Class II Medical Device
· Class III Medical Device
Service
· Device Development and Manufacturing Services
o Device and Component Manufacturing
o Process Development Services
o Device Engineering Services
· Quality Management Services
o Packaging Validation Services
o Inspection and Testing Services
o Sterilization Services
· Packaging and Assembly Services
o Primary and Secondary Packaging
o Labelling
o Others
· Other Services
Region
· Asia Pacific
· North America
· Europe
· Latin America
· Middle East and Africa
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