According to a recent market study published by Growth Market Reports, titled, “Global Medical Device Contract Manufacturing Market is Segmented into By Type, By Class, By Device Type, By Service Type, By Application, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 72,500.0 Million in 2022 and is expected to grow at a growth rate of 9.7% by the year 2031.

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The Medical Device Contract Manufacturing (MDCM) market refers to the outsourcing of medical device design, engineering, and manufacturing services to third-party service providers. This market includes various services, such as concept development, prototyping, regulatory consulting, clinical trials, and quality control.

Companies that engage in medical device contract manufacturing to reduce costs, increase efficiency, and accelerate time-to-market for their products. Moreover, they rely on MDCM companies to manage the supply chain, quality control, and regulatory compliance associated with medical device manufacturing.

Based on type, the global medical device contract manufacturing market is segmented into devices and services. The devices segment is projected to expand at a substantial CAGR during the forecast period, as medical devices help in diagnosis, prevention, monitoring, and treatment of disease.

Based on class, the global medical device contract manufacturing market is segmented into Class I, Class II, and Class III. The Class I segment is projected to expand at a substantial CAGR during the forecast period, as devices belonging to this class are low-risk devices with minimal safety considerations. The Class II segment is expected to hold a significant share of the market during the forecast period, as majority of medical devices fall under Class II such as catheters, blood pressure cuffs, and others.

Based on device type, the global medical device contract manufacturing market is segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, endoscopy devices, diabetes care devices, personal care devices, ophthalmology devices, orthopaedic devices, dental devices, and other devices. The IVD devices segment is projected to expand at a significant CAGR during the forecast period, as these devices help in determining the state of health, in order to cure, mitigate, treat, or prevent a disease.

Based on service type, the global medical device contract manufacturing market is segmented into device development and manufacturing service, quality management service, assembly service, and other services. The device development and manufacturing service segment is projected to expand at a significant CAGR during the forecast period, as this service aids in a wide range of activities from conceptualization to commercialization. The quality management service segment is expected to hold a substantial share of the market, as it ensures the safety of products and effectivity for intended use.

On the basis of application, the global medical device contract manufacturing market is segmented into oncology, neurovascular, urology & gynaecology, radiology, cardiovascular, orthopaedic, and others. The oncology segment is expected to hold a considerable share of the market, as medical devices help to diagnose, treat, or monitor cancer. The neurovascular segment is projected to expand at a substantial CAGR during the forecast period, as neurovascular medical devices help navigate through small blood vessels.

The outbreak of COVID-19 (global pandemic) is expected to offer significant growth opportunities for players in the global medical device contract manufacturing market. For instance, COVID-19 pandemic increased the demand for medical device such as personal protective equipment (PPE), ventilators, and diagnostic tests, among others. In March 2022, Medtronic increased the production of ventilators by more than 40% due to the global coronavirus (COVID-19) outbreak and to cater to the increase of demands of patients and healthcare systems across the world; to help meet urgent demand from hospitals worldwide fighting the novel coronavirus.

As per growth market reports by industry analyst Divyanka Sankhe, “Medical device contract manufacturers also offer additional services, such as sterilization, testing, and logistics, to provide a complete manufacturing solution for their clients. The global market for medical device contract manufacturing is growing rapidly due to the rising demand for medical devices, increased outsourcing of manufacturing processes, and the complexity of modern medical devices that require sophisticated manufacturing processes.”

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. Raw materials and component supply is the starting point of the supply chain. Companies source raw materials such as plastic, rubber, steel, and other metals from suppliers globally. They need to comply with various laws and regulations regarding their safety & sustainability, as ensuring the quality of these materials is critical.

One major aspect propelling the market's growth is the expanding medical device industry. For example, the World Health Organisation (WHO) update for 2022 projects that there are around 2 million distinct types of medical devices, divided into over 7000 generic device groupings. Additionally, Rosti Romania obtained a new contract for medical devices for its new manufacturing plant in June 2021. This explains how the demand for contract manufacturing services is rising due to the global medical device market's expansion. Furthermore, some businesses lack the internal resources necessary to produce medical equipment. Therefore, it is preferred to contract manufacture these gadgets, which will ultimately accelerate market growth.

A number of programmes are started to enhance the usage of medical equipment. To increase the acceptability of medical devices in the international market, for example, the Indian government announced plans to write a new drug, cosmetics, and medical device bill in October 2021. Furthermore, the largest medical device design, development, and manufacturing services companies in Canada, StarFish Product Engineering Inc., and SpinaFX Medical Inc. stated in October 2021 that they had validated a commercialization contract manufacturing deal.

The players in the Global medical device contract manufacturing market include Biofortuna Limited, Celestica Inc., FLEX LTD., Gerresheimer AG, Integer Holdings Corporation, Invetech, Jabil Inc., MICRO, NIPRO PHARMA CORPORATION, Nordson Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation., SteriPack Group Ltd, Synecco Ltd, TE Connectivity and Tecomet, Inc.

Report Scope:

Report Metric

Details

Market Value in 2022

US$ 72,500.0 Million

Market Growth Rate (from 2020 to 2028)

9.7%

Historical Data

2016 & 2031

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (US$ Million)

Market Segments

By Type, By Class, By Device Type, By Service Type, By Application

Key Companies Profiled

Biofortuna Limited, Celestica Inc., FLEX LTD., Gerresheimer AG, Integer Holdings Corporation, Invetech, Jabil Inc., MICRO, NIPRO PHARMA CORPORATION, Nordson Corporation, Nortech Systems, Inc., Plexus Corp., Sanmina Corporation., SteriPack Group Ltd, Synecco Ltd, TE Connectivity and Tecomet, Inc.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Manufacturer and distributors.

  • Demand Side: Hospitals, Homecare Settings, Ambulatory Surgical Centres.

  • Regulatory Side: South African Medicines Control Council (MCC): The national regulatory authority (NRA) of South Africa, Malaysian National Pharmaceutical Control Bureau (NPCB): The National Pharmaceutical Regulatory Agency (NPRA), NPCB – Foreign GMP Inspections document, Singapore’s Health Sciences Authority (HSA), Singapore’s Therapeutic Products Branch (TBD), Australian Therapeutic Goods Administration (TGA), U.S. Food and Drug Administration (US FDA)