Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Medical Device Contract Manufacturing Market, Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027"
LOS ANGELES, May 21, 2020 /PRNewswire/ -- The global medical device contract manufacturing market size is expected to hit around US$ 97.5 Mn by 2027.
Acumen Research and Consulting predict that the global medical device contract manufacturing market is anticipated to grow at a CAGR of around 7% in terms of revenue during the forecast period 2020 to 2027.
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Contract manufacturing is an outsourcing technique in which a company produces a larger product in whole or in a single part. Medical devices Original Equipment Manufacturer (OEMs) are companies who typically focus on a certain field of expertise such as molding, assembly or R&D. The production of medical devices is a method through which a manufacturer provides medical equipment or medical device parts which can subsequent be purchased by another organization. The contract manufacturers of medical devices also sometimes specialize in a specific process or function and can provide experience through regular manufacturing practice. The resource to suppliers, customers and inventors of medical devices provide definition of drug and product development, identification and approval of procedures, producing or highly specialized models in manufacture, packaging. They can even handle the distribution and supply to the end customer.
North America hold large market share in the global medical device contract manufacturing market and is likely to continue its dominance during forecast period. This is due to factors such as the US, which accounts for about 43% of the global medical devices market, with the 10 biggest original medical device (OMD) suppliers, and is expected to further fuel interest in medical equipment during forecast period in the region. In addition, technological developments and the rise of mobile technology will accelerate market growth in the region, as will the use of IoT and Industry 4.0.
Market dynamics
Increasing adoption of advanced technology in the medical device market and growing geriatric population are the major factor driving the growth of global medical device contract manufacturing market. Low returns on investment has contributed to the wide growth of the global contract manufacturing market due to the rising costs of in-house production, the rising disease prevalence, life expectancy and the geriatric population. However, the factors that may restraint the growth of the market are stringent government rules and high initial cost of medical devices.
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The product manufacturing and assembly services segment is expected to grow at the highest the CAGR during the forecast period. OEMs, medical equipment and pharmaceutical companies, which running and supplying fully integrated medical instruments, such as pen needles, inhalers, automobile injectors and pre-full-filled syringes, primarily need these facilities. The other factors contributing growth to the global market is the growing prevalence of targeted therapies, increasing number of regulatory approvals for single-use medical devices, rising incidence of anaphylaxis, and the availability of the generic versions of auto injectors. In addition, the usage of finished product assembly facilities is expected to increase.
There are some major players associated in the medical device contract manufacturing market. Few of the main players actually dominate the market in terms of market share. And some prominent players are vigorously acquiring their market positions with the other companies worldwide. Some of the prominent players such as Benchmark Electronics, Inc., Nemera Development SA, FLEX LTD., Jabil Inc., West Pharmaceutical Services, Inc., Phillips-Medisize Corporation Integer Holdings Corporation, Nordson Corporation, and others.
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Recent Developments
- In April 2019, with a new Korean office — Western Pharmaceutical Services Korea Ltd., West Pharmaceutical Services, Inc. has extended its presence in the Asia Pacific region.
- In March 2019, A new manufacturing facility in France has acquired by Nemera Technology SA in order to manufacture inductible products Novo Nordisk.
- In October 2018, Phillips-Medisize Corporation has acquired InterSystem Corp. to build a linked wellness network for the third generation.
- In July 2018, Jabil Inc. has acquired True-Tech Corporation an aerospace, semiconductor and machined component specialist supplier for US$ 95.9 Mn.
Market Segmentation
By Product
- Diagnostic and Monitoring Devices
- Therapeutic Devices
- Drug Delivery Devices
- Other Devices
By Service
- Product Design and Development Services
- Product Manufacturing and Assembly Services
- Quality Services
- Regulatory Consulting Services
- Packaging & Sterilization Services
By Device Type
- Electronic MDCM
- Non-Electronic MDCM
By Application
- Cardiology
- Diagnostic Imaging
- Orthopedic
- Endoscopy
- Dental
- Diabetes Care
- Wound Management
- Nephrology
- In-Vitro Diagnostics
- Respiratory
- Other Applications
By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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I Like to add one more important thing here, The global medical device contract manufacturing market is expected to reach more than US$ 109.5 billion in 2026 at a CAGR of 10.5% during the forecast period.
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