Medical Device Contract Manufacturing Market to Grow with a CAGR of 11.46% Globally through 2028
Surge in research and development activities is expected to drive the Global
Medical Device Contract Manufacturing Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Medical
Device Contract Manufacturing Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Medical Device Contract Manufacturing Market stood at USD 72.54 billion in 2022
and is anticipated to grow with a CAGR of 11.46% in the forecast period, 2023-2028.
Initiatives taken by government based on medical device contract manufacturing has
led to favorable market conditions for the Global Medical Device Contract
Manufacturing Market. Several factors contribute to the growth of various medical
device contract manufacturing products.
In the United States, the Food and Drug Administration
(FDA) has been actively supporting medical device innovators, recognizing the
importance of advancing healthcare through cutting-edge technologies. The FDA
not only provides guidance on regulatory requirements but also encourages the
use of novel technologies and fosters collaboration among stakeholders to drive
innovation forward.
In addition to the FDA's efforts, BARDA (Biomedical
Advanced Research and Development Authority) plays a crucial role in supporting
the expansion of domestic manufacturing capacity for ancillary supplies. This
investment ensures that the United States is equipped with the necessary
infrastructure to meet the growing demand for medical devices and related
supplies.
Meanwhile, the Indian government has taken significant
steps to boost the medical device industry through the launch of the Production
Linked Incentive Scheme for Medical Devices Manufacturing. This scheme aims to
provide financial incentives to manufacturers based on their incremental sales,
encouraging them to invest in research, development, and production
capabilities. Moreover, it promotes the establishment of medical device parks
in the country, creating an ecosystem conducive to innovation and growth.
Furthermore, the 'Make in India' initiative presents
an exciting opportunity for U.S. medical device companies to leverage India's
robust manufacturing capabilities. By tapping into India's skilled workforce
and cost-effective production facilities, U.S. companies can enhance their
competitiveness while contributing to India's economic development.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Medical Device Contract Manufacturing Market”
Contract manufacturers play a crucial and
indispensable role in the research and development (R&D) process of medical
devices. They bring valuable expertise, abundant resources, and robust
infrastructure to aid medical device companies in the development of their
innovative products. By forming strategic partnerships with contract manufacturers,
device companies can not only expedite their product development timelines and
minimize their R&D costs but also allocate more time and energy towards
refining their core competencies and achieving excellence in their respective
fields. This collaborative approach fosters innovation, streamlines operations,
and ultimately leads to the creation of cutting-edge medical devices that
improve patient outcomes and revolutionize healthcare.
The Global Medical Device Contract Manufacturing
Market is segmented into device type, class of devices, services, regional
distribution, and company.
Based on its device type, the IVD devices segment held
the largest market share in the forecast period. In vitro diagnostic (IVD)
devices play a critical role in healthcare, providing valuable information for
disease diagnosis and monitoring. To ensure the safety and effectiveness of
these devices, they are subject to stringent regulatory standards. Regulatory
bodies such as the FDA (Food and Drug Administration) in the United States and
EMA (European Medicines Agency) in Europe enforce these regulations. Navigating
these regulatory requirements can be challenging for manufacturers, as they
require significant investment in quality management systems and regulatory expertise.
Compliance with these regulations is necessary to ensure the quality and
reliability of IVD devices, ultimately benefiting both healthcare professionals
and patients.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The Asia-Pacific region boasts a substantial and
expanding talent pool of highly skilled workers in the medical device industry.
From experienced engineers and technicians to a diverse range of professionals,
this workforce possesses the expertise and knowledge required to manufacture
intricate and cutting-edge medical devices. With their collective capabilities
and dedication, they contribute significantly to the advancement and innovation
in this critical sector.
Major companies operating in Global Medical Device
Contract Manufacturing Market are:
- Flex, Ltd.
- Integer Holdings Corporation
- Jabil Inc.
- Synecco Ltd.
- Invetech Pty Ltd.
- Gerresheimer AG
- Sanmina Corporation
- Nipro Corporation
- Celestica Industrial LP.
- Plexus Corp.
- Benchmark Electronic Inc.
- TE Connectivity Ltd.
- Nortech Systems Inc.
- Eurofins Scientific
- Kimbal Electronics Group, Inc.
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“Growing application of medical device contract manufacturing
in various end user industries are key drivers of the medical device contract manufacturing
market. Growth in competitive landscape and presence of well-established companies
in the market who are dedicated to enhance their productivity of medical device
contract manufacturing with every passing year are anticipated to register an
impressive grow to Global Medical Device Contract Manufacturing Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Global Medical Device Contract Manufacturing Market By Device Type (IVD Devices, Diagnostic Imaging Devices,
Cardiovascular Devices, Orthopedic Devices, Surgical Devices, Dental Devices,
Diabetes Care Devices, Drug Delivery Devices, Ophthalmology Devices,
Ophthalmology Devices, Endoscopy and Laparoscopy Devices, Respiratory Care
Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive and
Monitoring Devices, 0thers), By Class
of Devices (Class II, Class I, Class III), By Services (Device
Development & Services, Packaging and Assembly Devices, Quality Management
Services), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Medical Device Contract Manufacturing
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Medical Device
Contract Manufacturing Market.
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