The growth in the medical device contract manufacturing market can be attributed to Newer and advanced technologies necessitate the incorporation of advanced manufacturing methods, which result in increased overall costs. While major players with sufficient resources can update their manufacturing processes to accommodate such changes, small and medium-sized manufacturers must look for contract manufacturers to save costs.
Dynamic small and medium start-up companies are also turning to third-party contract manufacturers to reduce their start-up and internal costs and expedite the time-to-market of their products. This focus on manufacturing agility and flexibility to reduce costs and accelerate the time-to-market, as well as the need to maintain constant innovation, is driving the demand for contract manufacturing services.
According to research report the medical device contract manufacturing market size is projected to reach USD 113.3 billion in 2026 from USD 65.9 billion in 2021, at a CAGR of 11.5% during the forecast period.
The medical device contract manufacturing market is segmented on the basis of device type, service, class of device, and region.
On the basis of device type, cardiovascular devices and endoscopy devices are both projected to witness the highest growth during the forecast period between 2019 and 2024. The increasing prevalence of cardiovascular diseases is expected to increase the demand for cardiovascular devices in hospitals, diagnostic laboratories, and home care settings.
The volume growth of cardiovascular devices, coupled with an increasing number of medical device companies opting for contract manufacturing services in order to reduce the cost of manufacturing, is expected to drive the market for cardiovascular devices during the forecast period.
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By service, the final goods assembly services segment is expected to witness the highest growth during the forecast period. medical device contract manufacturing services market growth is largely driven by the increasing need for these services by various OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices.
Based on the class of device, the market is broadly segmented into Class I, Class II, and Class III medical devices. The Class III medical devices segment is expected to register the highest growth during the forecast period due to the rising demand for pacemakers, implants, and ventilators.
In addition to this, the manufacturing of Class III devices requires sophisticated and advanced technologies that can be a budgetary concern for small and medium-sized medical device companies.
In 2020, the Asia Pacific accounted for the largest market share of the medical device contract manufacturing market. Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
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Mr. Aashish Mehra
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