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The medical device contract manufacturing market share is expected to increase by USD 46.18 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 11.19%.
This medical device contract manufacturing market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical device contract manufacturing market segmentation by device (IVD, drug delivery, diagnostic imaging, cardiovascular, and others) and geography (North America, Europe, Asia, and Rest of World (ROW)). The medical device contract manufacturing market report also offers information on several market vendors, including Benchmark Electronics Inc., Celestica Inc., Flex Ltd., Gerresheimer AG, Integer Holdings Corp., Jabil Inc., Kimball Electronics Inc., Nemera, Nipro Corp., Nordson Corp., Nortech Systems Inc., Plexus Corp., Recipharm AB, Sanmina Corp., Scientific Molding Corp. Ltd., TE Connectivity Ltd., Tecomet Inc., Teleflex Inc., Tessy Plastics Corp., and West Pharmaceutical Services Inc. among others.
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The impact of industry 4.0 on the medical device industry is notably driving the medical device contract manufacturing market growth. However, factors such as consolidation in medical device industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical device contract manufacturing industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Medical Device Contract Manufacturing Market Driver
One of the key factors driving growth in the medical device contract manufacturing market is the impact of Industry 4.0 on the medical device industry. Innovations in Class III medical devices are on the rise due to the increasing development and production of complex medical devices, such as pacemakers and implantable medical devices. Medical device manufacturing companies face challenges in producing Class III devices in high volumes due to the complex assembly and testing processes involved. Given the level of complexity involved in manufacturing a Class III device in high volumes, automated manufacturing and fabrication have become a necessity. Industry 4.0 technologies, such as cloud computing, machine-to-machine (M2M) communication, and network-physical systems, enable advanced automation that aids medical device contract manufacturers in overcoming these manufacturing challenges. The increased connectivity and data collection capabilities of these advanced technologies enable medical device contract manufacturers to undertake high-volume production, along with regulatory-compliant manufacturing workflows and efficient inventory and production management. Thus, the increased adoption of Industry 4.0 in medical device manufacturing will lead to market growth.
Key Medical Device Contract Manufacturing Market Challenge
The shift from centralized to point-of-care testing will be a major challenge for the medical device contract manufacturing market during the forecast period. The dominant laboratory test model worldwide comprises a centralized laboratory, where automated analytical test methods are used to detect target components. This trend has been well-established in clinical chemistry and haematology and is now expanding into other areas, including immunoassays and molecular diagnostics. However, point-of-care testing (POCT) and diagnostic devices offer advantages over conventional diagnostic procedures in terms of affordability and ease of use and provide the rapid results needed for making quick decisions about medical diagnosis and treatment of diseases and conditions. The increased adoption of POCT devices is highly influenced by the need to make healthcare more patient-centric by organizing healthcare services around the patient rather than the provider. Centralized testing is not a convenient process for many patients because testing is often disconnected from the consultation process. The growth of self-monitoring of blood glucose, which is, by far, the largest segment of POC testing, has been spurred by the need for more convenient and effective healthcare services.
This medical device contract manufacturing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global medical device contract manufacturing market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical device contract manufacturing market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the medical device contract manufacturing market encompasses successful business strategies deployed by the key vendors. The medical device contract manufacturing market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
bench.com - The company offers medical device contract manufacturing services such as optical imaging, medical robotics, radiological imaging, and handheld devices.
bench.com - Through the Americas segment, the company offers manufacturing of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment in the Americas.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical device contract manufacturing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical device contract manufacturing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for medical device contract manufacturing in North America. Market growth in this region will be faster than the growth of the market in the European regions.
The stringent compliance requirements with government regulations, continuous technological advancements, and the increased focus on better patient safety and care will facilitate the medical device contract manufacturing market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The medical device contract manufacturing market share growth in the IVD segment will be significant during the forecast period. The growth of the IVD segment is mainly driven by the growth of the geriatric population and the subsequent increase in the incidence of chronic and infectious diseases, the adoption of fully automated and point-of-care (POC) tools, the rapid growth of the pharmaceutical industry in developed regions, growing awareness of disease diagnostics in developing regions, and the rise in R&D investments by players in the industry to launch new IVD products.
This report provides an accurate prediction of the contribution of all the segments to the growth of the medical device contract manufacturing market size and actionable market insights on the post-COVID-19 impact on each segment.
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Medical Device Contract Manufacturing Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.19% |
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Market growth 2022-2026 |
$ 46.18 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.77 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key consumer countries |
US, Canada, Germany, China, Japan, and Republic of Korea |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Benchmark Electronics Inc., Celestica Inc., Flex Ltd., Gerresheimer AG, Integer Holdings Corp., Jabil Inc., Kimball Electronics Inc., Nemera, Nipro Corp., Nordson Corp., Nortech Systems Inc., Plexus Corp., Recipharm AB, Sanmina Corp., Scientific Molding Corp. Ltd., TE Connectivity Ltd., Tecomet Inc., Teleflex Inc., Tessy Plastics Corp., and West Pharmaceutical Services Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Device
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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