Global Contract Manufacturing in Medical Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Contract Manufacturing in Medical Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Contract manufacturing is a form of outsourcing in which a company produces whole products or a single part a larger product. This is true in the medical device industry, as well. The term “medical device” covers a broad range of products. They can be found in the operating room, labor and delivery, nursing homes, intensive care units, home health care, sleep labs, local pharmacy, and many other places. Medical device contract manufacturing is the outsourced fabrication of a medical device for the medical marketplace. Contract manufacturing in medical device is the system by which a manufacturing company makes medical devices or components of medical devices that can be later sold by another company. Moreover, medical device contract manufacturers often specialize in a certain process or task and can offer expertise from frequent practice of their manufacturing. Service or services for customers, clients, and inventors of medical devices include product concept and development, process validation and verification, production, or highly specialized manufacturing, packaging. They can even manage the supply and delivery to the end customer.

Market Overview:

The latest research study on the global Contract Manufacturing in Medical Device market finds that the global Contract Manufacturing in Medical Device market reached a value of USD 60301.0 million in 2022. It’s expected that the market will achieve USD 97400.0 million by 2028, exhibiting a CAGR of 8.32% during the forecast period.

Influence of COVID-19 Outbreak on Contract Manufacturing in Medical Device Industry Development

The outbreak of COVID-19 is affecting almost every region in the world. Each region has been affected by a significant growth and demotion. East Asia and the Pacific will grow by only 0.5%. South Asia will contract by 2.7%, Sub-Saharan Africa will contract by 2.8%, the Middle East and North Africa will contract by 4.2%, Europe and Central Asia will contract by 4.7%, and Latin America will contract by 7.2%. These downturns are expected to reverse years of progress towards achieving development goals and plunge thousands of people into extreme poverty. Emerging markets and developing economies will be hit by economic resistance from multiple quarters: a weak medical system, losses in trade and tourism, reduced remittances, insufficient capital flows, and increasing debt pressures that have led to tight financial conditions. Developed economies are expected to reduce 7%. This crisis has exceeded the speed of the global economy, and a global recession has become inevitable.
Due to the pandemic of COVID-19, the global economy is expected to lose nearly US$8.5 trillion in output value in the next two years, which will erase almost all the gains of the previous four years. The sharp economic contraction marked the worst contraction since the Great Depression in the 1930s, while the economic downturn at the beginning of the year was only 2.1%. And the outbreak of COVID-19 will aggravate the phenomenon of poverty and inequality. By 2030, 130 million people may join the ranks of the extremely poor, which has hit the global efforts to eliminate extreme poverty and hunger. This epidemic has greatly damaged low-skilled and low-paying jobs, while at the same time making high-skilled jobs less affected, which will further increase income inequality within and between countries.

Limitations

Undifferentiated business models, stringent government regulations, new health care delivery models and lower socio-economic classes which are unable to serve are the major restraining factors in this market.

The medical device manufacturer has to meet all quality regulations. This includes compliance with all applicable ISO international quality standards, as well as FDA, EMA, and other major body regulations. A key component of medical device contract manufacturing includes offering regulated services which include Quality Management System, ISO Certified Clean Rooms, Sterilization Validation and recurring services, Package Design and Testing. It is imperative that a medical device company performs due diligence to ensure their contract manufacturing partner offers compliant regulated services. Medical device contract manufacturing requires a mature and well vetted quality assurance process. Adherence to agency regulations is a key component along with other critical items.

In addition, some of the hindrances to the market growth are loss of confidential information due to outsourcing, emergence of alternative technologies. The threat of loss of confidential information can be the hindrance to the market growth.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Jabil Inc. is one of the major players operating in the Contract Manufacturing in Medical Device market, holding a share of 3.53% in 2020.

Jabil Inc. operates as a manufacturing services company. The Company offers digital prototyping, printed electronics, device integration, circuit designing, and volume board assembly services. Jabil serves automotive, consumer health, data centers, energy, and defense and aerospace sectors worldwide.

Integer Holdings Corporation operates as a medical device outsource manufacturer. The Company designs and develops medical devices and power solutions for the medical and non-medical markets. Integer Holdings serves patients worldwide.

Segmentation Overview:

Among different product types, Diagnostic Imaging Devices segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Orthopedic segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Contract Manufacturing in Medical Device market covered in Chapter 3:

Forefront Medical Technology
Kimball Electronics, Inc.
Molex
TE Connectivity Ltd.
Sanmina Corporation
West Pharmaceutical Services, Inc.
Orchid Orthopedic Solutions
Nordson Corporation
SMC Ltd.
Viant Medical
Heraeus Holding
Jabil Inc.
Integer Holdings Corporation
Nemera Development S.A.
Gerresheimer AG
Tessy Plastics Corp
Tecomet, Inc
Flex, Ltd.
Recipharm
Plexus Corp.
Celestica

In Chapter 4 and Chapter 14.2, on the basis of types, the Contract Manufacturing in Medical Device market from 2018 to 2029 is primarily split into:

IVD Devices
Diagnostic Imaging Devices
Cardiovascular Devices
Drug Delivery Devices
Orthopedic Devices
Ophthalmology Devices
Diabetes Care Devices
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Contract Manufacturing in Medical Device market from 2018 to 2029 covers:

Laparoscopy
Pulmonary
Urology & Gynecology
Cardiovascular
Orthopedic
Oncology
Neurovascular
Radiology
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)