Meticulous Research® has provided a detailed report forecasting the global medical device contract manufacturing market, to reach $171.19 billion by 2031, with a CAGR of 9.9% from 2024 to 2031. The growth is driven by the increasing trend of outsourcing, technological advancements, and the expanding medical device and IVD industries.
Outsourcing is a key trend, allowing medical device companies to access advanced technologies and reduce production costs. Technological advancements in manufacturing processes are enabling the production of more sophisticated devices. The rise in chronic diseases and the growing use of biologic drugs are contributing to the growth of drug delivery devices.
Drug delivery devices, including auto-injectors and wearable pumps, are expected to see the highest growth rate due to innovations that enhance patient convenience and adherence. The market is segmented into various device types, such as IVD devices, imaging devices, and cardiovascular devices. Moderate-risk medical devices are projected to capture a significant share of the market due to high outsourcing rates and increased demand.
Design and development services are anticipated to experience substantial growth, with a CAGR of 11.7%, driven by the need for advanced technical capabilities and the trend of outsourcing. North America, especially the U.S., is expected to dominate the market, supported by its developed infrastructure, high demand for medical technologies, and strong presence of contract manufacturers.
Key Players
The key players operating in the global medical device contract manufacturing market are Jabil Inc. (U.S.), Gerresheimer AG (Germany), Nordson Corporation (U.S.), Teleflex Incorporated (U.S.), Celestica Inc. (Canada), Plexus Corp (U.S.), SteriPack Group Ltd (U.S.), Nortech Systems, Inc. (U.S.), Invetech Pty. Ltd. (Australia), Flextronics International, LTD. (Singapore), Benchmark Electronics Inc. (U.S.), Integer Holdings Corporation (U.S.), and STRATEC SE (Germany).
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Key questions answered in the report-
- What is the current value of revenue generated by medical device contract manufacturing services across the globe?
- At what rate is the demand for global medical device contract manufacturing services projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for medical device contract manufacturing services across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- Which segments are creating major traction for the vendors in this market in terms of device, risk type, service, application, and end user?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global medical device contract manufacturing market?
- Who are the major players in the global medical device contract manufacturing market? And what are their specific services offered in the industry?
- What recent developments have taken place in the global medical device contract manufacturing market, and how these strategic developments are creating a global impact in this market?
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