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Medical Device Contract Manufacturing Market, 2024 - Technological Advancement in Medical Device Modalities / Impact of Industry 4.0 on the Medical Devices Industry - ResearchAndMarkets.com

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The "Medical Device Contract Manufacturing Market by Device Type (IVD (Equipment, Consumable), Cardiovascular, Diabetes Care, Drug Delivery, Dental, Orthopedic, Ophthalmic, Endoscopy Devices) Class of Device , Services - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Medical Device Contract Manufacturing Market is Expected to Reach USD 91.3 Billion by 2024 from an Estimated USD 55.0 Billion in 2019, at a CAGR of 10.6%.

The key factors driving the growth of the medical device contract manufacturing market include the overall growth of the medical devices market as a whole, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing.

Cardiovascular devices and endoscopy devices are projected to witness the highest growth during the forecast period

Based on device type, cardiovascular devices and endoscopy devices are projected to register the highest CAGRs during the forecast period. While growth in the cardiovascular devices segment can be attributed to the rising adoption of cardiovascular devices such as pacemakers, catheters, and stents due to the increasing prevalence of cardiovascular diseases across the globe, the endoscopy devices segment is mainly driven by the increasing adoption of endoscopy devices in hospitals and diagnostic laboratories.

The final goods assembly services segment is expected to grow at the highest CAGR during the forecast period

Based on the service type, the final goods assembly services segment is expected to grow at the highest the CAGR during the forecast period. These services are mostly required by OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices, such as pen needles, inhalers, autoinjectors, and pre-filled syringes. The growing prevalence of targeted therapies, rising incidence of anaphylaxis, increasing number of regulatory approvals for single-use medical devices, and the availability of the generic versions of autoinjectors are some of the factors contributing to the growth of these devices. This is, in turn, expected to increase the utilization of final goods assembly services.

Class III medical devices to register the highest CAGR during the forecast period

Based on the class of device, the medical device contract manufacturing market is 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. The large share of this segment can be attributed to a large number of medical devices that fall under this device class and the utilization of a higher volume of these devices by end-users and caregivers in the healthcare industry.

The Asia Pacific to witness the highest growth during the forecast period

The Asia Pacific is expected to witness the highest growth during the forecast period 2019 to 2024. The high demand for diagnostic imaging, patient monitoring, and in vitro diagnostic IVD devices is expected to drive the medical device market in the Asia Pacific. The low labor cost in Asia Pacific countries is another factor driving the medical device contract manufacturing services market. Labor costs in China are significantly lower than the US; the cost of labor in China is around USD 264 per month for an individual as compared to approximately USD 8,000 in the US Source: China Labor Bulletin. This is a major factor attracting medical device companies from across the world to expand their contract manufacturing operations in China.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.3 Market Scope

1.4 Currency

1.5 Limitations

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Market Size Estimation

2.2.1 Supply Side: Market Size Approach of Medical Device Contract Manufacturing

2.2.2 Demand Side: Market Size Approach of Medical Device Contract Manufacturing

2.3 Market Breakdown & Data Triangulation

2.4 Market Share Estimation

2.5 Assumptions for the Study

3 Executive Summary

4 Premium Insights

4.1 Medical Device Contract Manufacturing: Market Overview

4.2 Medical Device Contract Manufacturing Market: Developed Vs. Developing Regions

4.3 Geographical Snapshot: Medical Device Contract Manufacturing Market

4.4 Geographic Mix: Medical Device Contract Manufacturing Market

4.5 Asia Pacific: Medical Device Contract Manufacturing Market Share, By Device Type and Country

5 Market Overview

5.1 Introduction

5.2 Market Drivers

5.2.1 High Growth of the Medical Devices Market

5.2.2 Technological Advancement in Medical Device Modalities

5.2.3 Impact of Industry 4.0 on the Medical Devices Industry

5.3 Market Restraints

5.3.1 Consolidation in the Medical Devices Market

5.4 Market Opportunities

5.4.1 High Growth Potential of Developing Countries Across APAC and Latin America

5.5 Burning Issues

5.5.1 Balancing Technological Capabilities Against Costs

6 Industry Trends

6.1 Increasing Consolidation of OEMs and CMOs

6.2 Growing Interest of Private Equity Firms in Medical Device Contract Manufacturing

6.3 Outsourcing of Medical Device Contract Manufacturing Services

7 Medical Device Contract Manufacturing Market, By Device Type

7.1 Introduction

7.2 IVD Devices

7.2.1 IVD Consumables

7.2.1.1 Increased Accessibility and Demand for Reagents & Kits and Increasing Volume of IVD Tests Performed are the Key Factors Driving Market Growth

7.2.2 IVD Equipment

7.2.2.1 Advances in Life Sciences Research to Support Market Growth

7.3 Diagnostic Imaging Devices

7.3.1 Adoption of New and Advanced Diagnostic Imaging Systems in Developing Countries to Support Market Growth

7.4 Cardiovascular Devices

7.4.1 Rising Prevalence of Cardiovascular Diseases to Drive the Demand for Contract Manufacturing Services

7.5 Drug Delivery Devices

7.5.1 Infusion Devices and Administration Sets

7.5.1.1 Rising Incidence of Chronic Diseases & Growing Number of Surgical Procedures to Drive Market Growth

7.5.2 Syringes

7.5.2.1 High Cost of Safety Syringes and the Increasing Incidence of Needlestick Injuries are the Major Challenges Faced By Manufacturers

7.5.3 Autoinjectors & Pen Injectors

7.5.3.1 Rising Number of Regulatory Approvals for New Drug Therapies and Advancements in Drug Delivery are Supporting Market Growth

7.5.4 Inhalers

7.5.4.1 High Prevalence of Asthma and Copd to Drive Market Growth

7.6 Orthopedic Devices

7.6.1 High Prevalence of Orthopedic Conditions Coupled With the Rising Geriatric Population is the Major Factor Driving the Growth of This Market

7.7 Ophthalmology Devices

7.7.1 Increasing Prevalence of Ophthalmic Diseases & Technological Advancements in Ophthalmic Devices to Support Market Growth

7.8 Diabetes Care Devices

7.8.1 Rising Prevalence of Diabetes is Driving the Demand for Diabetes Devices and Consumables

7.9 Dental Devices

7.9.1 Rising Incidence of Dental Diseases Coupled With the Increasing Adoption of Technologically Advanced Dental Diagnostic Devices to Drive Market Growth

7.10 Endoscopy Devices

7.10.1 Growth in This Market is Driven By the Rising Patient Preference for Minimally Invasive Procedures

7.11 Other Devices

8 Medical Device Contract Manufacturing Market, By Service

8.1 Introduction

8.2 Device Development and Manufacturing Services

8.2.1 Device Engineering Services

8.2.2 Process Development Services

8.2.3 Device Manufacturing Services

8.3 Quality Management Services

8.3.1 Packaging Validation Services

8.3.2 Inspection & Testing Services

8.4 Final Goods Assembly Services

9 Medical Device Contract Manufacturing Market, By Class of Device

9.1 Introduction

9.1.1 Device Classification, By Country/Region

9.1.1.1 US

9.1.1.1.1 Class I: General Controls

9.1.1.1.2 Class II: General Controls With Special Controls

9.1.1.1.3 Class III: General Controls, Special Controls, and Premarket Approval

9.1.1.2 European Union and European Free Trade Association

9.1.1.3 Canada

9.1.1.4 Australia

9.2 Class I Medical Devices

9.3 Class II Medical Devices

9.4 Class III Medical Devices

10 Medical Device Contract Manufacturing Market, By Region

10.1 Introduction

10.2 Asia Pacific

10.2.1 China

10.2.1.1 The Medical Device Contract Manufacturing Market in China is Driven By the Low Labor Cost

10.2.2 Japan

10.2.2.1 The Demand for Medical Devices in Japan is Rising Owing to the Increasing Aging Population and the Growing Number of Patients With Chronic and Lifestyle Diseases

10.2.3 India

10.2.3.1 Presence of A Large Patient Population and Growing Access to Healthcare Facilities to Drive the Market in India

10.2.4 RoAPAC

10.3 North America

10.3.1 US

10.3.1.1 Increasing Cost of In-House Manufacturing is Encouraging Medical Device Companies to Adopt Contract Manufacturing as A Cost-Cutting Measure

10.3.2 Canada

10.3.2.1 Strong Presence of Key Contract Manufacturing Companies in the Country to Support the Market Growth

10.4 Latin America

10.4.1 Mexico

10.4.1.1 Highly Trained, Less Expensive, and Plentiful, With Almost 150,000 Dedicated Workers in the Industry to Boost the Growth in Market

10.4.2 Rest of Latin America

10.5 Europe

10.5.1 Germany

10.5.1.1 Concentration of Major Medical Devices Companies in the Country and High Healthcare Expenditure to Support the Market Growth

10.5.2 France

10.5.2.1 Increasing Government Pressure to Reduce Healthcare Costs and Budgetary Constraints to Support Contract Manufacturing Market in Country

10.5.3 UK

10.5.3.1 Increasing Number of Accredited Clinical Laboratories and Hospital Laboratories to Drive Demand of Medical Devices Thereby Driving The Market For Contract Manufacturing

10.5.4 Italy

10.5.4.1 Healthcare Coverage for All Citizens and Foreign Residents is Driving the Consumption of Medical Devices

10.5.5 Spain

10.5.5.1 The Increasing Adoption of Home-Based Medical Devices to Drive the Market

10.5.6 Rest of Europe

10.6 Middle East and Africa

10.6.1 Growing Healthcare Investments and Improvement in Healthcare Infrastructure to Drive the Market in MEA.

11 Competitive Landscape

11.1 Introduction

11.2 Geographical Assessment of Key Players in the Medical Device Contract Manufacturing Market (2018)

11.3 Product Portfolio Matrix

11.4 Revenue Share Analysis of Key Players in Medical Device Contract Manufacturing Market

11.5 Medical Device Contract Manufacturing Market Share Analysis

11.6 Competitive Situations and Trends

11.6.1 Agreements (2017 - 2019)

11.6.2 Partnerships (2016 - 2019)

11.6.3 Acquisitions (2018 - 2019)

11.6.4 Expansions (2018 - 2019)

11.6.5 Product/Service Launch and Approvals (2016 - 2018)

12 Company Profiles

12.1 Flex, Ltd.

12.2 Jabil Inc.

12.3 TE Connectivity Ltd.

12.4 Sanmina Corporation

12.5 Nipro Corporation

12.6 Celestica International LP. (Subsidiary of Onex Corporation)

12.7 Plexus Corp.

12.8 Benchmark Electronics Inc.

12.9 Integer Holdings Corporation

12.10 Gerresheimer AG

12.11 West Pharmaceutical Services, Inc.

12.12 Nortech Systems, Inc.

12.13 Nemera Development S.A.

12.14 Consort Medical PLC

12.15 Tessy Plastics Corp

12.16 Kimball Electronics, Inc.

12.17 Viant Medical

12.18 Tecomet, Inc.

12.19 SMC Ltd.

12.20 Phillips-Medisize Corporation

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