$130 billion+ medical device contract manufacturing market

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New York, Oct. 19, 2022 (GLOBE NEWSWIRE) — According to the latest market research from The Insight Partners, titled “Medical Device Contract Manufacturing Market Size, Share, Trends, Growth Strategy and Forecast to 2028 – Impact of COVID-19 and Global Analysis – by Device Type, Service Type, Packaging & Assembly Type, Device Class and Geography “, the global medical device contract manufacturing market size is expected to grow from USD 65.23 billion in 2021 to USD 130.03 billion by 2028. It is expected to grow at a CAGR of 10.3% by 2022 to 2028.

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Global Contract Manufacturing of Medical Devices Market Report Scope, Segmentations, Regional and Country Scope:

Report cover Details
Market size Value in 65.23 billion USD in 2021
Market Size Value by USD 130.03 billion by 2028
Rate of growth CAGR of 10.3% from 2022 to 2028
Forecast period 2022-2028
Year of reference 2022
Number of pages 150
Historical data available Yes
Segments Covered Technology, type of service, type of packaging and assembly and class of devices
Regional scope North America; Europe; Asia Pacific; Latin America; AEM
Country scope United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report cover Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

Global Contract Manufacturing of Medical Devices Market: Competitive Landscape

Jabil Inc, Flex Ltd. ; Plexus Corp.; Sanmina Company; Integer Holdings Corporation; Celestica Inc.; Gerresheimer AG; Te Connectivity Ltd. ; Nipro Corporation; West Pharmaceutical Services, Inc.; Benchmark Electronics Inc.; Recipharm Ab; Kimball Electronics, Inc.; are some key players profiled in this study of the global Contract Manufacturing of Medical Devices market. Several other large companies were also analyzed during this study in order to have a global vision of the market and its ecosystem.

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Impact of the COVID-19 Pandemic on the Global Contract Manufacturing of Medical Devices Market:

Manufacturing outsourcing has changed drastically in recent years due to the COVID-19 crisis. The same has led to increasing consolidation between OEMs and Contract Manufacturing Organizations (CMOs). This shift has positively impacted the medical device contract manufacturing market to meet the urgent demand for life-saving ventilators needed to support coronavirus victims. Companies that serve multiple industries have made medical technologies their priority. There was an influx of medical components related to COVID-19 that needed urgent production, ranging from test kits, accessories and ventilator parts.

Growing demand for medical devices is supporting the global medical device contract manufacturing market:

The growth of the global medical device contract manufacturing market is majorly attributed to rising demand for target diseases, growing demand for biosimilars and monoclonal antibodies, and increasing adoption of immunotherapy drug categories compared to to traditional treatment methods. However, challenges in contract manufacturing of medical devices are hampering the growth of the market. The growing demand for personalized medical treatments is driving the growth of the contract manufacturing of medical devices market.

Rising geriatric population, followed by rising healthcare expenditures in developed countries, will bring substantial growth opportunities during the forecast year. Moreover, the ongoing research and development by various manufacturers also helps to develop new opportunities for the market. For example, in July 2020, Channel Medsystems announced that it had received FDA clearance for its next-generation Cerenecryotherapy product to treat menstrual bleeding. In January 2019, Venclose Inc. and Viant announced a collaboration to develop Venclose’s next-generation Venclose radiofrequency (RF) ablation catheter.

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