Number of pages: 100-120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021 to 2031
Medical device contract manufacturing is the outsourced fabrication of a medical device for the medical marketplace. Medical device companies can utilize contract manufacturing partners to perform recurring manufacturing and benefit from cost efficiencies, streamlined supply chain, logistical alignment all of which allow them to deliver commercial products to the market while ensuring that all industry requirements are met.
The global medical device contract manufacturing market is mainly driven by the rising incidence of chronic diseases, increasing R&D activities, growing medical device market, and medical device startups opting for contract manufacturing owing to high capital investment for manufacturing. Rising government-supported initiatives for medical device manufacturing are also likely to play a pivotal role in driving the market globally. However, consolidation in the medical devices market is likely to restrain the market growth to a certain extent.
The global medical device contract manufacturing market has been analyzed from four perspectives: Product Type, Services, Application, and Region.
Medical Device Contract Manufacturing Market by Product Type
Based on product type, the product type market has been segmented into diagnostic & monitoring devices, therapeutic devices, and others (surgical devices, etc.). The diagnostic & monitoring devices segment dominated the market with the largest share owing to the increasing prevalence of chronic diseases such as cancer, heart attack & stroke, chronic respiratory problems, diabetes, etc., and rising demand & adoption of monitoring devices to monitor & diagnose such diseases at an early stage.
Medical Device Contract Manufacturing Market by Services
Based on services, the medical device contract manufacturing market has been segmented into device development & manufacturing services, quality management services, and final goods assembly services. The device development & manufacturing services segment dominated the market with the largest share owing to the growing medical device market, expensive cost of in-house manufacturing of medical devices, and rising trend for the outsourcing of manufacturing of devices owing to cost-effectiveness.
Medical Device Contract Manufacturing Market by Application
Based on application, the medical device contract manufacturing market has been segmented into cardiovascular, orthopedic, diabetes, pulmonary, oncology, diagnostic imaging, and others (urology, gynecology, etc.). The cardiovascular segment is expected to be the fastest-growing application segment during the forecast period. The growth of the segment can be attributed to the growing prevalence of cardiovascular diseases (CVDs) globally coupled with rising awareness among the people regarding regular monitoring of cardiac activity and early diagnosis of CVDs.
Medical Device Contract Manufacturing Market by Region
Based on region, the global medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the medical device contract manufacturing market with the largest share, followed by the Asia Pacific. The large share of North America in the global market can largely be attributed to developed healthcare infrastructure, rising prevalence of chronic & acute diseases owing to changing lifestyles, and significant investment & research in medical devices. The presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the growth of the market.
Some of the prominent players operating in the medical device contract manufacturing market includes:-