Medical Device Contract Manufacturing Market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8% between 2022 and 2027 according to a new report by MarketsandMarkets™. The adoption of robotics and automation in manufacturing processes is driving the efficiency with which contract manufacturers produce medical devices, hence leading to an increase in their capability of serving a larger market. However, a lack of innovation to complement these technological capabilities might pose a challenge in the market.

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Medical Device Contract Manufacturing Market Scope:

This report divides the medical device contract manufacturing market into four segments – device type, class of device, service, and region.

"During the forecast period, the Cardiovascular devices segment is expected to be the fastest growing segment of the medical device contract manufacturing market."

Under device type, cardiovascular devices is forecasted to grow at the highest CAGR from 2022 to 2027. An increase in the prevalence of cardiovascular diseases, the increased adoption of technologically advanced diagnostic and therapeutic devices, the rising awareness of safer alternatives to cardiac stents, and the growing focus on IoT-enabled features such as remote monitoring are expected to fuel the growth of this market segment.

"In 2021, by class of device, Class II medical devices held the largest share of the medical device contract manufacturing market."

By class of device, the medical device contract manufacturing market can be segmented into Class I, II, and III medical devices. Due to the higher utilization of class II medical devices by OEMs and end users, this segment occupies the largest share of the market. Additionally, during the COVID-19 outbreak, governments across the world eased the regulatory compliance requirements on Class II medical devices, which immensely boosted market growth.

"In 2021, North America was the region with the second largest market share in the medical device contract manufacturing market "

The medical device contract manufacturing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.

North America accounted for the second-largest share of the medical device contract manufacturing market in 2021. The strong presence of a large number of OEMs and end users of medical devices is driving the growth of the medical device contract manufacturing market in the North American region.

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Medical Device Contract Manufacturing Market Dynamics:

Drivers:

1. Growth in medical devices market in developing countries.
2. Adoption of robotics and automation in manufacturing processes
3. Technological advancements in medical device modalities
4. Impact of industry 4.0 on medical device industry

Restraints:

1. Consolidation in medical devices market by acquiring small and medium-sized companies.

Opportunities:

1. Increasing healthcare expenditure, infrastructure, and awareness in developing countries
2. Rising geriatric population and its associated diseases

Challenges:

1. Lack of constant innovation to balance technological capabilities against costs

Key Market Players:

Key players in the medical device contract manufacturing market include Plexus Corp. (US), TE Connectivity Ltd. (Switzerland), Flex Ltd. (Singapore), Integer Holdings Corporation (US), and Jabil Inc. (US).

These companies adopted strategies such as product launches, partnerships, acquisitions, expansions, and agreements to strengthen their presence in the medical device contract manufacturing market.

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About MarketsandMarkets™:

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