Medical Device Contract Manufacturing Market By Device Type(In-vitro Diagnostic Medical Devices, Diagnostic Imaging & Medical Equipment, Drug Delivery Devices, Patient Monitoring Devices, Minimally Access Surgical Instruments, Therapeutic Patient Assistive Devices); Application (Cardiovascular, Orthopedic, Neurovascular, Pulmonary, Oncology, Laparoscopy, Urology and Gynecology); Type of Manufacturing (Raw Materials, Electronics, Finished Goods); Service (Prototype Development, Finished Device Manufacturing, Assembly & Packaging, Testing & Regulatory Support Services, Molding & Casting) - Analysis & Forecast 2019-2030
Report ID : 41 | Published Date : Mar 2019 | Pages : 150 | Region : Global | Report Code : MD-23
Medical Device Contract Manufacturing Market Overview and Introduction
Medical device contract manufacturing market is estimated to be over US$ 48 Bn in 2017. It is anticipated to grow at a CAGR of 10.1% from 2019 to 2030.
The global medical device contract manufacturing market is anticipated to grow at a double digit CAGR during the forecast period. Medical device contract manufacturing organization provide services to outsource manufacturing of devices that enables original equipment manufacturers (OEMs) to reduce cost of product, product packaging and transport of product. Contract manufacturing organizations (CMOs) are selected based on the capabilities of service provided in low cost, high quality and in speculated time. With increasing need for medical devices in hospitals and meet growing demand of hospitals OEMs are collaborating with Medical device contract manufacturing organization to meet this growing need.
The global medical device contract manufacturing market is driven by focus of market players in introducing new and innovative products, rising geriatric population, need for cost effective products, rising cost for hospitals and increasing demand for medical devices are some of the major factors driving the market. However, high cost of medical devices and stringent government policy related to medical device manufacturing is likely to restrain the market to certain extent.
Medical Device Contract Manufacturing Market by Device Type
The global medical device contract manufacturing market has been segmented based on device type, application, type of manufacturing, service, and region. In terms of device type, the global medical device contract manufacturing market has been segmented into in-vitro diagnostic medical devices, diagnostic imaging & medical equipment, drug delivery devices, patient monitoring devices, minimally access surgical instruments, therapeutic patient assistive devices, and others. The growth of this segment can be attributed to rising demand for home monitoring devices, body implants, and increasing demand in hospital for surgical & non-surgical instruments, are expected to drive the medical devices market, which, in turn, is likely to propel the medical device contract manufacturing market.
Medical Device Contract Manufacturing Market by Application
Based on application, the global medical device contract manufacturing market is segmented into cardiovascular, orthopedic, oncology, neurovascular, pulmonary, urology & gynecology, laparoscopy, and others. Orthopedic segment is estimated to account for the largest share of the segment, owing to growing rise in sports related injuries and geriatric population suffering with arthritis.
Medical Device Contract Manufacturing Market by Type of Manufacturing
Based on type of manufacturing, the global medical device contract manufacturing market has been categorized into raw materials, electronics, and finished goods. The electronic type of manufacturing is expected to account for the largest share in the market. On the basis of service, the global medical device contract manufacturing market is segmented into, prototype development, finished device manufacturing, assembly & packaging, testing & regulatory support services, molding & casting, and others. The prototype development segment accounted for the largest share of the global market.
Medical Device Contract Manufacturing Market by Regions
The global medical device contract manufacturing can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the market of medical device contract manufacturing, followed by Europe and Asia Pacific. The largest share of the region can be attributed to factors like, highly developed health care sector, availability of advanced medical device products, focus of market players to introduce new & advance products for hospitals, favorable government initiatives and laws drive the medical device contract manufacturing market in the region. Asia Pacific region is likely to register a fastest growth rate during the forecast period. Owing to availability of cost effective raw materials that largely reduces the cost of the overall medical device, expected to propel the medical device contract manufacturing market in Asia Pacific.
Medical Device Contract Manufacturing Market Prominent Players
The prominent players in the global medical device contract manufacturing are Flextronics International, LTD., Benchmark Electronics, Inc., Jabil Inc., Integer Holdings Corporation (Greatbatch), West Pharmaceutical Services, Inc., Tecomet, Inc., Nortech Systems, TE Connectivity (Creganna Medical), Forefront Medical Technologies, Nordson Corporation and other prominent players.