Medical Device and Diagnostics Contract Market was valued at USD 48.5 Billion in 2022 and is projected to reach USD 82.0 Billion by 2030, growing at a CAGR of 7.8% from 2024 to 2030.
Between 2018 and 2022, the medical device contract manufacturing sector was valued at approximately $65 billion, with a compound annual growth rate (CAGR) of 9.3%. Factors such as increased outsourcing by original equipment manufacturers (OEMs) and the adoption of in-vitro diagnostic (IVD) devices played a crucial role in market expansion. The Asia-Pacific region emerged as a major hub for contract manufacturing due to its low production costs and skilled workforce.
However, the period was also marked by challenges such as stringent regulatory requirements, high R&D costs, and supply chain disruptions caused by the COVID-19 pandemic. Despite these obstacles, companies like PAREXEL, ICON PLC, and WUXI APPTEC thrived by leveraging advanced manufacturing capabilities and expanding their global footprint.
Looking ahead to 2023-2033, the medical device and diagnostics contract market is expected to reach over $150 billion, growing at a CAGR of approximately 10.5%. Key factors fueling this growth include:
Increased Demand for IVD Devices: With a growing aging population and the prevalence of chronic diseases, the need for diagnostic tools will continue to rise.
Technological Advancements: Innovations such as 3D printing, automation, and AI-driven medical devices will drive efficiency and cost-effectiveness.
Regulatory Changes: The introduction of stricter compliance standards, particularly in North America and Europe, will require manufacturers to adapt their processes.
Growth in Emerging Markets: Countries like India, China, and Brazil will witness a surge in contract manufacturing due to their expanding healthcare infrastructure.
Strategic Partnerships & Mergers: Companies are increasingly acquiring smaller firms to strengthen their supply chains and diversify product portfolios.
Furthermore, the rising adoption of minimally invasive surgeries, wearable medical devices, and home healthcare solutions will create lucrative opportunities for contract manufacturers. However, challenges such as market consolidation, cybersecurity threats, and geopolitical instability may pose risks.
Overall, the medical device and diagnostics contract market is set for a transformative decade, with innovations and strategic collaborations shaping the industry's future.
Get an In-Depth Research Analysis of the Global Medical Device and Diagnostics Contract Market Size And Forecast [2025-2032]
The Medical Device and Diagnostics Contract Market saw significant growth between 2018 and 2022, driven by the increasing demand for innovative medical devices, the rise of chronic diseases, and advancements in healthcare technology. From 2023 to 2033, the industry is projected to expand even further, propelled by technological breakthroughs, evolving regulatory frameworks, and heightened demand for cost-effective healthcare solutions.
PAREXEL International Corporation
ICON PLC
WUXI APPTEC
Charles River Laboratories
Laboratory Corporation of America Holdings
North American Science Associates
Inc.
Qserve Group B.V.
IQVIA
Proxima Clinical Research
Inc.
Activa CRO
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
Get Discount On The Purchase of the Global Medical Device and Diagnostics Contract Market Size And Forecast [2025-2032]
Growing demand for below applications around the world has had a direct impact on the growth of the Global Medical Device and Diagnostics Contract Market
Clinical Data Management
Monitoring
Clinical Project Management
Medical Writing
Clinical Auditing
Digital Health
Clinical Strategy
Others
Based on Types the Market is categorized into Below types that held the largest Medical Device and Diagnostics Contract market share In 2023.
Medical Devices
Diagnostics
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
For More Information or Query, Visit @ Medical Device and Diagnostics Contract Market Research Analysis
1. Introduction of the Global Medical Device and Diagnostics Contract Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Medical Device and Diagnostics Contract Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Medical Device and Diagnostics Contract Market, By Type
6. Global Medical Device and Diagnostics Contract Market, By Application
7. Global Medical Device and Diagnostics Contract Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Medical Device and Diagnostics Contract Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
About Us: Verified Market Reports
Verified Market Reports is a leading Global Research and Consulting firm servicing over 5000+ global clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.
Contact us:
Mr. Edwyne Fernandes
US: +1 (650)-781-4080
US Toll-Free: +1 (800)-782-1768
Website: https://www.verifiedmarketreports.com/