Medical Device Contract Manufacturing Market Growing at Rapid Rate to 2025
Medical Device Contract Manufacturing Market is valued at USD 68.72 Billion in 2018 and expected to reach USD 143.58 Billion by 2025 with the CAGR of 11.2% over the forecast period.
Rising demand of medical devices to combat the increasing infectious as well as cardiovascular diseases like pandemic Covid-19, diabetes, heart attack etc. and surge in global geriatric population are some major factors driving the growth of Global Medical Device Contract Manufacturing Market.
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Medical device contract manufacturing is the need for future rising demand of hospitals, home care settings and many others. It is the process of manufacturing the essential medical devices on third party contract basis. This is applied when the core medical devices manufacturing companies is unable to fulfill the current demand of medical devices. Hence, the contract is given to produce the required medical equipment on the urgent basis. Medical device contract manufacturing is executed by the wide range of the small, medium as well as large international companies and organizations for better product or service. Many factors are taken into consideration before selecting a contract research organization service such as scientific expertise, technology capability, geographical presence, access to data and cost efficiency. There are many benefits of taking contract manufacturing of medical devices such as time efficiency, expertise and experience, cost effectiveness and proper utilization of wealth. However, there are some disadvantages like confidentiality and communication management. Medical device contract manufacturing also provides drug development services, regulatory & scientific support, infrastructure & staffing support to deliver their clients with the flexibility to raise domestic capabilities or to deliver a fully outsourced solution of the medical equipments.
Global medical device contract manufacturing market reports cover prominent players like,
Celestica, Inc., Plexus Corp, Heraeus Holding, Creganna, Flextronics International Ltd, Integer Holdings Corporation, Nortech Systems, Inc, Abil Inc, Benchmark Electronics, Inc., Integer Holdings Corporation, West Pharmaceutical Services, Inc., Tecomet, Inc., Terumo, Marker Therapeutics, Forefront Medical Technologies, Nordson Corporation, Sanmina Corporation, Others.
The regions covered in global medical device contract manufacturing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global medical device contract manufacturing market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Medical Device Contract Manufacturing Market Dynamics–
The key factor for growth of global medical device contract manufacturing market is the rise of demand in the market by pharmaceutical and biotechnological companies for outsourcing of medical devices for the treatment of various infectious diseases like Swine flu,Covid-19 virus etc. According to WHO in 2020, there has been a significant death troll happened worldwide due to this infectious disease corona virus till now more than 96,000 deaths has been noted with more than 1.6 Million infected cases around 172 countries. Hence to combat such covid-19 pandemic already contract based manufacturing of essential equipments like ventilators, face-mask and many others has been started. The contract based research on finding the vaccination for treatment of corona virus has been started by various organizations in different countries.
As per National Institute of Allergy and Infectious Diseases, the first testing in humans of an experimental vaccine for the new corona virus has been started on 16th of March, 2020. However, high cost of labor, structural changes in organization & employment, conversation rate instability and fight of contract in developing countries may hamper the market growth. Moreover, rising focus on specialty medical devices with technological advancement using artificial intelligence, IoT, big data for the advanced devices can create huge opportunity for further growth of the global medical device contract manufacturing market.
Global Medical Device Contract Manufacturing Market Segmentation:–
By Product Type: Drug Delivery Devices, Nebulizers, Safety syringes, Others, Patient Monitoring Devices, Personal protective equipments (PPE), Minimally Access Surgical Instruments, Therapeutic Patient Assistive Devices, In-vitro Diagnostic Medical Devices, Diagnostic Imaging & Medical Equipment, Others
By Application Type:, Oncology, Laparoscopy, Urology & Gynecology, Radiology, Cardiovascular, Orthopedic, Neurovascular, Others
Global Medical Device Contract Manufacturing Market Regional Analysis –
North America is expected to dominate the medical device contract manufacturing market with the potential rate due to presence of biopharmaceutical, and pharmaceutical companies for manufacturing of medical devices in this region. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms has more than half of the world's research & development in pharmaceuticals spending USD 75 billion followed by Europe. According to World Trade Organization in 2020, medical products like medical devices and other medical has contributed supply of 35% of share from the three main countries such as Germany, the United States (US), and Switzerland where as China, Germany and the US has contributed around 40% share of personal protective products as critical and in severe shortage in COVID-19 crisis. According to the U.S. Centers for Disease Control and Prevention, the United States needs of more than seven billion respirators in the long run to combat a worst-case spread of a severe respiratory outbreak such as COVID-19 which can be fulfilled by contract based manufacturing of such medical devices.
Europe is the second-largest in the global medical device contract manufacturing equipment due to increasing prevalence of NCDs (Non-communicable Diseases) like diabetes, cardiovascular diseases, cancer, and chronic diseases in this region. According to WHO, the Europe region accounts to rise of NCDs with around 77% of the disease burden which directly increases the demand for medical device contract manufacturing to prevent prevalence of these diseases.
According to World Trade Organization in 2020, breathing apparatus, including respirators and ventilators, are supplied by a small number of contract based companies from Singapore having 18% market share, followed by the US with 16%, Netherlands 10% and China 10%.
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