Medical Device Contract Manufacturing Market to Reach US$88.8 Billion by 2023-2030
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| Medical Device Contract Manufacturing Market |
Market Overview:
The global Medical Device Contract Manufacturing Market is estimated to be valued at US$88.8 billion in 2022 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Medical device contract manufacturing refers to the outsourcing of manufacturing processes and services by medical device companies to external contract manufacturing organizations (CMOs). This enables medical device companies to focus on core competencies such as research and development, while benefiting from cost efficiencies and expertise offered by CMOs. The key advantages of medical device contract manufacturing include reduced operational costs, enhanced production capacity, access to specialized manufacturing techniques, and faster time to market for products.
Market Key Trends:
One key trend in the medical device contract manufacturing market is the increasing demand for miniaturized and portable medical devices. The growing prevalence of chronic diseases, coupled with the need for mobility and convenience, has led to the development of compact medical devices that can be easily carried and used by patients. Contract manufacturers are adapting to this trend by investing in advanced manufacturing technologies such as microelectronics, nanotechnology, and 3D printing. These technologies enable the production of smaller and more efficient medical devices, which in turn, drive market growth.
Segment Analysis:
The medical device contract manufacturing market can be segmented based on the type of device, including orthopedic and spine devices, cardiovascular devices, diagnostic devices, drug-delivery systems, and others. Among these segments, the orthopedic and spine devices segment dominates the market. This can be attributed to the increasing prevalence of orthopedic disorders such as osteoarthritis and spinal diseases such as herniated discs and scoliosis. Additionally, the rising geriatric population, who are more prone to orthopedic and spine disorders, further drives the demand for these devices.
Key Takeaways:
The global Medical Device Contract Manufacturing Market Demand is expected to witness high growth, exhibiting a CAGR of 10.2% over the forecast period. This growth can be attributed to various factors, including the increasing demand for cost-effective manufacturing solutions, the growing prevalence of chronic diseases, and the rising geriatric population.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the medical device contract manufacturing market. This can be attributed to the presence of established healthcare infrastructure, technological advancements, and favorable government regulations supporting the growth of this market in the region. The increasing adoption of contract manufacturing services by medical device companies also contributes to the growth in this region.
Key players operating in the medical device contract manufacturing market include Flex, TE Connectivity, Sanmina, Jabil, Celestica, Plexus, and Tecomet, among others. These key players play a significant role in providing manufacturing services and solutions to the medical device industry. Their expertise, technological capabilities, and established global presence contribute to their dominance in the market. These key players constantly strive to innovate and expand their service offerings to meet the evolving needs of medical device companies.
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