(I-BusinessNews.Com, August 12, 2021 ) According to the new market research report Medical Device Contract Manufacturing Market is estimated to reach USD 113.3 billion in 2026 from USD 65.9 billion in 2021, at a CAGR of 11.5%.
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The key factors driving the growth of the medical device contract manufacturing market include the overall growth of the medical devices market, mainly due to rising disease prevalence, life expectancy, and the geriatric population. Technological advancement has prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing. In addition to this, the COVID-19 outbreak has accelerated the adoption of advanced diagnostics and patient care devices for better treatment management.
Based on device type, the market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices.
Based on the class of device, the market is segmented into Class I, Class II, and Class III medical devices. In 2020, the Class II medical devices segment is projected to grow at the highest CAGR in the market.
Based on service, the medical device contract manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services and other services. The device development and manufacturing services segment dominated this market.
The prominent players in the medical device contract manufacturing industry are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Nordson Corporation (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others. These players have adopted various growth strategies such as acquisition, product launches, and expansion to increase their presence and reach in the medical device contract manufacturing market.
Jabil, Inc.: The company is a leading player in the market. The company offers a focused range of products and services in the healthcare domain as well as advanced manufacturing technologies. This factor, coupled with its robust presence of manufacturing facilities worldwide, further adds to its value. The company also serves some of the top companies in other domains, which strengthens its brand recognition. Jabil also focuses on collaborating with major pharma and medical device companies for contract manufacturing. In February 2020, it launched Jabil Healthcare in collaboration with Nypro to deliver advanced manufacturing solutions. Later in the same year, it launched substantial face mask manufacturing operations in the US to address the demand for face masks and other personal protective equipment (PPE) amid the coronavirus pandemic. Through its R&D efforts, the company offers its customers highly automated, continuous flow manufacturing process technologies for precise and aesthetic mechanical components and system assembly. It invested USD 38.5 million, USD 42.9 million, and USD 44.1 million in 2018, 2019, and 2020, respectively for research and development.
Flex Ltd.: The company provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. The company is contracted by some of the major players in the electronics industry. Its expertise in the electronics segment has given the firm an advantage in the medical devices segment. The company has vast operations globally, with 40 manufacturing sites located across the globe. Although the medical devices segment is not its core business, expertise from the electronics market will surely help the company develop innovative products and solutions in the future.
The company focuses on agreements and partnerships to strengthen its service portfolio in the medical devices and other healthcare segments. In October 2018, Flex partnered with Novo Nordisk (Denmark) to develop digital health solutions for diabetes patients. Flex continues to make substantial investments in resources such as research & development, technology licensing, test and tooling equipment, facility expansions, and personnel requirements to create world-class components. Each year, it invests a considerable share of its revenue in the research & development of products to maintain its position in the market.
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Geographically, the medical device contract manufacturing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to witness the fastest growth during the forecast period. The dominant share of the APAC region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
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