(I-BusinessNews.Com, March 21, 2020 ) Market growth is largely driven by the rising global disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to contract manufacturing.
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According to research report the Medical Device Contract Manufacturing Market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%.
Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services. It also offers advanced manufacturing technologies such as electronic manufacturing services and automation in a number of manufacturing facilities worldwide such as Singapore, Mexico, China, and the US, among others. The company also serves some of the top companies in other domains, such as Apple Inc., Cisco Systems Inc., Hewlett-Packard Company, Keysight Technologies, LM Ericsson Telephone Company, NetApp Inc., Nokia Networks, SolarEdge Technologies Inc., Valeo S.A., and Zebra Technologies Corporation that added to its brand recognition. Some of the key customers of the company for contract manufacturing services are Abaxis, Inc. (US), Ulthera, Inc. (US), and Antares Pharma Inc. (US). Jabil focuses on collaborating with the major pharma and medical device companies for contract manufacturing. For instance, in September 2018, the company collaborated with Johnson & Johnson for manufacturing medical devices.
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• On the basis of device type, cardiovascular devices and endoscopy devices are both projected to witness the highest growth during the forecast period between 2019 and 2024. The increasing prevalence of cardiovascular diseases is expected to increase the demand for cardiovascular devices in hospitals, diagnostic laboratories, and home care settings. The volume growth of cardiovascular devices, coupled with an increasing number of medical device companies opting for contract manufacturing services in order to reduce the cost of manufacturing, is expected to drive the market for cardiovascular devices during the forecast period.
• By service, the final goods assembly services segment is expected to witness the highest growth during the forecast period. Market growth is largely driven by the increasing need for these services by various OEMs, medical device companies, and pharmaceutical companies that are involved in the manufacturing and sales of fully integrated single-use medical devices.
• Based on the class of device, the market is broadly segmented into Class I, Class II, and Class III medical devices. The Class III medical devices segment is expected to register the highest growth during the forecast period due to the rising demand for pacemakers, implants, and ventilators. In addition to this, the manufacturing of Class III devices requires sophisticated and advanced technologies that can be a budgetary concern for small and medium-sized medical device companies.
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