(I-BusinessNews.Com, February 25, 2021 ) According to research report the medical device contract manufacturing market is projected to reach USD 91.3 billion in 2024 from an estimated USD 55.0 billion by 2024, at a CAGR of 10.6% during the forecast period.
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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.
Some of the other leading players competing in the healthcare contract manufacturing market are Sanmina Corporation (US), Integer Holdings Corporation (US), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Gerresheimer AG (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), TE Connectivity, LTD. (Switzerland), Consort Medical PLC (UK), Nipro Corporation (Japan), Kimball Electronics Inc. (US), and Teleflex Incorporated (US).
The medical device contract manufacturing market is highly fragmented with the top 15 companies accounting for approximately 25% of the total market. As of 2018, Flex, Ltd. (Singapore) and Jabil, Inc. (US) together accounted for approximately 10% of the global healthcare contract manufacturing market.
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.
Flex Ltd. (Singapore) was the second-leading player in the medical device contract manufacturing market in 2018. The company is predominantly known for its expertise in the electronics segment and has been contracted by some of the major players in the electronics industry. Some of the key customers of the company are Alimera Sciences, Inc. (US) and Cellnovo Limited (France). The company focuses on agreements and partnerships to strengthen its services portfolio in the medical devices and other healthcare segments. For instance, in October 2018, Flex partnered with Novo Nordisk (Denmark) to develop digital health solutions for diabetes patients.
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Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as the increasing demand for medical devices in this region due to the improving healthcare infrastructure, adoption of technologically advanced products, low cost of manufacturing, and the less stringent regulatory scenario for manufacturing of medical devices which promotes higher usage of medical devices as compared to most developed countries.
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