Medical Device Manufacturing Outsourcing Market Records a Growth of USD 46.24 billion from 2022 to 2027, Major Innovations and Key Company Offerings - Technavio
NEW YORK, Jan. 31, 2024 /PRNewswire/ -- The medical device manufacturing outsourcing market is expected to grow by USD 46.24 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 10.85% during the forecast period, according to Technavio Research. Benchmark Electronics Inc., Cadence Inc., Celestica Inc., Cirtec Medical, Eurofins Scientific SE, Flex Ltd., Gerresheimer AG, Heraeus Holding GmbH, Integer Holdings Corp., Jabil Inc., Kimball Electronics Inc., NN Inc., Nortech Systems Inc., Plexus Corp., Sanmina Corp., Tata Sons Pvt. Ltd., TE Connectivity Ltd., Tecomet Inc., TRICOR Systems Inc., and West Pharmaceutical Services Inc. are key companies. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a Free PDF Sample Report
Cadenceinc - The company offers medical device manufacturing outsourcing such as Cadence Device for medical device OEMs.
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- Growing focus of OEMs on reducing medical device manufacturing costs
- Growing complexities in product design and development
- Emerging countries as a preferred outsourcing destination for medical device manufacturing
The growing focus of OEMs on reducing medical device manufacturing costs is a key factor driving growth. Global healthcare budget cuts have intensified pressure on medical device manufacturers to provide cost-effective services. To counter this, manufacturers are opting to outsource medical device manufacturing, reducing operational and production costs. Outsourcing helps OEMs cut product development costs significantly, with potential savings of up to 15% on total production costs and a reduction of 10%-30% in product development expenses.
- The technological advances for manufacturing medical devices are a primary trend shaping the growth.
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Medical Device Manufacturing Outsourcing: Benefits
Outsourcing medical device manufacturing offers various benefits to the industry. It allows Original Equipment Manufacturers (OEMs) to leverage specialized expertise and resources, streamline production processes, and comply with stringent regulatory standards. By partnering with contract manufacturers, OEMs can access a flexible supply chain, optimize production costs, and focus on core competencies such as research and development. Additionally, outsourcing enables OEMs to benefit from just-in-time manufacturing, cost-effective component sourcing, and advanced quality control measures. This approach also supports efficient prototype development, regulatory submission support, and intellectual property protection.
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The pharmaceutical contract manufacturing market size is estimated to grow by USD 58 billion at a CAGR of 7.81% between 2022 and 2027.
The In Vitro Diagnostics (IVD) Contract Manufacturing Market size is estimated to grow by USD 9,370.27 million at a CAGR of 11.84% between 2022 and 2027.
What are the key data covered in this medical device manufacturing outsourcing market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the medical device manufacturing outsourcing market between 2022 and 2027.
- Precise estimation of the medical device manufacturing outsourcing market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the medical device manufacturing outsourcing market across North America, Europe, Asia, and ROW
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of medical device manufacturing outsourcing market companies.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Product
Segmentation by Medical Device Regulatory Classification
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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