The Medical Device Contract Manufacturing Market to grow at a CAGR of 11.19% from 2021 to 2026|The impact of Industry 4.0 on the medical device industry drives market growth -Technavio
NEW YORK, Nov. 10, 2023 /PRNewswire/ -- The medical device contract manufacturing market share is expected to increase by USD 46.18 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.19%, according to Technavio. The impact of Industry 4.0 on the medical device industry is one of the key factors driving market growth. The increasing development and production of complex medical devices, which include pacemakers and implantable medical devices, are driving the innovations in Class III medical devices. Furthermore, many medical device manufacturing companies are facing challenges in producing Class III devices in high volumes because of the complex assembly and testing processes involved. Automated manufacturing and fabrication have become popular because of the complexity of manufacturing these devices. As a result, to overcome these challenges, medical device contract manufacturers are using industry 4.0 technologies which include cloud computing, machine-to-machine (M2M) communication, and network-physical systems. Hence, these advanced technologies are expected to drive market growth during the forecast period. - Download Sample Report in minutes.
Medical Device Contract Manufacturing Market Insights -
- Vendors: 15+, Including Benchmark Electronics Inc., Celestica Inc., Flex Ltd., Gerresheimer AG, Integer Holdings Corp., Jabil Inc., Kimball Electronics Inc., Nemera, Nipro Corp., Nordson Corp., Nortech Systems Inc., Plexus Corp., Recipharm AB, Sanmina Corp., Scientific Molding Corp. Ltd., TE Connectivity Ltd., Tecomet Inc., Teleflex Inc., Tessy Plastics Corp., and West Pharmaceutical Services Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Device (IVD, drug delivery, diagnostic imaging, cardiovascular, and others) and Geography (North America, Europe, Asia, and Rest of World (ROW))
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Major Trends- The shift from centralized to point-of-care testing is a major trend in the market. A centralized laboratory is where automated analytical test methods are used to detect target components. However, the various advantages point-of-care testing and diagnostic devices offer in comparison with conventional diagnostic procedures are affordability and ease of use and provide the rapid results needed for making quick decisions about medical diagnosis and treatment of diseases and conditions. The increased adoption of POCT devices is highly affected by the need to make healthcare more patient-centric. This includes organizing healthcare services around the patient rather than the provider. Furthermore, the growth of self-monitoring of blood glucose has been driven by the need for more convenient and effective healthcare services. Thus, these factors are expected to drive market growth during the forecast period.
Significant Challenges- Consolidation in the medical device industry is a significant challenge restricting market growth. Many major medical device manufacturers are highly investing in acquiring small and medium-sized specialist companies to improve their capabilities and increase their product portfolios. As a result, it will limit outsourcing to contract manufacturing organizations (CMOs) as these major players undertake the in-house manufacturing of medical devices.
For Instance, Linden Capital Partners (Linden) acquired Avalign Technologies, Inc, which is a contract manufacturer of precision implants, instruments, cutting tools, specialty instruments, and cases/trays. This acquisition helped the company to grow and significantly expand its capabilities in terms of its product portfolio. Similarly, many other medical device companies have also acquired CMOs to reduce the costs involved in contract manufacturing. Hence, these negative factors are expected to restrict market growth during the forecast period.
The medical device contract manufacturing market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
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What are the key data covered in this Medical Device Contract Manufacturing Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the medical device contract manufacturing market between 2022 and 2026
- Precise estimation of the size of the medical device contract manufacturing market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the medical device contract manufacturing market across North America, Europe, Asia, and the Rest of the World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of medical device contract manufacturing market vendors
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TOCTable of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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