Medical Devices Contract Manufacturing Market to Reap Excessive Revenues by 2025

Posted by Aman Jaiswar on July 25th, 2019

Medical devices contract manufacturing involves taking the assistance of third-party companies to manufacture medical devices. Contract manufacturing of medical devices allows the companies to go for the production of devices based on latest technologies without deviating from their core activities. The medical device contract manufacturing allows the companies to focus on their core activities such as marketing of the product or device which in turn boosts the market growth. The Medical Devices Contract Manufacturing Market is witnessing a huge increase owing to the benefits includes a reduction in overall cost and decrease in the time required for the product to enter the market. In addition, companies need not set up manufacturing units in different countries in order to expand their product line. Companies can fulfill the demands by getting their products manufactured through medical device contract manufacturers located in different regions. In this way, they can utilize their capital investment for their growth.

The global medical devices contract manufacturing market can be segmented on the basis of device type (Class I, II, and III devices), by product (raw materials, electronics, and finished goods), by application (orthopedic & spine, cardiovascular, radiology, and general medical devices), and service (prototype development, finished device manufacturing, assembly & packaging; and testing & regulatory support services) and by geography.

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The medical device contract manufacturing market is being driven by the growing pressure on medical device original equipment manufacturers to reduce production costs and delay in the marketing of latest products. Also, rising preference for non-invasive surgical procedures propels the contract research manufacturing market of endoscopic systems and surgical instruments manufacturing. The absence of internal manufacturing potential drives the market among mid- to small-sized companies. Aging population provides the opportunities for contract manufacturing of many products like orthopedic implants and instruments. There is an increase in the number of aging population worldwide. As per the World Health Organization report, the geriatric population is expected to reach 1.5 billion by 2050; that can be around 16% of the total world population. Moreover, there is a positive association between elderly individuals and increase in the incidence of disorders such as cardiovascular, neurological, and orthopedics. Hence, increase in the geriatric population is expected to have a positive impact on the market. However, the threat of loss of confidential information can be the hindrance to the market growth.

On the basis of geography, the medical devices contract manufacturing market can be divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share across the globe for medical device contract manufacturing with the U.S. being the highest revenue generator country. Increased requirement for advanced and efficient medical devices is driving the growth of the market in the U.S along with growing healthcare expenditure, rising medical requirement of the aging population and continuous increase in the number of surgeries cases. Asia Pacific is expected to witness fastest growth over the analysis period.

The key companies operating in the global medical devices contract manufacturing market include Creganna, Celestica, Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., Nortech Systems, Inc., Tecomet, Inc, Sanmina Corporation, and West Pharmaceutical Services, Inc.