In 2020, the global medical devices market is estimated to reach a net worth of approximately USD 430 billion. However, most developers lack adequate resources and the necessary expertise to manufacture medical devices and related components. Given the rise of medical device CRO, the opportunity for CMOs with expertise in medical devices is also steadily rising. It is worth highlighting that, since 2000, more than 65 CMOs have been established. CMOs are known to offer significant cost-benefits, access to sophisticated / up-to-date infrastructure, large production capacities and reduction in time-to-market.
Over the years outsourcing has become a popular trend among medical devices developers, allowing such companies to leverage the expertise / substantial production capacities of CMOs / CDMOs in order to gain cost and time related benefits
Over 270 companies worldwide have the necessary expertise and authorization to offer contract manufacturing services for various types of medical devices, including therapeutic and diagnostic products
The market landscape is fragmented, featuring the presence of both established players and new entrants; presently, most medical device manufacturing facilities are located in the developed geographies
Medical device CMOs are actively engaged in aligning their operations to comply to the standards established by various global and regional regulatory bodies.
Companies involved in this domain are steadily expanding their capabilities in order to enhance their respective service portfolios and comply to evolving industry benchmarks.
In the last six years, over 9,600 trials evaluating various medical devices have been registered by different types of sponsors covering a wide range of therapeutic areas.
Implants have emerged as one of the most prominent segments for which the acquisition activity is relatively higher; key value drivers behind such acquisitions include capability addition and geographical consolidation.
Driven by a rapidly growing demand, medical device contract services market is anticipated to grow at annualized rate of over 8% for a variety of therapeutic areas and geographies for finished products.
Established CMOs currently occupy a major share; in the long term, the opportunity within the medical device contract manufacturing market is anticipated to be better distributed across different types of companies, device classes and application areas.
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Arun is an enthusiastic professional and has been associated with Roots Analysis since the very early years. He has led multifaceted roles over the years be it business research, consulting, competitive intelligence, IT & technology, sales and marketing. He currently drives strategic thinking and execution within the sales and marketing domain. With educational background in life sciences from Thapar University and digital marketing credentials from Indian School of Business, he has led a lot of critical initiatives at the organization. His background in life sciences has been one of the key reasons for quick understanding and implementation of customized marketing strategies. During his early years, he has led multiple consulting assignments for global clients ranging from competitive landscaping, deal structuring and preparing go-to-market strategy for his clients.