Medical Devices: The Growing Opportunities for CMOs
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 demand for medical devices, the opportunity for CMOs with expertise in medical devices is 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.
I have highlighted below some of the most interesting insights from our study. You can also access additional details here.
Over the years outsourcing has become a popular trend among medical device 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 is anticipated to be better distributed across different types of companies, device classes and application areas
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