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The medical device contract manufacturing market is estimated to be worth $54.1 billion in 2019 and is expected to grow at CAGR of over 8% during the forecast period. Recent advances in data science technology solutions, such as Internet of Things, machine learning, artificial intelligence and real world evidence-based solutions, have enabled medical device developers to digitize and automate a number of product development and manufacturing processes. 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. Moreover, given the rapid rate of evolution, the costs associated with acquiring the necessary infrastructure and capabilities in this field are high; therefore, it is difficult for companies with limited finances to acquire such resources and carry out such operations by themselves. In addition, the evolving regulatory guidelines and complicated pathways to establishing reimbursement strategies render medical devices subject to rigorous quality assessments, especially for medium and high risk devices. The aforementioned constraints have led many of the smaller players and certain established players to outsource a significant part of their medical device manufacturing operations to capable contract manufacturing organizations (CMOs). CMOs are known to offer significant cost-benefits, access to sophisticated / up-to-date infrastructure, large production capacities and reduction in time-to-market.
Given the demand for medical devices, the opportunity for CMOs with expertise in medical devices is steadily rising. In fact, in 2018 alone, the USFDA approved over 100 medical devices. It is worth highlighting that, since 2000, more than 65 CMOs have been established. The demand for one-stop-shops and versatile supply chain management solutions have fuelled consolidation activity in medical device outsourced manufacturing market. Contemporary contract service providers have been focusing on bolstering in-house capabilities to offer a wider range of services to their clients, covering product design to distribution and marketing, along with regulatory assistance. The medical device sector is among the most highly regulated industries, and we expect the demand for core competencies, such as design and engineering, prototype development and high volume medical device manufacturing, to continue to drive sponsor companies to outsource various parts of their product development and medical device manufacturing operations to capable contract service providers. Amidst tough competition, the availability of advanced tools and technologies is an important differentiating factor; CMOs that invest in such upgrades are likely to gain a competitive edge.
Several recent developments have taken place in the field of medical device contract manufacturing market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
Examples of key medical device contract manufacturing companies engaged in medical device contract manufacturing market (which have also been profiled in this market report; the complete list of medical device contract manufacturing companies is available in the full report) include Cirtec Medical, DynaFlex Technologies, I-Tek Medical Technologies, Keystone Solutions Group, Oscor, SMC, Stellartech Research, Creganna Medical, Europlaz Technologies, Riverside Medical Packaging, Synecco, Trelleborg Sealing Solutions, Interplex, Modern Medical and Suzhou Jenitek. This market report includes an easily searchable excel database of all the medical device contract manufacturing companies operating in the contract manufacturing medical device industry, worldwide.
The “Medical Device Contract Manufacturing Market, 2019-2030” market report features a comprehensive study on the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the medical device contract manufacturing market. The market research report primarily includes those manufacturers that offer finished product services for medical devices (excluding medical equipment, such as X-ray machines, ultrasound machines, operating tables and other similar products). The market research report features an in-depth analysis, highlighting the capabilities of the various stakeholders engaged in medical device outsourced manufacturing market, across different regions of the globe.
Amongst other elements, the market report includes:
The key objective of medical device contract manufacturing market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for medical device contract manufacturing market during the forecast period. We have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2019-2030. In addition, we have provided the likely distribution of the opportunity across different [A] type of devices (drug-delivery, therapeutic and diagnostic devices), [B] device class (class I, class II and class III), [C] therapeutic areas (cardiovascular disorders, CNS disorders, metabolic disorders, oncological disorders, orthopedic disorders, ophthalmic disorders, pain disorders, respiratory disorders, and others), and [D] geographical regions (North America, Europe, Asia-Pacific and rest of the world) and [E] leading players. To account for the uncertainties associated with the growth of the medical device outsourced manufacturing market and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.