Medical Device Contract Manufacturing Market to Reach Worth of USD 167.99 Billion by 2031 | SkyQuest Technology

Global Medical Device Contract Manufacturing Market size was valued at USD 70.83 billion in 2023 to USD 167.99 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).

/EIN News/ -- Westford, USA, Sept. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Medical Device Contract Manufacturing Market will reach a value of USD 167.99 Billion by 2031, with a CAGR of 11.4% during the forecast period (2024-2031). The market growth primarily relates to increasing demand for monoclonal antibodies and biosimilars, along with the rising requirement for targeted diseases. In addition, the adoption of immunotherapy drug classes compared to other traditional therapeutic methods has grown at a rapid pace. Apart from this, the global market is expected to increase further as the need for individualized treatment increases. Moreover, during the forecast period, the rising healthcare expenses of mature countries and an aging population are moving the market forward. Factors driving the growth of the market include the increasing use of robotics and automation with technological advancements in medical equipment. 

Browse in-depth TOC on the "Medical Device Contract Manufacturing Market" 

Pages – 219 

Tables – 94 

Figures – 75 

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Medical Device Contract Manufacturing Market Overview: 

Report Coverage	Details
Market Revenue in 2023	USD 70.83 Billion
Estimated Value by 2031	USD 167.99 Billion
Growth Rate	Poised to grow at a CAGR of 11.4%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Device Type, Class Device, Service, Functionality Application, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Advancements and Growth Factors for the Medical Device Contract Manufacturing Market
Key Market Opportunities	Growth in Minimally Invasive Devices
Key Market Drivers	Rise in Demand for Monoclonal Antibodies and Biosimilars

Medical Device Contract Manufacturing Market Segmental Analysis

Global Medical Device Contract Manufacturing Market is segmented on the basis of device type, class device, service, and region.

By Device Type, the market is segmented into IVD Devices, Diagnostic Imaging Devices, Cardiovascular Devices, Drug Delivery Devices, Orthopedic Devices, Respiratory Care Devices, Ophthalmology Devices, Surgical Devices, Diabetes Care Devices, Dental Devices, Endoscopy & Laparoscopy Devices, Gynecology/Urology Devices, Personal Care Devices, Neurology Devices, Patient Monitoring Devices, Patient Assistive Devices, and Other Devices.

By Class Device, the market is segmented into Class I: General controls, Class II: General controls with special controls, and Class III: General controls, special controls, and premarket approval.

By service, market is segmented into Device Development and Manufacturing, Quality Management, Packaging and Assembly Services, and Other Services.

By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

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Growing Volume of IVD Tests Leads IVD Devices Segment to Dominate Industry 

The IVD devices segment led the revenue during the projection period. The key drivers that allow this are higher volumes for IVD tests, upgrading health infrastructure, and more hospitals in developed countries. However, another critical determinant, that contributed considerably to growth within this industry, was the enhanced dependence on IvD kits for diagnosis of Covid 19. As healthcare systems continue to evolve, the need for precise and effective diagnostic solutions will continue to drive the IVD market further. What is thus in a firm position and leading the medical device contract manufacturing market. 

Rise of Comprehensive Device Engineering Solutions Expected to Lead Device Development and Manufacturing Services Segment 

The device development and manufacturing services segment is anticipated to obtain the highest market share during the projection period. This growth primarily results from the surging demand for all-round device engineering solutions that encourage the production and design processes. Specialized manufacturing services have high demand as firms and healthcare organizations seek to market revolutionary medical devices sooner. Advances in technology and materials make more advanced designs for devices possible. This increases demand for professional services in engineering and production; hence, this trend lines up the market for strong development in the highly competitive field of medical devices. 

Increasing Cancer Cases in North America Leads Regional Market 

North America is expected to hold the maximum share over the forecast period. It is mainly owing to the increase in chronic disease incidence cases, the unhealthy lifestyle followed by many Americans, and the rise in cancer cases in the region. All these factors have given rise to the growth of this region with highly advanced medical technology. The North American region includes the highest value market in the US because of an increase in cancer patients and consequently, the related demand for devices utilized in the detection and treatment of cancer. Furthermore, this trend is anticipated to increase the market. In addition, contract manufacturing companies are increasingly outsourcing medical device development. This is predicted to increase the contract manufacturing volume for medical devices. 

Medical Device Contract Manufacturing Market Insights 

Drivers 

• Cost Efficiency 

• Rise in Demand for Medical Devices 

• Growing Healthcare Expenses 

Restraints 

• Market Competition 

• Quality Control Issues 

• Regulatory Challenges 

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Key Players Operating in the Medical Device Contract Manufacturing Market 

• Jabil Inc.
• Flex, Ltd.
• Plexus Corp.
• Integer Holdings Corporation
• Celestica Inc.
• West Pharmaceutical Services, Inc.
• Benchmark Electronics Inc.
• Kimball Electronics, Inc.
• Nortech Systems, Inc.
• Phillips-Medisize Corporation
• Tessy Plastics Corp.
• Tekni-Plex
• Recipharm AB
• Gerresheimer AG
• Carclo PLC
• Nemera
• SMC Ltd.
• Sanmina Corporation
• Nipro Corporation
• NOLATO GW, Inc. (NOLATO AB)
• Mehow 

Key Questions Covered in the Medical Device Contract Manufacturing Market Report 

• What are the key factors driving the growth of the global medical device contract manufacturing market? 

• Which is the dominant region in the market? 

• What are the major players operating within the market? 

This report provides the following insights: 

Analysis of key drivers (increase in demand for medical devices and technological advancements), restraints (quality control issues and market competition), opportunities (growth in minimally invasive devices and emerging markets), and challenges (economic downturns and technological disruptions) influencing the growth of the medical device contract manufacturing market. 

• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the medical device contract manufacturing market. 

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the medical device contract manufacturing market. 

• Market Development: Comprehensive information on lucrative emerging regions. 

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market. 

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players. 

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