Global Medical Device Contract Manufacturing Market Size, Share, Growth Analysis, By Device Type, By Service, By Application - Industry Forecast 2024-2031

Global medical device contract manufacturing market size was valued at around USD 73.25 billion in 2022 and is poised to grow from USD 81.53 billion in 2023 to USD 191.99 billion by 2031, at a CAGR of 11.30% over the forecast period (2024-2031).

The expansion of this market can be credited to the rising demand for treatments targeting specific diseases, the increasing popularity of biosimilars and monoclonal antibodies, and the growing adoption of immunotherapy drugs over traditional treatment methods. Additionally, the global market is expected to benefit from the increasing demand for personalized medical treatments. Moreover, the market growth is being propelled by the growing elderly population and the subsequent rise in healthcare spending in developed nations. Technological advancements in medical devices, along with the increasing utilization of robotics and automation, are also significant factors contributing to market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the global medical device contract manufacturing market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Medical Device Contract Manufacturing Market Segmental Analysis

The global medical device contract manufacturing market is segmented based on device type, service, application, and region. By device type, the global market is segmented into IVD devices, drug delivery devices, diagnostic imaging devices, patient monitoring devices, and others. By service, the market is segmented into device development and manufacturing services, quality management services and final goods assembly services. By application, the market is segmented into oncology, neurovascular, urology & gynecology, radiology cardiovascular, orthopedic, and others. By region the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Medical Device Contract Manufacturing Market

The enhanced connectivity and data collection features of these technologies enable the establishment of high-volume manufacturing processes that comply with regulations while efficiently managing inventory and production. Governments, particularly in the APAC region, are encouraging companies to incorporate Industry 4.0 principles into their manufacturing operations to drive the advancement of technologically sophisticated medical devices. Consequently, the growing adoption of Industry 4.0 technologies in manufacturing crucial and complex medical devices, along with the expansion of the technology repertoire, is expected to further fuel the growth of the global market.

Restraints in the Global Medical Device Contract Manufacturing Market

Major medical device manufacturers are increasingly investing in acquiring small and medium-sized specialized companies to bolster their internal capabilities. This strategic move may curtail the need for outsourcing to Contract Manufacturing Organizations (CMOs), as the acquiring companies will possess the necessary capabilities to conduct manufacturing operations internally. Simultaneously, other medical device firms are also acquiring CMOs to streamline their expenses associated with contract manufacturing. This shift in approach has resulted in a notable transformation within the medical device manufacturing landscape.

Market Trends of the Global Medical Device Contract Manufacturing Market

The trend toward miniaturization has prompted Original Equipment Manufacturers (OEMs) and contract manufacturers to develop compact devices tailored for minimally invasive procedures. These devices are characterized by their smaller size, flexibility, lower cost, reduced power consumption, and enhanced portability. Additionally, minimally invasive surgeries often utilize robotics and endoscopic techniques to further improve precision and efficiency.