Medical Device Contract Manufacturing Market Growth Prospects & Forecast 2024

(IT-NEWSWIRE.COM, November 20, 2019 ) According to research report the Medical Device Contract Manufacturing Market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%. The key factors driving the growth of the Medical Device Outsourcing Market include the overall growth of the medical devices market as a whole (mainly due to rising disease prevalence, life expectancy, and the geriatric population), increasing technological adoption in the medical devices industry leading to electronically integrated devices, and low returns on investment due to the rising cost of in-house manufacturing.

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The medical device contract manufacturing market is highly fragmented with the top 15 companies accounting for approximately 25% of the total market. As of 2018, Flex, Ltd. (Singapore) and Jabil, Inc. (US) together accounted for approximately 10% of the global medical device contract manufacturing market.

Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices, pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services. It also offers advanced manufacturing technologies such as electronic manufacturing services and automation in several manufacturing facilities worldwide such as Singapore, Mexico, China, and the US, among others.

Some of the other leading players competing in this market are Sanmina Corporation (US), Integer Holdings Corporation (US), Celestica Inc. (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Gerresheimer AG (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), TE Connectivity, LTD. (Switzerland), Consort Medical PLC (UK), Nipro Corporation (Japan), Kimball Electronics Inc. (US), and Teleflex Incorporated (US).

Recent Developments
• In April 2019, West Pharmaceutical Services, Inc. (US) expanded its presence in the Asia Pacific region with a new sales office in Korea—West Pharmaceutical Services Korea Ltd.
• In March 2019, Nemera Development SA (France) partnered with Novo Nordisk (Denmark) to build a new manufacturing site in France to manufacture injectable devices.
• In October 2018, Phillips-Medisize Corporation (US) signed an agreement with InterSystem Corporation (US) to develop a third generation connected health platform.
• In July 2018, Jabil Inc. (US) acquired True-Tech Corporation (US), a manufacturer specializing in aerospace, semiconductor, and machined medical components for USD 95.9 million.

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Geographically, the Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as the increasing demand for medical devices in this region due to the improving healthcare infrastructure, adoption of technologically advanced products, low cost of manufacturing, and the less stringent regulatory scenario for manufacturing of medical devices which promotes higher usage of medical devices as compared to most developed countries.

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Medical Device Contract Manufacturing Market Growth Prospects & Forecast 2024