According to research report the Medical Device Contract Manufacturing Market by Device Type (IVD, Cardiovascular, Drug Delivery (Autoinjectors, Infusion Pumps), Diabetes Care, Orthopedic, Ophthalmology, Endoscopy, Surgery) Class of Device (I, II, III) Services - Global Forecast to 2027, is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8% between 2022 and 2027.
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The increasing use of robotics and automation in the manufacturing process is transforming the medical device contract manufacturing market, as it enhances efficiency and enables contract manufacturers to serve a wider market. However, while this technological shift is beneficial, it also presents some potential obstacles. Specifically, a lack of innovation to complement the advances in technology could create a challenge for the industry. In other words, while manufacturers have the capability to produce more medical devices at a faster rate, they must also continue to develop new products and solutions that meet the evolving needs of the market. Without this innovation, the benefits of automation and robotics may be limited, and the market could face a slowdown in growth. Therefore, companies must strike a balance between adopting new technology and maintaining a focus on innovation to remain competitive and meet the demands of their customers.
This analysis breaks down the medical device contract manufacturing market into four distinct segments: device type, class of device, service, and region. Within this market, the Cardiovascular devices segment is projected to experience the most significant growth during the forecast period.
Looking specifically at device type, the Cardiovascular devices segment is expected to achieve the highest CAGR from 2022 to 2027. This growth is attributed to several factors, including the prevalence of cardiovascular diseases, the adoption of advanced diagnostic and therapeutic devices, an increase in awareness about safer alternatives to cardiac stents, and the implementation of IoT-enabled features like remote monitoring.
In terms of class of device, Class II medical devices held the largest share of the medical device contract manufacturing market in 2021. This category includes medical devices with moderate to high-risk profiles, such as infusion pumps, powered wheelchairs, and surgical drapes. The higher utilization of these devices by OEMs and end-users is one reason for their dominance in the market.
During the COVID-19 pandemic, many governments relaxed regulatory compliance requirements for Class II medical devices, leading to a surge in market growth. The medical device contract manufacturing market can also be segmented into Class I and III medical devices.
Key players in the medical device contract manufacturing market include Plexus Corp. (US), TE Connectivity Ltd. (Switzerland), Flex Ltd. (Singapore), Integer Holdings Corporation (US), and Jabil Inc. (US).
The medical device contract manufacturing market is geographically segmented into five regions, including North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. Among these regions, North America was the second-largest contributor to the market in 2021.
This growth can be attributed to several factors, including the strong presence of a significant number of OEMs and end-users of medical devices in the region. North America is home to several major players in the healthcare industry, including medical device manufacturers and healthcare providers, which drive demand for medical device contract manufacturing services.
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Additionally, the region's high healthcare expenditure, coupled with favorable government policies, further supports the growth of the medical device contract manufacturing market in North America. As the market continues to evolve, companies in the region must remain focused on innovation and efficiency to maintain their position and meet the growing demand for medical device contract manufacturing services.
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