Medical device contract manufacturing market to hit USD 214 billion by 2033

The global medical device contract manufacturing market is forecasted to expand at a stellar CAGR of 11% from 2023 to 2033. The market is valued at US$ 75 billion in 2023 and is thus expected to reach a valuation of US$ 214 billion by 2033-end.

Biological samples are tested using in-vitro diagnostic (IVD) medical devices to assess a person’s overall health. The growing prevalence of cancer disorders is boosting the adoption of these devices, which adds to the demand for manufacturing services for the development of IVD medical devices.

The market for medical device contract manufacturing is anticipated to expand quickly as a result of the growing healthcare sector and the rising use of technically advanced surgical procedures. Futuristic technologies, including robotics and 3D printing medical devices, have been the attention of several original equipment manufacturers (OEMs) and contract manufacturers.

“Increasing use of point-of-care testing driving demand for in-vitro diagnostic medical devices”
By device, the market is segmented into in-vitro diagnostic medical devices, diagnostic imaging & medical equipment, drug delivery devices, patient monitoring devices, minimally access surgical instruments, therapeutic patient assistive devices, and others. In-vitro diagnostic medical devices account for 50% share of the global market.

Medical facilities are using IVD devices more extensively since end users are adopting them more quickly. The demand for point-of-care devices and their capacity to track, identify, and prevent diseases are factors in the expansion of this market. The market for IVD devices will expand as a result of the rising need for customized, smart, and rapid diagnostic tools.

Competitive landscape
Health practitioners are increasingly adopting advanced surgical options such as minimally invasive procedures with the rapid expansion of the healthcare industry. This has prompted original equipment manufacturers (OEMs) to take strategic steps to exploit the scenario and develop advanced devices.

Leading companies are focusing on expanding their production services to meet the increasing demand for medicines and medical devices. With modern production facilities and cost-effective models, contract manufacturers are enhancing their product standards and industrial proficiencies to reduce the environmental impact.

Key market players are increasingly targeting developing economies to increase their market penetration. Developing economies present significant growth opportunities in the wake of a rapidly increasing population.

According to pricing trends, OEMs can lower manufacturing costs due to the accessibility of low-cost raw materials and labor. They are also focusing on developing technologically-enhanced products following safety regulations.

For instance :

• Jabil, Inc. entered into a strategic collaboration with Johnson & Johnson Medical Devices Companies. This collaboration is anticipated to expand Jabil’s medical devices manufacturing portfolio and offer diversification capabilities.
• Integer Holdings concentrate on product launches. The company provides medical and non-medical solutions to prospective clients. In the medical domain, its product portfolio comprises advanced surgical, orthopedics & portable medical devices, cardio & vascular solutions, and cardiac products.

Fact.MR