13 September 2022
Visiongain has published a new report: Medical Device Contract Manufacturing Market Report 2022-2032: Forecasts by Sector (Electronic Manufacturing Services, Material Processing, Finished Products), by Class of Device (Class I, Class II, Class III), by Service Type (Device Development and Manufacturing Services, Quality Management Services), by Device Type (Diagnostic Devices, Drug Delivery Devices, Therapeutic Devices, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The medical device contract manufacturing market was valued at US$69.22 billion in 2021 and is projected to grow at a CAGR of 12.9% during the forecast period 2022-2032.
Technological Advancements in Medical Device Modalities
With the growth of linked health, medical gadgets like wearables are becoming increasingly sensor-powered. This development is mostly due to the COVID-19 worldwide pandemic and the increased interest in remote monitoring among healthcare practitioners. Not only is there a rise in the use of wearable medical technology, but also of smaller, more AI-efficient, and 3D-printed gadgets. The challenge for medical device producers is to create devices that are much smaller and lighter in weight while yet providing them with the most power and least amount of delay.
Semiconductor Shortage Could be the Key Challenge
For patients who require equipment that are heavily or completely dependent on these items, the semiconductor scarcity continues to cause issues for the medical device contract manufacturing business. According to the second in a series of polls completed for the Advanced Medical Technology Association, the situation is getting worse due to the prolonged turmoil in Eastern Europe, and device manufacturers have little cause for hope in the near future. In spite of the fact that most manufacturers had come up with a number of workarounds, AdvaMed's July 2021 survey of device manufacturers revealed that the industry was already having difficulties locating the computer processors and other semiconductor chips required to create their devices.
How will this Report Benefit you?
Visiongain’s 292-page report provides 122 tables and 150 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the medical device contract manufacturing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Medical device Contract Manufacturing. Get financial analysis of the overall market and different segments and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing medical device contract manufacturing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advantages of Contract Manufacturing
Medical equipment outsourcing enables OEMs to take advantage of the resources of third parties without needing to locally purchase and store them or train staff. This would eventually contribute to more cost-effective production. Countries such as Taiwan, China, and Korea are the top medical equipment providers. Instead of importing medical devices with equipment, both in terms of cost and quality standards, it is often more realistic for a U.S. medical device producer to outsource production operations directly overseas.
Where are the Market Opportunities?
Supportive Government Policies
The Chinese government has announced a number of efforts to encourage long-term development and innovation in healthcare delivery, but the political environment is always changing and requires regular attention. Future laws (13th Five Year Plan, Healthy China 2030, Made in China 2025), according to the Chinese government, will likely favour domestic innovation & profoundly change the competitive landscape. Additional issues, such the most recent implementation of the "Two Invoice Distribution" model, have significant repercussions for foreign corporations operating in China.
The electronic manufacturing services in medical device outsourcing market is moderately fragmented with high to medium sized players includes Flextronics International Ltd., Jabil Circuit Inc., Celestica Inc., Plexus Corp., Sanmina Corporation, and Benchmark Electronics that accounted for 35%-40% share of global electronic manufacturing services market in 2021. Other players include Foxconn Technology Group, Greatbatch Inc., Nortech Systems Inc., Tecomet, West Pharmaceutical Services, Daiichi Jitsugyo Co. Ltd., Dynacast, Ekso Bionics, Foxconn Technology Group, Hamilton Company, and Sparqtron Corporation among others.
• In May 2022, Jabil Healthcare announced the launch of Qfinity™ autoinjector platform, a reusable drug delivery device with broad applicability.
• In Nov 2021, Celestica Inc. completed the acquisition of Singapore-based PCI Private Limited (PCI), an electronics manufacturing services (EMS) provider in Asia Pacific region.
Notes for Editors
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