Meticulous Research® Publishes Comprehensive Report on the Medical Device Contract Manufacturing Market

Meticulous Research®, a leading global market research firm, has released an in-depth report titled “Medical Device Contract Manufacturing Market Size, Share, Forecast, & Trends Analysis by Device (Biochemistry, Immunoassay, CT, MRI, X-ray, Ultrasound, Pacemaker, Defibrillator, Oximeter) Services (Development, Manufacturing, QA) - Global Forecast to 2031.”

Market Projections and Growth Drivers
According to the latest findings, the global medical device contract manufacturing market is set to reach $171.19 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031. This robust growth is primarily fueled by the increasing trend of outsourcing medical device development and manufacturing, significant technological advancements in manufacturing processes, and the expanding medical device and IVD industry. Despite these positive trends, stringent technical and regulatory requirements pose challenges to market expansion.

Leading Industry Players
Key players in the global medical device contract manufacturing market include:
• Jabil Inc. (U.S.)
• Gerresheimer AG (Germany)
• Nordson Corporation (U.S.)
• Teleflex Incorporated (U.S.)
• Celestica Inc. (Canada)
• Plexus Corp (U.S.)
• SteriPack Group Ltd (U.S.)
• Nortech Systems, Inc. (U.S.)
• Invetech Pty. Ltd. (Australia)
• Flextronics International, LTD. (Singapore)
• Benchmark Electronics Inc. (U.S.)
• Integer Holdings Corporation (U.S.)
• STRATEC SE (Germany)

Future Outlook and Segmentation
The report segments the global market based on devices, risk type, services, application, end user, and geography, providing a detailed analysis of each segment's performance and growth prospects.
Devices
The market is categorized into several device types, including:
• IVD Devices: IVD Consumables, IVD Instruments (Immunoassay Analyzers, Biochemistry/Clinical Chemistry Analyzers, Molecular Diagnostics Instruments, and others)
• Imaging Devices: MRI Scanners, CT Scanners, X-rays, Ultrasound, and others
• Drug Delivery Devices: Nasal & Pulmonary, Parenteral, and others
• Cardiovascular Devices: Defibrillators, Pacemakers, Cardiac Monitors
• Other Devices: Orthopedic, Endoscopy, Ophthalmology, Dental, Patient Monitoring (including Oximeters), Anesthesia Devices, Mobility Aids, Surgical Systems, Consumables
The drug delivery devices segment is expected to witness the highest growth, driven by technological advancements, rising prevalence of chronic diseases, and the increasing adoption of biologic drugs and specialty pharmaceuticals.

Risk Type
The market is divided into:

• Low-risk Medical Devices
• Moderate-risk Medical Devices
• High-risk Medical Devices
Moderate-risk medical devices are anticipated to hold the largest market share in 2024 due to the high outsourcing rates for their development and manufacturing, along with increased usage of syringes and catheters, and the growing geriatric population.

Services
Service categories include:
• Design & Development: Molding, Designing & Engineering
• Manufacturing: Device, Component, Accessories, Assembly Manufacturing
• Testing and Validation
• Quality Assurance
• Implementation & Maintenance Services
• Packaging Services
• Regulatory Affairs Services: Legal Representation, Clinical Trial, Regulatory Writing & Publishing
• Other Services
Design & development services are forecasted to grow at the highest CAGR of 11.7%, bolstered by the acquisition of advanced technical capabilities by contract manufacturers and the industry's trend towards outsourcing.

Applications
Applications of medical device contract manufacturing span across:
• IVD
• Drug Delivery
• Dental Applications
• Diabetes
• Diagnostic Imaging
• Cardiology
• Orthopedic
• Endoscopy
• Surgical Applications
• Other Applications
The IVD segment is expected to dominate the market in 2024 due to the high demand for IVD tests and the increasing preference for outsourcing by IVD companies.
End Users
End users are categorized into:
• Large-scale Medical Device Companies
• Mid-scale Medical Device Companies
• Small-scale Medical Device Companies

Large-scale medical device companies are projected to lead the market in 2024, driven by the rising global demand for advanced medical technologies and the cost efficiencies offered by contract manufacturers.
Regional Insights

The report provides a comprehensive analysis across key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share in 2024, with the U.S. at the forefront due to its advanced manufacturing infrastructure, strong industry-academia collaborations, and high demand for medical devices.

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Key questions answered in the report-
• What is the current value of revenue generated by medical device contract manufacturing services across the globe?
• At what rate is the demand for global medical device contract manufacturing services projected to grow for the next 5-7 years?
• What is the historical market size and growth rate for medical device contract manufacturing services across the globe?
• What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
• Which segments are creating major traction for the vendors in this market in terms of device, risk type, service, application, and end user?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global medical device contract manufacturing market?
• Who are the major players in the global medical device contract manufacturing market? And what are their specific services offered in the industry?
• What recent developments have taken place in the global medical device contract manufacturing market, and how these strategic developments are creating a global impact in this market?

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