Medical Device Contract Manufacturing Market: Key Players and Future Growth Potential
The global medical device contract manufacturing market is projected to reach USD 118.9 billion in 2027 from USD 71.2 billion in 2022, at a CAGR of 10.8% during the forecast period.
The
key factors driving the growth of the medical device contract
manufacturing market include technological advancements in medical
device modalities and the impact of industry 4.0 on the medical device
industry. On the other hand, consolidation of market players is set to
impede the market growth.
The Key players in the medical device
contract manufacturing market include Jabil Inc. (US), Plexus Corp.
(US), Flex Ltd. (Singapore), Nipro Corporation (Japan), TE Connectivity
Ltd. (Switzerland), Sanmina Corporation (US), and Integer Holdings
Corporation (US).
Jabil, Inc.
Jabil, Inc.
(US) is a leading player in the medical device contract manufacturing
market. Its product portfolio includes a focused range of products and
services in the healthcare domain as well as advanced manufacturing
technologies. Jabil collaborates with large OEMs for contract
manufacturing.
In 2021, the company entered a strategic
collaboration with E3D (Israel), a member of Elcam Medical Group
(Israel), to develop a high-volume reusable auto-injector and connected
variants, which expands its medical device manufacturing capabilities.
Flex Ltd.
Flex
Ltd. designs, engineers, manufactures and provides supply chain
services and solutions to original equipment manufacturers worldwide.
The company has global operations, spread across 40 manufacturing sites
across the world. In March 2022, the manufacturing capacity of the
company was approximately 27 million square feet.
Sanmina Corporation
Sanmina
Corporation has established itself as a global player with a strong
presence in almost 40 countries worldwide. The company focuses on
technological advancements by offering diverse electronic medical
devices and custom medical devices. The increase in geographic reach of
the company is achieved by establishing facilities in major industrial
centers or economical locations. Many of the operations are located near
the company’s customers and end markets.
Driver: Growth in the Medical Devices Market in Developing Countries
In
the coming years, China and India are expected to drive growth in the
Asia-Pacific region. The GDP growth in India and China is expected to be
more than 100% from 2020 to 2040. This can be beneficial for emerging
economies. Foreign investments will also rise in this region to
capitalize on the abundant opportunities and establish units in the
Asia-Pacific region. Additionally, the increasing number of
diagnostic public-private partnerships, and government grants will
increase the use of medical devices in the region, leading to a boom in
contract manufacturing.
Opportunity: Increasing healthcare expenditure, infrastructure, and awareness in developing countries
China,
India, and other emerging economies offer significant growth
opportunities for companies operating in the global market. Compared to
other developing countries, these countries have lenient regulatory
requirements. Along with that, the increasing healthcare expenditure,
the rising prevalence of various chronic and infectious diseases, and
the growing demand for home healthcare are some major factors driving
the demand for medical devices in developing countries. This has led
many manufacturers to set up facilities in these countries.
Related Links:
https://www.marketsandmarkets.com/PressReleases/medical-device-contract-manufacturing.asp
https://www.marketsandmarkets.com/ResearchInsight/medical-device-contract-manufacturing-market.asp
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