Medical Device Contract Manufacturing Market to Surpass 172.48 Billion by 2030 Drives Due to Rising Adoption of Immunotherapy Drugs
SkyQuest projects that the medical device contract manufacturing market will attain a value of USD 172.48 billion by 2030, with a CAGR of 11.30% over the forecast period (2023-2030). The expansion of this medical device contract manufacturing market can be primarily attributed to a rising demand for effective treatments targeting specific diseases, a burgeoning interest in biosimilars and monoclonal antibodies, and a significant upsurge in the adoption of immunotherapy drugs as compared to conventional treatment approaches.
Westford, USA, Feb. 08, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the medical device contract manufacturing market is experiencing significant momentum due to the rising elderly population, particularly in developed nations, and increased healthcare expenditure in these regions. This demographic shift drives higher demand for advanced medical treatments and therapies, further fueling market expansion.
Browse in-depth TOC on the “Medical Device Contract Manufacturing Market”
- Pages – 157
- Tables – 94
- Figures – 75
The enhanced connectivity and robust data-gathering capabilities offered by these cutting-edge technologies are revolutionizing the manufacturing landscape in the medical device contract manufacturing market. This transformation enables high-volume manufacturing processes that adhere to stringent regulatory requirements while optimizing inventory and production management.
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Prominent Players in Medical Device Contract Manufacturing Market
- Flex, Ltd.
- Nortech Systems, Inc.
- Sanmina Corporation
- Nipro Corporation
- Jabil Inc.
- Nemera Development S.A.
- TE Connectivity Ltd.
- Kimball Electronics, Inc.
- Viant Medical
- Celestica International Lp.
- Plexus Corp.
- SMC Ltd.
- Phillips-Medisize Corporation
- Benchmark Electronics Inc.
- Integer Holdings Corporation
- Gerresheimer AG
- Consort Medical PLC
- Tessy Plastics Corp
- Tecomet, Inc.
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IVD Devices Segment is Expected to Grow the Market Due to Rise in the Prevalence of Chronic Diseases
IVD devices segment is poised to claim the largest revenue share throughout the forecast period. This substantial growth within the segment can be attributed to several key factors in the medical device contract manufacturing market.
The market in North America is poised to dominate the revenue share throughout the forecast period, and this prominence can be attributed to several key factors. The region is grappling with an alarming rise in the prevalence of chronic diseases, which has necessitated a heightened demand for advanced medical solutions and healthcare services in the medical device contract manufacturing market.
Patient Monitoring Devices Segment is Expected to Dominate the Market Due to the Increased Healthcare Expenditure
Patient monitoring devices segment is anticipated to exhibit substantial growth at a commendable CAGR of 13.1% over the forecast period. This remarkable expansion within the segment can be primarily attributed to two pivotal factors in the medical device contract manufacturing market.
Regional markets in the Asia Pacific are poised to experience remarkable growth during the forecast period, with several factors contributing to its medical device contract manufacturing market. The region’s rapid economic development has increased healthcare expenditure, making advanced medical treatments more accessible.
A comprehensive analysis of the major players in the medical device contract manufacturing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Medical Device Contract Manufacturing Market
- Belgian contract manufacturer Amnovis and medical device service provider BAAT Medical recently joined forces to introduce an innovative and expedited process for 3D printed medical devices. This collaboration aimed to leverage their expertise to streamline the production of these critical healthcare components.
- In 2022, Biomerics, a prominent vertically integrated medical device contract manufacturer catering to the interventional device market, inaugurated a state-of-the-art 2,000 sq. ft. balloon and balloon catheter center of excellence in Galway. This marked a significant milestone for Biomerics, representing their first facility in Europe and their second establishment outside the United States, following their presence in Costa Rica.
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Key Questions Answered in Medical Device Contract Manufacturing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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