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Medical Device Contract Manufacturing Market Worth US$ 228.78 Billion by 2031: Visiongain Research Inc.

·5-min read

Visiongain has published a new report on Global Medical Device Contract Manufacturing Market Report Forecast 2021-2031. Forecasts by Sector (Electronic Manufacturing Services, Materials Processing, Finished Products), by Product (Cardiovascular, Irradiation, Patient Recovery/ Noninvasive, Spinal & Neuromodulation, Diabetes, Others). PLUS Profiles of Leading Medical Device Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios

Global medical device contract manufacturing market is expected to value at US$ 61.80 billion in 2020 and is projected to reach at a market value of US$ 228.78 billion by 2031. Increasing demand for medical products in developing as well developed economies coupled with rising ageing population is expected to open new opportunities for medical device contract manufacturing industry over the forecast period.

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In recent years, the medical device industry has expanded, led largely by longer life expectancy and increased healthcare spending. In developing markets, this is particularly evident. In addition, a move to value-based healthcare solutions has been generated by the regulatory climate, which has resulted in intensified competitiveness, evolving business models and the introduction of new strategies for achieving sustained growth in this competitive industry. In addition, the growing geriatric population and the resulting rise in the incidence and prevalence of chronic diseases are also pushing the global acceptance of medical devices.

In these recent economic downturns, more medical device companies have started to reflect and evaluate whether their current business model is the most efficient going forward. In addition to medical devices, other healthcare products, such as dietary supplements and pharmaceuticals require significant capital outlay, technical expertise and proficiency with regulatory requirements in domestic and international markets. One of the main reasons cited by medical device companies regarding the reasons behind outsourcing was that it allowed them to focus and invest more in their core competencies.

In the medical device contract manufacturing industry, developing economies such as China, India, and Brazil present substantial growth prospects for players. Their tremendous customer population, increasing knowledge of healthcare, and developments in healthcare facilities have created a desirable climate for healthcare markets to expand overall. When compared to their developed counterparts, these countries still have relatively lenient laws. In addition, the adoption of medical devices has expanded healthcare spending in these countries and increased healthcare costs. This is also a big factor behind home healthcare selection. Many major medical device contract suppliers are participating in these developing markets with visible growth opportunities.

Outsourcing the manufacturing operations allows the medical device firm to lower fixed operating costs, by reducing or eliminating factories, equipment and workers that may represent a significant financial capital. Furthermore, by outsourcing manufacturing to a third party, the variable unit costs (the variable cost of sales that fluctuates with raw material, energy, commodity, and currency prices) transform into fixed unit costs. The third-party vendor charges a fixed predetermined price per batch, allowing healthcare marketing firms to project break-even and profitability points with more certainty going forward. This in turns is expected to drive the market in coming years.

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How is the Medical Device Contract Manufacturing Industry Competition?
The electronic manufacturing services in medical device outsourcing market is moderately fragmented with high to medium sized players includes, and Benchmark Electronics that accounted for 35%-40% share of global electronic manufacturing services market in 2019.

Leading players profiled in the report include:

  1. Flextronics International Ltd.

  2. Jabil Inc.

  3. Celestica Inc.

  4. Benchmark Electronics Inc.

  5. Sanmina Corporation

  6. Integer Holdings

  7. Plexus Corp.

  8. West Pharmaceutical Services, Inc.

  9. Nortech Systems

  10. TE Connectivity (Cregenna Medical)

  11. Forefront Medical Technology

  12. Nordson Corporation (Vention Medical)

  13. Tecomet Inc (Symmetry Medical)

  14. Johari Digital

  15. Gerresheimer

  16. Consort Medical PLC

  17. Nipro Corporation

  18. Teleflex Inc.

  19. Phillips-Medisize Corporation

  20. SMC Ltd.

Find quantitative and qualitative analyses with independent predictions. Receive information that only our report contains, staying informed with this invaluable business intelligence.

To access the data contained in this document please email contactus@visiongain.com

Information found nowhere else
With our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain’s study is for everybody needing commercial analyses for the medical device contract manufacturing market, and leading companies. You will find data, trends and predictions.

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About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10 year forecasts, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports means that you can have a bespoke piece of market intelligence customized to your very own business needs.

Contact:

Sara Peerun
Commercial Director, UK
Visiongain Limited.
Tel: + 44 207 549 9987
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EU Tel: 00 353 1 695 0006
Email: sara.peerun@visiongain.com
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