The significant factor attributing the growth in the contracting sector of medical devices involves overall growth in the demand for medical devices as a whole (primarily owing to the increasing incidence of illness, lifespan, and geriatric population).
Growing technology penetration in the medical devices industry leading to digitally connected systems, and low investment returns owing to increasing costs of in house manufacturing are also contributing to the market growth.
The development of medical devices by contract manufacturing with third parties has minimized the product development costs by 30%. The services offered by the medical device contract manufacturers consist of product engineering, product manufacturing, and other services. Hence, owing to these factors, along with the growing acceptance of advanced technologies are fuelling the growth in the medical device contract manufacturing market.
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Key Market Trends
IVD Device Segment is Expected to Hold the Largest Market Share in the Medical Device Contract Manufacturing Market
Dominant share is retained by the IVD device segment owing to factors such as growing hospital numbers in the developing countries owing to the development of healthcare infrastructure and rising IVD test volume worldwide.
The growth of the IVD device segment can be attributed to the high prevalence of chronic diseases. Rising chronic diseases is a global challenge, account for around 60% of all fatalities globally, as per the WHO estimates.
The use of IVD devices is increasing in medical facilities as the adoption rate for these devices is increasing and demand for point of care devices and their ability to monitor, diagnose, and prevent the diseases is also contributing to market growth. It is expected that increased demand for personalized, advanced and rapid diagnostic devices will boost market growth for the IVD device segment.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall Medical Device Contract Manufacturing market, throughout the forecast period. This is owing to factors such as, the United States is the domicile of 7 of the world’s 10 largest manufacturers of original equipment for medical devices (OEMs) by revenue and as per our estimates, the US represents around 43% of global medical devices market which is further expected to upsurge the demand of medical device contract manufacturing during the forecast period in the region. Further, technological advancement and growing mobile technologies and the use of IoT will also boost the market growth in the region.
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