According to a study of Research Dive, the global medical device manufacturing outsourcing market forecast shall cross $104.3 million by 2026, growing at a CAGR of 10.3%.
The significant medical contract manufacturers mainly design and manufacture medical devices along with the provided services such as UV bonding, injection molding, and other manufacturing services to the larger-sized OEMs and medical device companies. Massive increase in the geriatric population,growing global demand for the life expectancy and tremendously booming demand for technological advances particularly in the medical device industries, are some of the key factors projected to drive the medical device manufacturing outsourcing market growth. For example, as per research conducted by UN (United Nations), in 2019, around 703 million people were of 65 years of age or over, across the globe. Furthermore, the number of aged people is expected to reach upto 1.5 billion (double) in 2050. Moreover,the massive growth in availability of healthcare and increasing number of patients across the globe are also driving the medical device manufacturing outsourcing market growth.
In addition, the rapidly rising burden of chronic diseases worldwide, is also making positive impact on the growth of medical device manufacturing outsourcing market. For instance, As per data of WHO(World Health Organization), by 2020, the proportion of the burden of chronic disease like NCDs is anticipated to boost upto 57%, across the globe. On the other hand, the risk of leak of confidential data can be the obstruction to the growth of medical device manufacturing outsourcing market.
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To meet the huge demand for healthcare emerging industries, the governments of china and India are focusing more on the enactment of policies such as “Healthy China 2030 Plan” and “National Health Protection Mission”. Also, rapid enhancements in the quality of healthcare sector in emerging economies are projected to generate huge opportunities of the medical device manufacturing outsourcing market. Developing countries such as India are projected to increase healthcare expenditure mainly because of extensively growing patients of non-communicable diseases (NCDs) diabetes and cancer. So these countries are emphasizing mainly on implementation of effective solutions and strategies to close gaps in healthcare industries. In addition, growing income and swiftly growing urbanization among these countries are projected to upsurge the medical device manufacturing outsourcing market.
The IVD(in-Vitro Diagnostic) device segment shall generate a revenue of$14.0 million by the end of 2026, increasing at a CAGR of 9.8%, over the forecast period.
The IVD (in-Vitro Diagnostic) devices segment has a significant market share over the projected period. Significantly increasing demand for early as well as accurate disease diagnosis, rising demand for FA instruments and automation in laboratories, and boosting adoption of PoC testing, are the major factors driving the medical device manufacturing outsourcing market. In addition, massive growth in the number of medical institutions in developing economies is also anticipated to generate noticeable revenue in this market.
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The global device development and manufacturing services market has a highest market share, and it shall register a revenue of $35.6 million by 2026, increasing at a CAGR of 9.7%.The development and manufacturing services has the highest market share, over the projected period. High initial expenditure for in-house production of medical devices and positive growth in the medical device sector is expected to boost the development and manufacturing services segment growth.
The class II medical devices segment shall register a revenue of $38.1 million by the end of 2026, increasing at a CAGR of 10.0%, during the forecast period. The class II medical device is specifically non-invasive and mainly consists of remote health care monitoring device, medical lasers, and many other devices. Also, significant contract medical device manufacturing companies like Cogmedix are supporting innovative companies to bring new class II devices to the global market.These factors are projected to surge the growth of medical device manufacturing outsourcing market.
The Asia-Pacific medical device manufacturing outsourcing market will cross $32.3 million by 2026, increasing at a healthy CAGR of 9.5%.
Asia-Pacific has the major share during the projected period mainly because of existance of a large base of chronic diseases cases, drastic developments in the technological knowledge, cost-effective labors. In addition, Asian economies like India, Japan and China have enormous market opportunities for pharmaceutical manufacturing. Also, the Korean based key players like Nissha Co., Ltd. are emphasizing majorly on a flexibility and customer-based service. These above mentioned factors are anticipated to boost the medical device manufacturing outsourcing market growth.
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North America medical device manufacturing outsourcing market is the fastest growing market and it is expected to grow at a CAGR of 10.8% by generating revenue of $31.2 million by 2026. Tremendously rising demand for medical requirement, along with rising capital expenditure on healthcare are signifacant factors for boosting the North American medical device manufacturing outsourcing market growth. For example, according to American Medical Association, the U.S. has spent almost $3.5 trillion on the healthcare sector in 2017. These factors further drive the demand for medical devices, which eventually is going to surge the growth of medical device manufacturing outsourcing market in the North America region.
The major medical device manufacturing outsourcing market manufacturers are Creganna, Tecomet, Inc., Mitutoyo Corporation, FLEX LTD., Integer Holdings Corporation, Nortech Systems, Inc., Hamilton Company., DAIICHI JITSUGYO CO., LTD., Kinetics Climax Inc., andCirtec. To elaborate more on the competitive landscape analysis of top market players, the porter’s five force model is explained in this report.
Porter’s Five Forces Analysis for Medical device manufacturing outsourcing market:
• Bargaining Power of Suppliers: Established suppliers in the healthcare industry use their negotiating power to extract high prices. Moreover, the switching costs from one supplier to another supplier is projected to be high.
The bargaining power of suppliers is HIGH.
• Bargaining Power of Buyer: Hospitals and other healthcare institutions buy medical devicesin bulk quantities and apply pressure on pharmaceutical ventures to keep prices in check.
The bargaining power of consumers is MEDIUM.
• Threat of New Entrants: High cost associated with R&D along with government regulatory constraints provide slow threat of entry from new or potential competitors.
The threat of new entrants isLOW.
• Threat of Substitutes: The threat of a substitute product is high if it provides a value proposition that is significantly different from the present service of the market.
The threat of substitutes is LOW.
• Competitive Rivalry in the Market: Medical device manufacturing outsourcing market contains numerous small, medium, and large ventures. Leading enterprises are following alternative business strategies and technological advances among them is also a significant factor for the high competitive rivalry in the global market.
The competitive rivalry in the industry is HIGH.
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