Medical Device Contract Manufacturing MarketSize and Trends

The global medical device contract manufacturing market was valued at US$ 88.8 Bn in 2022 and is forecast to reach a value of US$ 192.3 Bn by 2030 at a CAGR of 10.2%between 2023 and 2030. The global medical device contract manufacturing market is experiencing strong growth due to the increasing prevalence of chronic diseases and increasing demand for medical devices around the world. Moreover, growing trend of medical device contract manufacturing and the outbreak of COVID-19 (pandemic) is expected to propel the market growth. However, factors such as stringent rules and regulations and risk of consolidation are expected to hamper the market growth.

Global Medical Device Contract Manufacturing Market Trends:

Growing trend of outsourcing is a recent trend

Medical device contract manufacturing is the outsourced manufacturing of medical devices for the healthcare marketplace. Original equipment manufacturers (OEMs) around the world are looking for contract manufacturers who have adequate resources, plant space, and machine time to adapt to the changing market demands. OEMs are constantly looking for contract manufacturers (CMs) who can guide them in increasing their product portfolio and help them offer innovative products. This trend is expected to continue during the forecast period.

Increasing demand for IVD devices is another trend

IVD (in vitro diagnostic) medical device is used to determine the status of a person\'s health. They are used to test human samples, where the results can assist in clinical diagnosis or management. The use of IVD devices is increasing in medical facilities as the adoption rate for these devices is higher among end users. This can be attributed to factors such as rise in burden of chronic diseases, growing number of hospitals in developing countries and improving healthcare infrastructure. This trend is also expected to continue over the forecast period.