Latest News- Medical Device Contract Manufacturing Market: IVD is expected to lead the Device segment during 2025-2029

The Medical Device Contract Manufacturing Market is being driven by Impact of Industry 4.0 on medical device industry

The Medical Device Contract Manufacturing Market is expected to grow at a CAGR of 12.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 58460.4 million. The global medical device contract manufacturing market is undergoing a transformative shift towards point-of-care testing (POCT) devices from centralized laboratory testing. Traditionally, centralized laboratories have been the dominant diagnostic landscape, utilizing sophisticated analytical methods to identify target components. However, the trend is evolving, with POCT devices gaining popularity due to their cost-effectiveness, user-friendliness, and ability to deliver swift results. This shift is particularly significant in clinical chemistry, hematology, immunoassays, and molecular diagnostics. The increasing preference for POCT devices is driven by the imperative to make healthcare more patient-centric, prioritizing patient convenience over provider convenience. The advantages of POCT devices are pivotal for timely medical diagnosis and treatment decisions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Device
  • IVD
  • Drug delivery
  • Diagnostic Imaging
  • Cardiovascular
  • Others
• End-user
  • OEMs
  • Pharmaceutical and biopharmaceutical companies
  • Others
• Type
  • Class I Devices
  • Class II Devices
  • Class III Devices
• Service Type
  • Device Development & Manufacturing Services
  • Quality Management Services
  • Assembly & Packaging Services
• Application
  • Cardiology
  • Orthopedics
  • Neurology
  • Oncology
• Distribution Channel
  • Direct Sales
  • Third-Party Distributors
  • Online Platforms
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Impact of Industry 4.0 on medical device industry
• Strategic mergers and acquisitions for enhanced capabilities
• Increasing investments in research and development

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations associated with medical device manufacturing
• Consolidation in medical device industry
• Unfavorable reimbursement scenario

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Market Scope in Medical Device Contract Manufacturing Market Research Report

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Research Analysis Overview

The Medical Device Contract Manufacturing Market encompasses various sectors including Biologics Manufacturing, Pharmaceutical Manufacturing, and the production of Combination Products. Emerging technologies such as Digital Health, Artificial Intelligence, Machine Learning, Internet of Things, Cloud Computing, Big Data Analytics, Precision Medicine, and Personalized Medicine are transforming the industry. Additionally, advancements in Biomaterials Science, 3D Imaging, Virtual Reality, and Augmented Reality are pushing the boundaries of medical device manufacturing. Clinical Data Management, Patient Safety, Device Security, Data Privacy, Intellectual Property, Regulatory Affairs, Market Access, Healthcare Economics, Value-Based Healthcare, Supply Chain Resilience, Risk Mitigation, Disaster Preparedness, and other critical areas are essential considerations in this dynamic market.

Market Research Overview

The Medical Device Contract Manufacturing Market is a significant segment of the larger Global Healthcare Supplies Market, encompassing businesses providing Contract Manufacturing Services for medical devices, including assembly, packaging, sterilization, quality assurance testing, and regulatory compliance. The Global Healthcare Supplies Market's size is determined by Technavio as the consolidated revenue generated by manufacturers of medical devices and consumables, such as syringes, drapes, gloves, and gowns. Market expansion will be fueled by demographic trends, specifically the increasing global population aging, with nearly one-quarter of the US population and similar proportions in Europe projected to be over 60 years old by 2050 and 2030, respectively.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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