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, employing automated analytical techniques to identify target components. This model has been extensively used in clinical chemistry, hematology, and is now expanding to immunoassays and molecular diagnostics. However, POCT devices are gaining popularity due to their affordability, user-friendliness, and capacity to deliver quick results. These attributes are essential for timely medical diagnosis and treatment decisions. The increasing preference for POCT devices is fueled by the imperative to make healthcare more patient-centric, prioritizing patient convenience over provider convenience. 

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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
• 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 is experiencing significant growth due to factors such as increasing life expectancy and birth rates leading to a larger geriatric population, resulting in higher demand for medical devices. Heart disease and chronic illnesses are major drivers, with advancements in technology including data analytics, IoT, machine learning, and AI, fueling innovation in areas like X-ray machines, ultrasound machines, operating tables, and patient monitoring devices. Contract manufacturing organizations (CMOs) offer outsourcing services for medical device developers, utilizing automation technology, robotics integration, and Industry 4.0 to meet the demands of healthcare and ensure quality standards in device production. Clinical studies and diagnostic imaging, as well as IVD devices, drug delivery, and cardiovascular devices, are also benefiting from these trends. Technology adoption is crucial for CMOs to remain competitive and meet the needs of an aging population with cancer disorders and other complex health issues.

Market Research Overview

The global healthcare supplies market encompasses businesses involved in the research and development of a diverse range of product categories, including medical consumables utilized for the diagnosis and treatment of various conditions. According to Technavio, the market size is determined by the collective revenue generated by manufacturers of medical supplies such as syringes, drapes, gloves, and gowns. Factors driving growth in this sector include the increasing global life expectancy, with the proportion of the world population aged 60 and above projected to rise significantly – reaching nearly one-quarter of the US population by 2050 and Europe by 2030. Additionally, the prevalence of chronic diseases such as heart disease and birth rates contribute to the demand for medical devices, including Class I, II, and III devices, diagnostic equipment, and solutions for the dental industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/