10 February, 2019 – The global medical device contract manufacturing market is expected to witness substantial growth owing to increasing need for reducing manufacturing costs and delay in the launch of new products among the original equipment manufacturers (OEMs). Medical Device Contract Manufacturing helps companies to expand their business across different regions without setting their manufacturing units. In addition, changing regulatory policies, complexities in product engineering, and increasing competition due to entry of new participants are expected to boost market growth. Key product types in the market include raw materials, electronic manufacturing services (EMS), and finished products. For instance, Genesis Plastics Welding, Inc. announced the launch of its new division called MedTech. This new facility is formed to assist medical device clients in directing the product launch process, from initial concept to commercialization. This includes designing, prototyping, risk management, quality management, overall manufacturability, and regulatory support.
Rising occurrence of chronic diseases and growing need for non-invasive surgical procedures can increase demand for various medical devices and surgical instruments in the coming years. Growing geriatric population is also expected to provide several opportunities for the contract manufacturing of a wide range of products, such as orthopedic instruments and implants. Occurrence of conditions related to orthopedics, neurological, and cardiovascular are common among elderly population.
However, privacy concerns and threat of loss of confidential information can challenge market growth. Additionally, issues related to control of third parties and supply chain complexity can hinder market growth in coming years.
Key therapeutic areas associated with medical device contract manufacturing include cardiology, in-vitro diagnostic (IVD), diagnostic imaging, dental, orthopedic, general and plastic surgery, diabetes care, ophthalmology, endoscopy, and drug delivery. Cardiology is expected to lead the market in the coming years due to increasing incidence of cardiac arrests and other associated conditions. General and plastic surgery is likely to emerge highly lucrative in the years to come owing to increasing number of injuries to tissues, joints, and bones. Rising cases of chronic conditions is also expected to increase the demand for surgical procedures.
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North America occupies a prominent share in the market. The U.S. is the leading contributor to regional growth due to growing need for advanced and efficient medical devices, availability of established infrastructure, and high healthcare spending. Number of surgical procedures are likely to increase due to growing geriatric population, which may, in turn, stimulate market growth in the country. Asia Pacific is projected to witness momentous growth in the coming years owing to increasing number of patients suffering from cardiac and neurological disorders. Countries, such as India and China, are likely to contribute significantly in the years to come. Presence of low labor and overhead costs, improvements in technical expertise, and increasing investments in production facilities by the manufacturing companies are anticipated to boost market growth in these countries.
Some of the prominent companies operating in the medical device contract manufacturing market are Nortech Systems, Inc.; West Pharmaceutical Services, Inc.; Plexus Corp.; Sanmina Corporation; and Celestica, Inc.
Several new participants are expected to enter the market in the years to come due to burgeoning demand for medical devices across the world. This may, in turn, increase the competition among players. Furthermore, the market is expected to witness collaborations between existing companies and niche service providers to improve quality and capability. Recognized companies are anticipated to expand their portfolio and offer one-stop shop options in order to gain a competitive edge in the market.
For instance, NextPhase Medical Devices LLC, a medical device contract manufacturing company working with specialized Class I, II, and III medical devices, launched a new business. The company was established through the integration and acquisition of Nexcore Technology, LLC and Phase 2 Medical Manufacturing, Inc. The company offers full service to OEM and startups and is likely to emerge as a one-stop shop for EMS and single-use disposable medical devices.
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