Medical Device Contract Manufacturing Market Top Players and Growth Strategies by RosyW · June 17 Austin Bryant Jersey , 2019
According to research report the Medical Device Contract Manufacturing Market is expected to reach USD 91.3 billion by 2024 from an estimated USD 55.0 billion in 2019, at a CAGR of 10.6%. Factors such as increasing automation in the manufacturing of medical devices and advanced technologies integrating electronics and medical devices are expected to drive the growth of the medical device contract manufacturing market. The increased connectivity and data-gathering capabilities of these technologies make it possible to build high-volume, regulation-compliant manufacturing processes with efficient inventory and production management. With the increasing adoption of Industry 4.0 technologies in manufacturing critical and sophisticated medical devices, the medical device contract manufacturing market is expected to grow significantly during the forecast period.
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Market growth is largely driven by the rising global disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process Trevor Lawrence Jersey , they look to contract manufacturing.
The medical device contract manufacturing market is highly fragmented with the top 15 companies accounting for approximately 25% of the total market. As of 2018, Flex, Ltd. (Singapore) and Jabil, Inc. (US) together accounted for approximately 10% of the global medical device contract manufacturing market.
Jabil Inc. (US) was the leader in the medical device contract manufacturing market in 2018. The company offers a focused range of products such as diagnostic devices, diabetes care devices, ophthalmology devices Travis Etienne Jr. Jersey , pharmaceutical drug delivery devices, and consumables for medical devices and services such as additive manufacturing, contract manufacturing, quality management services, and final goods assembly services. It also offers advanced manufacturing technologies such as electronic manufacturing services and automation in a number of manufacturing facilities worldwide such as Singapore, Mexico Clemson Tigers Jersey , China, and the US, among others. The company also serves some of the top companies in other domains, such as Apple Inc., Cisco Systems Inc., Hewlett-Packard Company Jared Goff Jersey , Keysight Technologies, LM Ericsson Telephone Company, NetApp Inc., Nokia Networks, SolarEdge Technologies Inc., Valeo S.A. Marshawn Lynch Jersey , and Zebra Technologies Corporation that added to its brand recognition. Some of the key customers of the company for contract manufacturing services are Abaxis, Inc. (US), Ulthera, Inc. (US), and Antares Pharma Inc. (US). Jabil focuses on collaborating with the major pharma and medical device companies for contract manufacturing. For instance, in September 2018 DeSean Jackson Jersey , the company collaborated with Johnson & Johnson for manufacturing medical devices.
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Flex Ltd. (Singapore) was the second-leading player in the medical device contract manufacturing market in 2018. The company is predominantly known for its expertise in the electronics segment and has been contracted by some of the major players in the electronics industry. Some of the key customers of the company are Alimera Sciences, Inc. (US) and Cellnovo Limited (France). The company focuses on agreements and partnerships to strengthen its services portfolio in the medical devices and other healthcare segments. For instance, in October 2018, Flex partnered with Novo Nordisk (Denmark) to develop digital health solutions for diabetes patients.
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