MEDICAL DEVICE CONTRACT MANUFACTURING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Medical Device Contract Manufacturing Market Analysis:

The medical device contract manufacturing market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period of 2022-2027. Despite the disruption caused by the COVID-19 pandemic, the contract manufacturing market for medical devices has rebounded with strong demand from customers. This is reflected in the merger and acquisition (M&A) activities of outsourcing providers. The United States Food and Drug Administration (US-FDA) reported an unprecedented demand for medical devices such as ventilators, oxygen concentrators, and COVID-19-related products in 2020. Consequently, there has been an increase in outsourcing activities for developing medical devices through companies engaged in contract manufacturing. For example, Relay Medical Corp. and Fio Corporation, together with Fidonet Rapid Response Group, reported that their Fionet pandemic response devices would be produced with an FDA-approved contract manufacturer, KeyTronic, in October 2020. The National Institutes of Health (NIH) also reported the third round of contract awards for scale-up and manufacturing of new COVID-19 testing technologies in collaboration with the Biomedical Advanced Research and Development Authority (BARDA) in October 2020. These factors indicate that the COVID-19 pandemic has positively impacted the market's growth.

Moreover, the market's growth is driven by the growing medical device market and technological advancements. The medical device market is estimated to have over 2 million different kinds of medical devices categorized into more than 7000 generic device groups, according to the 2022 World Health Organization (WHO) update. Rosti Romania secured a new medical device contract for its new manufacturing facility in June 2021, indicating the growth in the medical devices market worldwide, which is increasing the demand for contract manufacturing services. Additionally, some companies lack in-house capabilities for manufacturing medical devices, making contract manufacturing of such devices preferred and ultimately boosting the market's growth.

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