According to research report the medical device contract manufacturing market
is projected to reach USD 91.3 billion in 2024 from an estimated USD
55.0 billion by 2024, at a CAGR of 10.6% 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, they look to contract manufacturing.
Some
of the other leading players competing in the healthcare contract
manufacturing market are Sanmina Corporation (US), Integer Holdings
Corporation (US), Celestica Inc. (Canada), Plexus Corporation (US),
Benchmark Electronics, Inc. (US), Gerresheimer AG (Germany), West
Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), TE
Connectivity, LTD. (Switzerland), Consort Medical PLC (UK), Nipro
Corporation (Japan), Kimball Electronics Inc. (US), and Teleflex
Incorporated (US).
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 healthcare 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,
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, 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, Keysight Technologies, LM Ericsson Telephone
Company, NetApp Inc., Nokia Networks, SolarEdge Technologies Inc., Valeo
S.A., 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, the company collaborated with Johnson &
Johnson for manufacturing medical devices.
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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Asia
Pacific is expected to witness the highest CAGR during the forecast
period, owing to factors such as the increasing demand for medical
devices in this region due to the improving healthcare infrastructure,
adoption of technologically advanced products, low cost of
manufacturing, and the less stringent regulatory scenario for
manufacturing of medical devices which promotes higher usage of medical
devices as compared to most developed countries.