The global healthcare contract manufacturing market size was valued at USD 177.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028. An increase in offshoring to emerging countries and the changing regulatory landscape are the prominent trends currently present in the market. Pharmaceutical and medical device companies are outsourcing low-end services to third parties (CMOs) to reduce the overall cost of production and speed time to market the products.
The COVID-19 pandemic has forced many pharmaceutical and medical device companies to increase the manufacturing of drugs and medical devices needed by infected patients worldwide. The U.S. FDA has observed that over 60% of FDA-regulated products imported from China are medical devices, making the U.S. medical device industry highly dependent on China’s supply chain. Medical device manufacturers are facing severe supply bottlenecks, which will ultimately reduce the company’s scope of revenue generation.
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Key Player Mentioned:
- Sanmina Corporation
- Integer Holdings Corporation
- Jabil Inc.
- Viant Technology LLC
- FLEX LTD.
- Celestica Inc.
- Tecomet Inc.
- Plexus Corp.
This trend is expected to contribute to the growth of the contract manufacturing market in the foreseeable future. The presence of end-to-end service providers that are engaged in providing value-added services for an integrated or risk-sharing business model is expected to boost the market growth. Pharmaceutical and medical device companies are outsourcing manufacturing activities to CMOs to reduce their manufacturing footprint. It allows manufacturers to be more dynamic and cost effective in their manufacturing process.
Product Segment Analysis:
- Medical Device
- Pharmaceutical
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Regional Segment Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Companies are adopting strategies, such as mergers and acquisitions and expansion, to sustain in the highly competitive environment and maintain profitability. For instance, in October 2018, Nordson Corporation acquired Clada Medical Devices, a design and development firm mainly focused on balloon catheters. This enhanced the company’s design and development capabilities, which further supports the company’s position as a prominent contract manufacturer for OEMs across the interventional and surgical device landscape. In addition, in February 2020, Integer Holdings Corporation acquired Inomec, an Israel-based company.
Asia Pacific (APAC) accounted for the largest revenue share of 45.1% in 2020 and is expected to maintain its lead during the forecast period owing to improving healthcare services and economic growth of developing economies. Moreover, the low cost of conducting clinical trials in this region ultimately encourages manufacturers to shift their manufacturing units, which, in turn, drives the market in APAC.
KEY aspects covered in the report include:
- The market size and industry growth rate of the global and regional market across various segments
- The region or the sub-segment that is expected to drive the Healthcare Contract Manufacturing market in the forecast period 2021-2028
- Key companies operating in the global Healthcare Contract Manufacturing market and their market share
- The Factors that are estimated to drive the Healthcare Contract Manufacturing Market growth
- Key opportunities in the Healthcare Contract Manufacturing market
- Key technological advancements and market trends that shape the market
Good Reasons to Buy a Global Healthcare Contract Manufacturing Market Report:
- Offers detailed market breakdown and data triangulation that will help guide the market trends.
- The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
- Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.
- Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
- Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.
About Grand View Research
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