Medical device contract manufacturing market to reach USD 149.4B by 2029

Medical device contract manufacturing market in terms of revenue was estimated to be worth $78.9 billion in 2024 and is poised to reach $149.4 billion by 2029, growing at a CAGR of 11.4% from 2024 to 2029 according to a new report by MarketsandMarkets™. The global population is growing older, leading to an increased demand for medical devices used in diagnostics, treatment, and monitoring of age-related conditions also chronic diseases like diabetes, heart disease, and cancer are becoming increasingly prevalent worldwide, necessitating a rise in the demand for medical devices used in their management. which is expected to drive the market growth. However, stringent regulatory compliance for the approval of medical devices is expected to challenge the growth of the market.

“Based on medical device contract manufacturing devices by IVD device type, the IVD consumables segment is expected to grow at the highest CAGR during the forecast period.”
Under IVD device type, IVD consumables is forecasted to grow at the highest CAGR from 2024 to 2029. IVD consumables, the disposable components used in In Vitro Diagnostics (tests conducted outside the living body), offer several advantages that contribute to efficient and accurate medical diagnoses. IVD consumables are designed and manufactured following strict specifications, ensuring consistent performance across various tests and batches. This minimizes the risk of errors due to variations in the testing environment.

“The primary & secondary packing segment is expected to account for the largest share, by packaging & assembly services in the medical device contract manufacturing market.”
By packaging & assembly services in service segment, the medical device contract manufacturing market can be segmented into primary & secondary packing, labelling and others. The advantages of primary and secondary packaging segment by protecting the device from contamination and damage during transport, storage, and handling, is expected to drive the segment growth.

“In 2023, Europe was the region with the second largest market share in the medical device contract manufacturing market.”
The medical device contract manufacturing market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa and GCC countries

Europe accounted for the second-largest share of the medical device contract manufacturing market in 2023. The rapidly aging population, leading to a higher demand for medical devices used in diagnosing, treating, and monitoring age-related condition is driving the growth of the medical device contract manufacturing market in the European region. MarketsandMarkets™