Impacts of COVID-19 on Medical Device Contract Manufacturing Market

Northbrook, IL, USA, 2021-May-07 — /EPR Network/ — The on-going COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Medical Device Contract Manufacturing Market. We are working diligently to help companies take rapid decisions by studying:
• The impact of COVID-19 on the Medical Device Contract Manufacturing Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Medical Device Contract Manufacturing Market
• The shifting short-term priorities of the top 50 companies’ clients and their client’s clients

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According to the recent report “Medical Device Contract Manufacturing Market by Device Type (IVD (Equipment, Consumable), Cardiovascular, Diabetes Care, Drug Delivery, Dental, Orthopedic, Ophthalmic, Endoscopy Devices) Class of Device (Class I, II III), Services – Global Forecast to 2024”, published by MarketsandMarkets™, the global 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%.

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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.

APAC is expected to hold the largest share of this market in 2019.

The dominant share of this regional segment is mainly due to the lower cost of raw material and labor compared to the developed countries, increasing demand for medical devices due to the improving healthcare infrastructure, adoption of technologically advanced products, and the less stringent regulatory scenario compared to most developed countries.

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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.

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