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A new report by visiongain predicts that the global medical device contract manufacturing market will reach $90.5 billion in 2020.
The analyst firm expects the ageing population to be a major driver over the forecast period. As the ageing population increases so will the incidence of chronic diseases in developing economies. The opportunities for original equipment manufacturers (OEMs) to develop more technologically advanced medical devices to treat chronic diseases will lead to an increase in outsourcing components to contract manufacturers. The multidisciplinary knowledge and expertise held by contract manufacturing organizations (CMOs) will become more attractive to OEMs over the forecast period as OEMs seek to equip their products with the latest and most innovative technology for patient healthcare.
“The medical device contract manufacturing market is expected to see fast growth over the next ten years. Contract manufacturers will be dearly sought for design and manufacturing purposes as technology continues to develop. Major advances in technology provide opportunities for innovation in improving patient healthcare,” said Yemi Adebayo, a Pharmaceutical and Medical Devices Industry Analyst at visiongain. “Ekso Bionics, for example, a leading developer of exoskeleton technologies, has been able to develop a robotic exoskeleton — Ekso GT that is able to be used on patients with hemiplegia due to stroke and patients with spinal cord injury. In terms of diabetes treatment, Tandem Diabetes Care, a company focused on providing insulin infusion therapies has been able to develop an insulin pump that is able to hold a large capacity of insulin whilst at the same time retain an attractive, modern touch-screen design and allow ease of use to patients. Although in previous years, OEMs feared outsourcing at the prospect of losing product quality. CMOs today have improved their alignment with regulatory requirements and continue to provide ample opportunities for OEMs internationally. These are just some of the factors that will lead to the large growth in the medical device contract manufacturing market in the coming years.”
