Europe Medical Device Contract Manufacturing Market

Europe Medical Device Contract Manufacturing Market Size (2022 to 2027)

The size of the medical device contract manufacturing market in the European region is projected to be growing at a CAGR of 8.28% from 2022 to 2027 and will be worth USD 32.48 billion by 2027 from USD 21.82 billion in 2022.

The rising demand for affordable medical devices propels the European medical device contract manufacturing market growth primarily. The adoption of medical device outsourcing has grown significantly by market participants in recent years. The benefits associated with outsourcing such as reduced costs and limited investments and manufacturing risks and the delivery of high-quality products while ensuring timely distribution. Medical device outsourcing further helps the companies of medical devices by providing access to gather critical data from various sources, which can guide their investment decisions in the medical device market. Likewise, companies of medical devices use medical device outsourcing to optimize their operations, enhance their competitiveness, and meet the demands of an evolving healthcare landscape.

The rising prevalence of chronic diseases across Europe is another notable factor contributing to the growth of the European medical device contract manufacturing market. Approximately 35% of the European population suffers from chronic diseases and the prevalence is anticipated to grow in the coming years and contribute to the increasing demand for medical devices and result in the growth of medical device outsourcing eventually. The aging population in the region is more susceptible to chronic diseases like diabetes, cardiovascular disease, and arthritis, creating a need for continuous monitoring of these conditions through remote patient monitoring devices. These devices can monitor vital parameters like blood pressure, sugar levels, and heart rate and store the data for healthcare providers to review and act upon. As a result, the medical device contract manufacturing market is witnessing high demand in the European region. Healthcare providers are increasingly relying on outsourcing to procure cost-effective, high-quality medical devices and equipment to manage the growing patient population effectively. With the market projected to continue expanding, outsourcing presents a viable solution for companies looking to capitalize on this trend and meet the needs of an evolving healthcare landscape.

The manufacturing of advanced medical devices incorporating cutting-edge technologies promotes the growth rate of the European medical device contract manufacturing market. Companies that offer medical device outsourcing solutions to medical device companies are usually equipped with various advanced technologies including sensors, artificial intelligence, machine learning, and robotics to offer best-in-class services and enhance the efficacy of medical devices in the treatment process. In addition, factors such as the growing number of clinical trial centers, rising support from the governments of European countries, and increasing number of medical device approvals further boost the growth rate of the European market.

On the other hand, the growing competition between the medical device outsourcing companies, lack of awareness among the medical device companies regarding the potential benefits of medical device outsourcing in some countries, high costs associated with the medical device manufacturing, and long-time approval for the novel product primarily hamper the European market growth.

This report on the European medical device contract manufacturing market has been segmented and sub-segmented into the following categories.

By Type:

• IVD Devices
• Diagnostic Imaging Devices
• Cardiovascular Devices
• Drug Delivery Devices
• Orthopedic Devices
• Dental Devices
• Endoscopy Devices

By Service:

• Device Development and Manufacturing Services
  • Device Manufacturing Services
  • Process Development Services
  • Device Engineering Services
• Quality Management Services
  • Packaging Validation Services
  • Inspection and Testing Services
  • Sterilization Services

By Class of Device:

• Class I Medical Devices
• Class II Medical Devices
• Class III Medical Devices

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Europe captured a substantial share of the global market in 2022 and is anticipated to hold a promising share of the worldwide market during the forecast period.

The UK medical device contract manufacturing market occupied the leading share of the European market in 2022 and is expected to register a healthy CAGR during the forecast period. Factors such as the rising use of advanced technologies in the healthcare sector and increasing awareness of outsourcing companies among medical device companies. The growing number of companies offering medical device outsourcing services in the UK is further boosting the market growth. The rising use of medical devices by hospitals and clinics and the increasing patient population suffering from various diseases are further propelling the UK market growth.

Germany is another notable region for medical device outsourcing in Europe and is estimated to grow at a prominent CAGR during the forecast period. The growing number of favorable initiatives by the German government aiming at establishing medical device outsourcing companies with licenses is the primary factor driving market growth. Additionally, investments in advanced infrastructure facilities in hospitals and clinics are contributing to the rising demand for medical device outsourcing services in the country.

KEY MARKET PLAYERS:

Flex Ltd., Integer Holdings Corporation, Celestica Inc., Tecomet, Inc. and Sanmina Corporation are some of the notable companies in the European medical device contract manufacturing market.