MedTech CMO Market, By Product Type (Raw Materials, Finished Goods, Electronic Manufacturing Services), By Manufacturing Techniques (Cutting, Injection Molding and Machining), By End-Users (Orthopedics, In-Vitro Diagnostics, Cardiovascular, Minimally Invasive Surgery, Surgical Instruments, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

MedTech CMO  Market was valued at US$ 61.3 Billion in 2024 and is projected to grow at a CAGR of 5.00% to reach US$ 99.8 Billion by 2034.

MedTech CMO serves the pharmaceutical industry by offering comprehensive services in both the drug development and manufacturing processes to clients with various benefits such as risk mitigation, cost savings, bolstered quality control, scaling up production and provides efficient management of resources.

Growing emergence of pharmaceutical industries has become major contribution in target market growth. Rise in outsourcing of product in minimally invasive surgery and drug delivery segments has further, fruitful the demand for market growth. Technological innovation and rising use of robotics technology is expected to provide lucrative opportunities in MedTech CMO market growth.

Rising demand for CMOs from emerging pharmaceutical and biotech companies to propel market growth

Rising demand for CMOs from emerging pharmaceutical and biotech companies has boosted the target market's growth. Further, outsourcing provides advantages such as a reduction in investment risks, expert knowledge, advance tools and technology, increasing productivity and efficiency, reducing labor work, and ideal for startups and small businesses which in turn has facilitated the MedTech CMO market growth. Furthermore, investment interest in CMOs continues to grow as COVID pandemic impacted to disrupt other industries and CMOs has made large Original Equipment Manufacturers (OEMs) more comfortable to outsource their product completely, which in turn has provided lucrative opportunities in MedTech CMO market growth in coming years.     

Growing acquisitions and adoption of strategic partnerships to fuel market growth

Presence of key players in market are focused on expanding their business growth through acquisitions and strategic partnerships which has led to fuel the demand for MedTech CMO market growth.

For instance, in December 2021, Baxter International Inc., a global medtech leader acquired Hillrom to transform healthcare & to advance patient-care across globe from hospital to home. This acquisition will built on robust global footprint which includes, commercial & service infrastructure for expansion of Welch Allyn and Hillrom medical device products in international markets.

Restrains:

Some challenges faced by CMOs, are cost pressure, fierce competition, consolidation, and constant technological innovations, which hamper the market growth. The wrong innovative CMO solution provider may lead to a bad customer experience and variations in the standards of customer service may lead to quality problems. Further, it may also may lead to less control over the production process, which act as a challenges and disadvantages of CMOs which in turn restrained the MedTech CMO market growth.

MedTech CMO Market is segmented based on Product Type, Manufacturing Techniques, End-Users and Region.

Product Type Insight

On the basis of Product Type, MedTech CMO Market is segmented into Raw Materials, Finished Goods, Electronic Manufacturing Services.

Manufacturing Techniques Insights

On the basis of Manufacturing Techniques, MedTech CMO Market is segmented into Cutting, Injection Molding and Machining.

End-Users Insights

On the basis of End-Users, MedTech CMO Market is segmented into Orthopedics, In-Vitro Diagnostics, Cardiovascular, Minimally Invasive Surgery, Surgical Instruments, and Others. Orthopedics end-users segment is expected to dominate the target market growth due to growing geriatric population and demand for orthopedic products, use of robotics system and use of single-use devices.

Regional Insights:

On region the MedTech CMO Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period due to continuous technological advancement, growing acquisitions of companies, increasing demand for medical devices and rising price pressure on OEMs (original equipment manufacturers).

Asia Pacific market is estimated to witness a fastest rate due to growing economic status, emerging pharmaceutical companies, favorable government policies and rising adoption of innovative technologies is anticipated to increase demand for MedTech CMO in the region.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the MedTech CMO Market report based on Product Type, Manufacturing Techniques, End-Users and Region.

MedTech CMO Market, By Product Type:

• Raw Materials
• Finished Goods
• Electronic Manufacturing Services

MedTech CMO Market, By Manufacturing Techniques:

• Cutting
• Injection Molding
• Machining

MedTech CMO Market, By End-Users:

• Orthopedics
• In-Vitro Diagnostics
• Minimally Invasive Surgery
• Surgical Instruments
• Others

MedTech CMO Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the MedTech CMO Market includes, Flex Corporation, Jabil Inc., Gerresheimer, TE Connectivity, Tecomet, Integer Corporation, Nipro Corporation, Celestica Inc., West Pharmaceutical Services, Inc., and Sanmina Corporation and others.

Recent Development:

• In February 2023, CDMO Dalton Pharma Services announced its major strategic expansion with new sterile filling and lyophilization technology in pharmaceutical manufacturing capacity. New expansion plan includes fully automated cGMP sterile filling line with syringes, vials and cartridges under isolator technology.
• In January 2022, Eli Lilly and Company announced its investment of $1 billion to create new manufacturing facility with latest innovative technology to develop injectable products and devices and to expand the company’s manufacturing business in market.
• In January 2022, Alcami announced investment of $10 million for expansion of its laboratory operations at Durham, North Carolina. This investment will provide new instrumentation and capabilities to enhance Alcami’s drug product and drug substance characterization capabilities for biologics. 

• Flex Corporation*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Jabil Inc.
• Gerresheimer
• TE Connectivity
• Tecomet
• Integer Corporation
• Nipro Corporation
• Celestica Inc.
• West Pharmaceutical Services, Inc.
• Sanmina Corporation

“*” marked represents similar segmentation in other categories in the respective section