$110 BN OF POTENTIAL OPPORTUNITY IS OPENING UP IN MEDICAL DEVICE CONTRACT MANUFACTURING INDUSTRY
Download PDFDisruption - OEM & Medical device manufacturers are increasingly opting to outsource technical & production services to CMOs to reduce their manufacturing COST BURDEN
OEM & Medical device manufacturers are increasingly opting to outsource technical & production services to CMOs to reduce their manufacturing COST BURDEN
Geographic Expansion, merger & acquisition are the key strategies adopted by CMOs to expand their presence across the globe
IN medical device contract manufacturing MARKET, WE ARE WITNESSING INCREASING ADOPTION OF AI, robotics, AR/ VR ETC. WHICH CAN DISRUPT THE DEMAND FOR medical devices, IN TURN IMPACTING THE GROWTH of the MARKET
TOP Medical Device Contract Manufacturing GROWTH STORIES
MNM helped a leading Medical Device CMO company to understand presence of different players and their Strength in Medical Device CMO Market, which helped identify a revenue potential of $400-500 Mn Over Next 3-4 Years
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MNM helped a leading IVD Player to identify CMO Offerings in Other IVD Technology Segments and Adjacent IVD Services which helped them to generate a revenue potential of $200-300 Mn Over Next 5 Years
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MNM helped a Leading IVD Player to identify Key IVD Technology Segments and Type Of Customer Segments to Focus On which will help them to generate a revenue potential of $30-40 Mn Over Next 4-5 Years
Download PDFTHERE IS ~USD 110 BN POTENTIAL FOR MEDICAL DEVICE CONTRACT MANUFACTURING INDUSTRY WITHIN VARIOUS MEDICAL DEVICE TYPES, MORE THAN HALF OF WHICH IS COLLECTIVELY CONTRIBUTED BY IVD, DIAGNOSTIC IMAGING & CARDIOVASCULAR DEVICES
Medical device contract manufacturing market IS ESTIMATED TO GROW AT A HEALTHY CAGR OF 10-12% IN COMING 5 YEARS, DRIVEN BY growth of medical device market & technological advancements in medical device modalities
THERE IS ~USD 110 Bn POTENTIAL for contract manufacturing WITHIN various medical device types, more than HALF OF WHICH IS collectively CONTRIBUTED BY IVD, diagnostic imaging & cardiovascular devices
SIMILARLY, ADJACENT MARKETS HOLD A POTENTIAL OF more than USD 250 BILLION IN medical device contract manufacturing, MAJORITY OF WHICH WILL BE CONTRIBUTED BY IVD
WE HAVE ASSISTED A HOST OF CMO PLAYERS TO TAP HIGH GROWTH OPPORTUNITIES ACROSS EMERGING END-USERS, GEOGRAPHIES & COMPETITION
WHY DO COMPANIES NEED HELP TO GROW?
ABSENCE OF ORIGINAL RESEARCH:
- Complex and overlapping markets hence difficult to calculate market potential and TAM
- Insufficient secondary research for strategic decisions
INTELLIGENCE IS NOT DEMOCRATISED:
- Customer unmet needs to be understood by all market facing employees for new product development, service offerings, and vendor selection.
- Bleak knowledge about upcoming technologies and growing device types with respect to contract
GROWTH PROGRAM DESIGN AND EXECUTION:
- Lack of GTM knowledge and practice in competitive intelligence, pricing strategy and service offerings
SOME UNKNOWNS & ADJACENCIES
- Industry 4.0 technologies include cloud computing, machine-to-machine communication, and cyber-physical systems—enable advanced automation that helps overcome production challenges. The increasing adoption of Industry 4.0 technologies in the manufacturing of critical and sophisticated medical devices and the growing focus on enhancing the technology pool are expected to drive the growth of the medical device contract manufacturing market.
- For OEMs and start-ups, it is more efficient to leverage the experience and facilities of third-party organizations for device development rather than recruit and train people, purchase equipment, and develop facilities to manufacture medical devices. In line with this, contract manufacturing organizations continue to refine their operations to serve the evolving needs of OEMs better.
- Adjacent markets such as IVD, cardiovascular devices, diagnostic imaging devices provide immense growth opportunities with respect to contract manufacturing owing to changing focus of manufacturers towards outsourcing of production
GROWTH PROBLEMS ENCOUNTERED BY CMOs
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients' businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize large, mid-sized, or small medical device companies?
- What are the key unmet needs of customers? Who are the key stakeholders in different types of customers? Do vendor selection criteria differ by customers type? Which services should be added to the existing services?
Where to Play:
- Which services should we focus on? Should it be device development & manufacturing, quality management, packaging & assembly or any other?
- Which device types and class of devices should we focus on? Should it be IVD, diagnostic imaging, cardiovascular, drug delivery devices or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right to Win (RTW):
- For M&A, which are the right targets for us? Should we target device companies or consumables companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
OBSTACLES TO GROWTH FOR CURRENT PLAYERS
- Not able to keep pace with fast evolving medical device contract manufacturing industry - Consolidation in the medical devices market
- Many emerging companies eating up market share of established companies
- Limited clarity on unmet needs, hence requirements for services & product features
- Limited clarity on what type of related CMO services are growing at a faster pace Unclear picture about the regulatory scenario
- Unclear picture about the regulatory scenario
KEY UNCERTAINTIES/ PERSPECTIVES WHICH INDUSTRY LEADERS SEEK ANSWERS TO:
KEY QUESTIONS OF MEDICAL DEVICE CMOs
- What services will be relevant and redundant in the next 5 years?
- Which type of products/ projects (high tech vs low tech) are frequently outsourced by customers?
- Is there a preference for geographic proximity? Or benefit of manufacturing in a geographical market
- Which is the leading device class segment of the medical device contract manufacturing market?
- Which are the top industry players in the medical device contract manufacturing market? Does competitive intensity differ by region?
- What are the revenues and/or volumes of target products manufactured by top CMOs?
- What is the business model of top CMOs? What are the strategies adopted by top CMOs?
- What are some of the best practices in the CMO market for providers?
KEY QUESTIONS OF COMPANIES IN ADJACENT MARKETS
- What are the regulations involved in medical device & medical device contract manufacturing industry?
- What will be the impact of contract manufacturing on medical device industry?
- What are the potential revenue opportunities in adjacent medical device outsourcing services in next 5 years
- Who are top 4-5 medical device companies & medical device CMOs and what are their market shares?
- How is the competitive intensity in overall medical device industry?
LEADERS ACROSS VARIOUS FUNCTIONS IN Medical device contract manufacturing COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS (1)
LEADERS ACROSS VARIOUS FUNCTIONS IN Medical device contract manufacturing COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS (2)
LEADERS ACROSS VARIOUS FUNCTIONS IN Medical device contract manufacturing COMPANIES NEED HELP IN TACKLING BELOW INTERCONNECTED REVENUE RELATED PROBLEMS (3)
What is driving change
in your business
- Product life cycles getting shorter.
- Ecosystems getting converged.
- Newer technologies and new use-cases disrupting.
- New markets, new geographies, new clients, competition and partners.
Are changes only impacting you or your clients and their clients as well?
The trial will be a guided tour by our representative to help you discover the shift in revenue sources of your clients and clients' clients that will impact your revenue. This is your opportunity to unlock the research IP worth $100 million
THE MEDICAL DEVICE CONTRACT MANUFACTURING MARKET
FOR A LEADING MEDICAL DEVICE CMO COMPANY, WE HELPED CLIENT TO UNDERSTAND PRESENCE OF DIFFERENT PLAYERS AND THEIR STRENGTH IN MEDICAL DEVICE CMO MARKET, WHICH HELPED IDENTIFY A REVENUE POTENTIAL OF $ 400-500 MN OVER NEXT 3-4 YEARS
FOR A LEADING IVD PLAYER, MNM HELPED CLIENT IDENTIFY CMO OFFERINGS IN OTHER IVD TECHNOLOGY SEGMENTS AND ADJACENT IVD SERVICES WHICH WILL HELP THEM TO GENERATE A REVENUE POTENTIAL OF $200-300 MN OVER NEXT 5 YEARS
FOR A LEADING IVD PLAYER, MNM HELPED CLIENT IDENTIFY KEY IVD TECHNOLOGY SEGMENTS AND TYPE OF CUSTOMER SEGMENTS TO FOCUS ON WHICH WILL HELP THEM TO GENERATE A REVENUE POTENTIAL OF $30-40 MN OVER NEXT 4-5 YEARS
mnm RESEARCH FOCUSES ON HIGH GROWTH & NICHE MARKETS - such as IOMT medical devices, mhealth solutions, medical device connectivity, medical wearables AND RELATED MARKETS
MarketsandMarkets™ COVERAGE OF HIGH GROWTH NICHE MARKETS RELEVANT TO MEDICAL DEVICE CONTRACT MANUFACTURING
INDICATIVE LIST OF OTHER PROJECTS EXECUTED FOR medical device contract manufacturing organizations:
- STUDY
- IN VITRO DIAGNOSTICS (IVD) CONTRACT MANUFACTURING SERVICES MARKET
- IVD CONTRACT RESEARCH AND ASSAY DEVELOPMENT SERVICES MARKET
- IVD CONTRACT REGULATORY SERVICES MARKET
- IVD CONTRACT MANUFACTURING SERVICES MARKET - DEEP-DIVE ASSESSMENT FOR INDIA AND CHINA
- LYOPHILIZATION SERVICES MARKET IN IVD INDUSTRY
- MEDICAL DEVICE CONTRACT MANUFACTURING SERVICES MARKET
WE HAVE A COMPREHENSIVE UNDERSTANDING OF THE Medical device contract manufacturing ECOSYSTEM THROUGH OUR PROPRIETARY PLATFORM 'KNOWLEDGESTORE'.
AN EXAMPLE OF IVD Contract manufacturing ECOSYSTEM
MarketsandMarkets™ UNIQUENESS IS THE ABILITY TO HAVE A CASCADED VIEW OF REVENUE SHIFT ACROSS THE VALUE CHAIN.
impacting you and
your clients
MEDICAL DEVICE CONTRACT MANUFACTURING COMPANIES
Head of APAC Regional Business
Leading IVD CMO PlayerMany thanks to MarketsandMarkets team for their valuable insights and proactive, solution-oriented mindset during the past months. It was not easy across time-zones and given challenges such as COVID-19, yet you always managed to pragmatically move ahead and enrich our understanding of the IVD CMO space in these 2 key countries.
Head of Strategy
Leading IVD CMO PlayerThe data shared by the MnM team has been good. We are happy with the way it is presented, supporting documents presented by the research team. Some of the information is very valuable and reconfirms that the project is on the right track.
Second Panel
Third Panel
