Medical Component Manufacturing Market Size, Key Drivers, Growth, Demand, and Analysis 2024-2033

Overview and Scope

Medical component manufacturing refers to the production of individual components or parts used in manufacturing medical devices, instruments, and equipment used in healthcare. It manufactures components for various medical applications, such as surgical instruments, implantable devices, diagnostic equipment, and others.

Sizing and Forecast

The medical component manufacturing market size has grown strongly in recent years. It will grow from $13.29 billion in 2023 to $14.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in pharmaceutical r&d, expansion of the healthcare industry, increasing demand for diagnostic testing, globalization of the chemical industry, regulatory compliance requirements,.

The medical component manufacturing market size is expected to see strong growth in the next few years. It will grow to $18.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising demand for personalized medicine, increased focus on biotechnology research, growth in environmental testing, expansion of the food and beverage industry, globalization of drug manufacturing. Major trends in the forecast period include growing emphasis on green chemistry practices, increased use of automation in laboratories, rising demand for specialty chemicals, development of sustainable chemical processes, integration of artificial intelligence in laboratory workflows.

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Segmentation & Regional Insights

The medical component manufacturing market covered in this report is segmented –

1) By Process: Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding, Other Processes

2) By Service: Device Development And Manufacturing Services, Quality Management Services, Final Goods Assembly Services

3) By Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications

North America was the largest region in the medical component manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical component manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The rising demand for medical devices is driving the growth of the medical component manufacturing market going forward. Medical devices are instruments, machines, appliances, software, implants, or other similar articles used in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. Medical component manufacturing is used to manufacture components such as injection-molded and electronic components used in medical devices. For instance, in 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency that administers the Medicare program, federal retail spending on medical devices such as contact lenses, eyeglasses, and hearing aids increased by 21.8% compared to 2020. Furthermore, in February 2021, according to the US Food and Drug Administration, a US-based health regulatory authority, 40 innovative medical devices were approved in 2021, an increase of 25% from 32 approvals in 2020. Therefore, the increasing demand for medical devices drives the medical component manufacturing market.

Key Industry Players

Major companies operating in the medical component manufacturing market report are Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, Heraeus Holding GmbH, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips NV, Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Olympus Corporation, The Lubrizol Corporation, Intuitive Surgical Inc., Terumo Corporation, Varian Medical Systems Inc., West Pharmaceutical Services Inc., The Ensinger Group, 3D Systems Inc., Hudson Technologies Inc., Seisa Medical Inc, Viant Medical Inc., Anchor Harvey Components LLC, The Rodon Group, Nexxt Spine LLC, Hologic Inc., American Casting Company, Optimum Medical Limited, Walter Stern Inc.

The medical component manufacturing market report table of contents includes: