How Has The Medical Component Manufacturing Market Size Grown Over The Years, And What Is The Forecast Growth Rate?
The medical component manufacturing market size has seen strong growth in recent years, escalating from $14.28 billion in 2024 to an estimated $15.17 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. This historic growth can be attributed to factors such as pharmaceutical R&D expansion, an enlarged healthcare industry, an increase in diagnostic testing demand, chemical industry globalization, and regulatory compliance requirements. The market size is projected to continue its strong growth, reaching $20.22 billion in 2029 at a CAGR of 7.4%. The expected growth during the forecast period is due to a surge in demand for personalized medicine, a focus on biotechnology research, increased environmental testing, expansion of food and beverage industry, and globalization of drug manufacturing.
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What Is Driving The Growth Of The Medical Component Manufacturing Market?
The medical component manufacturing market’s growth is being propelled by the rising demand for medical devices. Such devices, including instruments, machines, appliances, software, and implants, are utilized in diagnosing, preventing, monitoring, treating, or mitigating diseases or medical conditions in humans. Medical component manufacturing is instrumental in producing parts like injection-molded and electronic components used in medical devices. For instance, the International Trade Administration stated the medical devices industry grew from US$ 1,856 million in 2021 to US$ 2,049 million in 2022.
What Are The Major Segments In The Medical Component Manufacturing Market?
The medical component manufacturing market in this report is segmented as follows:
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
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Who Are The Major Players In The Medical Component Manufacturing Market?
Major companies operating in the medical component manufacturing market include 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, and others.
What Are The Emerging Trends In The Medical Component Manufacturing Market?
Major market players are developing advanced technologies such as metal injection molding technology to enhance precision and reduce production waste. Companies like Biomerics have launched vertically integrated metal injection molding (MIM) services, which have significantly aided in manufacturing complex, high-performance interventional medical devices.
Which Region Is Leading The Medical Component Manufacturing Market, And Which Is Expected To Grow Fastest?
In 2024, North America was the largest region in the medical component manufacturing market. Asia-Pacific is projected to witness the fastest growth during the forecast period.
What Is The Medical Component Manufacturing Global Market Report 2024 Expected To Offer In 2025?
Medical component manufacturing involves producing individual components used in manufacturing medical devices, instruments, and equipment. The Medical Component Manufacturing Global Market Report 2024 offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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