The Business Research Company’s report on the Medical Component Manufacturing Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the medical component manufacturing market further?
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 January 2024, according to the International Trade Administration, a US-based government agency, the medical devices industry grew from US$ 1,856 million in 2021 to US$ 2,049 million in 2022. Therefore, the rising demand for medical devices is driving the medical component manufacturing market.
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What are the key factors influencing the forecasted market size of the medical component manufacturing industry?
The medical component manufacturing market size has grown strongly in recent years. It will grow from $14.28 billion in 2024 to $15.17 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. 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, and regulatory compliance requirements
The medical component manufacturing market size is expected to see strong growth in the next few years. It will grow to $20.22 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. 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, and globalization of drug manufacturing. Major trends in the forecast period include a growing emphasis on green chemistry practices, increased use of automation in laboratories, rising demand for specialty Chemicals, development of sustainable chemical processes, and integration of artificial intelligence in laboratory workflows.
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Who are the leading competitors in the medical component manufacturing market?
Major companies operating in the medical component manufacturing market include Johnson & Johnson IT & Communication Technology 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 IT & Communication Technology 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.
Which emerging trends are set to transform the medical component manufacturing market landscape?
Major companies operating in the medical component manufacturing market are developing advanced technologies such as metal injection molding technology which enhances precision and reduces production waste. Metal injection molding technology refers to a manufacturing process that combines the techniques of injection molding and powder metallurgy to produce complex and high-precision metal parts by injecting a mixture of metal powder and polymer into a mold. For instance, in October 2024, Biomerics, a US-based Healthcare manufacturing company, launched vertically integrated metal injection molding (MIM) IT & Communication Technology. A new Metal Injection Molding (MIM) service is now available through a Center of Excellence, enhancing capabilities in producing complex, high-performance interventional medical devices.
How do different geographies compare in terms of market share and growth potential in the medical component manufacturing market?
North America was the largest region in the medical component manufacturing market in 2024. 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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Which major segments of the medical component manufacturing market are experiencing the fastest growth?
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 IT & Communication Technology, Quality Management IT & Communication Technology, Final Goods Assembly IT & Communication Technology
3) By Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications
Subsegments:
1) By Forging: Open-Die Forging, Closed-Die Forging, Precision Forging
2) By Metal Injection Molding: Stainless Steel Components, Titanium Components, Other Metal Components
3) By 3D Printing: Polymer-Based Printing, Metal-Based Printing, Bioprinting
4) By Ceramic Injection Molding: Alumina Components, Zirconia Components, Other Ceramic Materials
5) By Investment Casting: Precision Investment Casting, Shell Casting, Other Investment Casting Techniques
6) By Plastic Injection Molding: Thermoplastics, Thermosetting Plastics, Biodegradable Plastics
7) By Other Processes: Extrusion, Machining, Die Casting
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How is the medical component manufacturing market defined, and what are its core characteristics?
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.
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