At what pace is the medical device design and development services market growing, and what is its estimated value?
The medical device design and development services market size has grown rapidly in recent years. It will grow from $12.00 billion in 2024 to $13.72 billion in 2025 at a compound annual growth rate (CAGR) of 14.36%. The growth in the historic period can be attributed to an aging population, growth of personalized medicine, rising healthcare spending, increased investment in R&D, and expanding healthcare infrastructure.
The medical device design and development services market size is expected to see rapid growth in the next few years. It will grow to $23.26 billion in 2029 at a compound annual growth rate (CAGR) of 14.10%. The growth in the forecast period can be attributed to increasing demand for diagnostics, a shift toward home healthcare, increasing need for diagnostic tools in disease detection, increasing use of imaging devices in diagnostics, and growing emphasis on preventative care. Major trends in the forecast period include the integration of AI and machine learning, 3D printing utilization, miniaturization of devices, telemedicine innovations, and innovation in surgical robotics.
Get Your Free Sample of The Global Medical Device Design And Development Services Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=20870&type=smp
What are the top drivers to the rising demand in the medical device design and development services market?
The growing prevalence of chronic diseases is expected to propel the growth of the medical device design and development services market going forward. Chronic diseases are long-lasting medical conditions that typically persist for a year or more, require ongoing medical attention, and can limit daily activities or overall quality of life. The growing prevalence of chronic diseases is attributed to factors such as aging populations, unhealthy lifestyle choices, poor diet, physical inactivity, and increased stress levels. Medical device design and development services play a crucial role in addressing chronic diseases by creating innovative, user-centric solutions that improve disease management, enhance patient outcomes, and streamline long-term care. For instance, in June 2024, according to the Australian Institute of Health and Welfare, an Australia-based government agency, the age-standardized death rate linked to chronic conditions was 448 per 100,000 population, which increased marginally to 459 per 100,000 in 2021 and rose further to 490 per 100,000 in 2022. Therefore, the growing prevalence of chronic diseases is driving the growth of the medical device design and development services market.
How is the medical device design and development services market segmented?
The medical device design and development services market covered in this report is segmented –
1) By Services: Designing And Engineering, Machining, Molding, Packaging
2) By Medical Devices: Cardiovascular Devices, Point Of Care (POC) Diagnostic Equipment, Hb1ac Testing, Drug Delivery Devices, Orthopedic Devices, Dental Devices, Imaging Devices, Surgical Devices, Sleep And Respiratory Devices, Other Medical Devices
3) By Application: Treatment, Diagnostics
4) By End Use: Medical Device Companies, Biotechnology Companies
Subsegments:
1) By Designing And Engineering: Product Concept Design, Prototyping And Testing, CAD Modeling And Simulation, Material Selection And Engineering
2) By Machining: Precision Machining, CNC Machining, Laser Cutting And Etching, Surface Finishing
3) By Molding: Injection Molding, Blow Molding, Compression Molding, Overmolding
4) By Packaging: Sterile Packaging, Custom Packaging Solutions, Regulatory-Compliant Packaging, Packaging For Distribution And Storage
Order your report now for swift delivery
Who are the top competitors in the medical device design and development services market?
Major companies operating in the medical device design and development services market are Johnson & Johnson Inc, Siemens Healthineers AG, Jabil Inc., Medtronic plc, Flex Ltd., Stryker Corporation, Quest Global Engineering Services Private Limited, Boston Scientific Corporation, Sanmina Corporation, Plexus Corp., Integer Holdings Corporation, Nordson MEDICAL Inc., Veranex Solutions, Cirtec Medical Corporation, Cambridge Design Partnership, Planet Innovation Technologies Pvt. Ltd., Ximedica LLC, Starfish Medical, Avail Medsystems, DeviceLab Inc.
What significant trends should we anticipate in the medical device design and development services market over the forecast period?
Major companies operating in the medical device design and development services market are focusing on integrating innovative solutions such as human-centric design principles to enhance user experience, improve product functionality, and ensure patient safety. Human-centric design principles refer to designing products, systems, or environments with a primary focus on the needs, preferences, and limitations of the end users, ensuring that usability, comfort, and accessibility are prioritized. For instance, in January 2023, ClariMed Inc., a US-based medical equipment manufacturing company, launched its first MedTech services partner focused on delivering integrated, human-centered solutions for medical product development. This initiative focuses on providing comprehensive, end-to-end services that integrate product strategy, design, development, and regulatory compliance into a seamless process. By prioritizing patient needs and usability, the platform ensures that medical devices are not only technologically advanced but also user-friendly and effective.
Which regional trends are influencing the medical device design and development services market, and which area dominates the industry?
North America was the largest region in the medical device design and development services market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device design and development services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Medical Device Design And Development Services Market Report 2025 Offer?
The medical device design and development services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Medical device design and development services involve the creation and enhancement of medical devices, ensuring they meet regulatory standards and user needs. These services focus on developing innovative, safe, and effective healthcare products, from initial concept through to commercialization.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=20870
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
