The medical device engineering services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Medical Device Engineering Services Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The medical device engineering services market size has grown rapidly in recent years. It will grow from $4.46 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to demographic shifts towards an older population, rising incidences of chronic diseases, historical increases in healthcare budgets, expansion of medical device companies, and early adoption and growth of home healthcare.
The medical device engineering services market size is expected to see rapid growth in the next few years. It will grow to $7.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to expansion of telemedicine and remote patient monitoring, increasing adoption of wearable health devices, growth in the use of 3d printing technology, and growth in precision and personalized medicine. Major trends in the forecast period include use of AR and VR in device design, development of wireless charging and power transfer technologies, advances in imaging technologies, development of artificial organs and advanced prosthetics, and development of smart implants with sensors.
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Scope Of Medical Device Engineering Services MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Device Engineering Services Market Overview
Market Drivers -The growing patient population suffering from diabetes is expected to propel the growth of the medical device engineering services market going forward. Diabetes is a medical condition characterized by high blood glucose (sugar) levels resulting from defects in insulin production, insulin action, or both. The rising prevalence of diabetes is attributed to factors like sedentary lifestyles, aging populations, genetic predisposition, and dietary changes, driving an increase in the patient population. Medical device engineering services drive diabetes management by innovating glucose monitors, insulin delivery systems, artificial pancreas technology, wearables, and user-friendly designs. For instance, in February 2023, according to the Cleveland Clinic, a US-based non-profit academic medical center, globally, an estimated 537 million adults were diagnosed with diabetes, with projections suggesting an increase to 643 million by 2030 and 783 million by 2045. Therefore, the growing patient population suffering from diabetes is driving the growth of the medical device engineering services market.
Market Trends – Major companies operating in the medical device engineering services market focus on developing innovative technological solutions, such as integrated medical device services partners, to enhance their functionality, connectivity, and patient monitoring capabilities. Integrated medical device services are a comprehensive suite of services provided by specialized firms that support the entire lifecycle of a medical device, from initial concept through design, development, and post-market support, ensuring seamless coordination and efficiency across all stages. For instance, in January 2023, ClariMed, Inc., a US-based medical device development and regulatory services company, launched an integrated medical device services partner to address the growing need in the MedTech industry for an integrated approach to medical product development. This initiative aims to provide a human-centric approach to the MedTech product lifecycle by integrating best-of-breed service partners across product design, engineering, and development services. This model involves collaborating with top-tier service providers across various domains, such as product design, engineering, and development services, to streamline the product lifecycle and enhance the efficiency of bringing medical devices to market.
The medical device engineering services market covered in this report is segmented –
1) By Services: Designing & Engineering, Machining, Molding, Packaging
2) By Device Type: Imaging Devices, Therapeutic Devices, In-Vitro Diagnostic Devices, Diagnostic And Patient Monitoring Devices, Surgical Devices, Other Devices
3) By End-use: Medical Device Companies, Biotechnology Companies
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Regional Insights – North America was the largest region in the medical device engineering services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies – Major companies operating in the medical device engineering services market are Johnson & Johnson, Accenture Plc, Abbott Laboratories, 3M Healthcare, Medtronic Plc, Tata Consultancy Services, Siemens Healthineers, Philips Healthcare, Becton Dickinson and Company, Stryker Corporation, GE Healthcare, Infosys Limited, Baxter International, Boston Scientific, HCL Technologies Limited, Wipro Limited, Zimmer Biomet, Tech Mahindra, Terumo Corporation, Intuitive Surgical, Edwards Lifesciences, Smith & Nephew, Hologic Inc., Varian Medical Systems, Nordson Corporation, L&T Technology Services Limited., Althea Group, Roche Diagnostics, Altran Technologies SA, ClariMed Inc.
Table of Contents
1. Executive Summary
2. Medical Device Engineering Services Market Report Structure
3. Medical Device Engineering Services Market Trends And Strategies
4. Medical Device Engineering Services Market – Macro Economic Scenario
5. Medical Device Engineering Services Market Size And Growth
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27. Medical Device Engineering Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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