What is the Historical Analysis of the Medical Component Manufacturing Market Size?
The medical component manufacturing market has seen considerable growth due to a variety of factors.
•The market size of medical component manufacturing has seen robust growth in the past few years. It is projected to increase from $14.28 billion in 2024 to $15.17 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%.
This growth during the historic period can be linked to the expansion in pharmaceutical research and development, growth of the healthcare sector, rising demand for diagnostic tests, the globalization of the chemical sector, and stringent regulatory compliance obligations.
What is the Forecasted Growth of the Medical Component Manufacturing Market Size?
The medical component manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• There is an expectation for the medical component manufacturing market to experience robust expansion in the upcoming years, with projections estimating it will reach $20.22 billion by 2029, exhibiting a 7.4% compound annual growth rate (CAGR).
Several factors are driving growth during this forecast period, including an inflating demand for personalized medicine, heightened concentration on biotechnological research, increased environmental testing, the broadening reach of the food and beverage sector, and the worldwide spread of drug manufacturing. The period is also expected to witness growing trends such as enhanced focus on green chemistry practices, the escalating use of automation in labs, rising requisition for specialty chemicals, progression towards sustainable chemical procedures, and the integration of artificial intelligence in lab workflows.
What Key Factors and Trends are Driving the Growth of the Medical Component Manufacturing Market?
The growth momentum of the medical component manufacturing market is propelled primarily by the increasing demand for medical devices. These medical devices encompass a range of items, including software, implants, appliances, machines, or other similar articles, all purposed for diagnosing, preventing, monitoring, treating, or mitigating diseases or other health conditions in individuals. The process of medical component manufacturing specifically involves the production of critical parts like injection-molded and electronic components that are integral to these medical devices. As indicated by the International Trade Administration, a government agency based in the US, the medical devices industry witnessed considerable growth, scaling up from US$ 1,856 million in 2021 to a whopping US$ 2,049 million in 2022. It was particularly around this time in January 2024. Hence, it becomes evident that the surge in medical devices demand serves as the key impetus propelling the evolution of the medical component manufacturing market.
What are the Market Segments in the Medical Component Manufacturing Market?
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
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
Pre-Book The Medical Component Manufacturing Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends are Shaping the Medical Component Manufacturing Market?
Significant players in the medical component manufacturing market are introducing advanced technologies like metal injection molding technology, improving accuracy and minimizing production waste. Metal injection molding technology is essentially a manufacturing process integrating injection molding and powder metallurgy methods to manufacture intricate and highly precise metal parts by injecting a mix of metal powder and polymer into a mold. For example, Biomerics, a medical equipment manufacturer from the US, introduced vertically integrated metal injection molding (MIM) services in October 2024. A new Metal Injection Molding (MIM) service is currently accessible via a Center of Excellence, boosting abilities in fabricating complex, high-performance interventional medical instruments.
Who Are the Key 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
• 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.
What are the Regional Insights into 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
