What Has Been the Growth of the Medical Device Design And Development Services Market So Far?
The medical device design and development services market has seen considerable growth due to a variety of factors.
• In recent times, the market size for medical device design and development services has experienced significant growth. It is projected to expand from $12.00 billion in 2024 to $13.72 billion in 2025, equating to a compound annual growth rate (CAGR) of 14.36%.
The growth observed in the historic period could be due to an older population, the rise of personalized medicine, increasing healthcare expenditure, heightened R&D investments, and a burgeoning healthcare infrastructure.
What Is the Forecasted Market Size and Growth Rate for The Medical Device Design And Development Services Market?
The medical device design and development services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of medical device design and development services is projected to experience an accelerated growth in the upcoming years, expanding to $23.26 billion by 2029 with a compound annual growth rate (CAGR) of 14.10%.
Factors facilitating this progression in the forecast period include the heightened demand for diagnostics, a transition to home healthcare, an escalating need for disease detecting tools, an increased usage of imaging devices in diagnostics, and a renewed focus on preventative care. The major emerging trends throughout the anticipated period encompass the incorporation of artificial intelligence and machine learning, exploitation of 3D printing, device downsizing, advancements in telemedicine, and innovations in the realm of surgical robotics.
Which Factors Are Boosting Growth In The Medical Device Design And Development Services Market?
The escalating occurrence of persistent disorders is projected to spur the expansion of the medical device design and development services market in the future. Persistent disorders refer to enduring medical conditions that generally persist for more than a year, necessitating continuous medical care, and may hinder everyday activities or the overall quality of life. The increasing occurrence of these chronic diseases can be ascribed to factors such as ageing populations, unhealthy lifestyle habits, poor nutrition, lack of physical activity, and heightened stress levels. Medical device design and development services are critical in tackling chronic diseases by formulating innovative, patient-focused solutions that improve disease handling, amplify patient outcomes, and simplify long-term care. For example, according to the Australian Institute of Health and Welfare, a government agency based in Australia, in June 2024, the age-standardized death rate associated with chronic conditions was 448 per 100,000 population. This rate slightly increased to 459 per 100,000 in 2021, and escalated further to 490 per 100,000 in 2022. Therefore, the escalating occurrence of chronic diseases is fueling the expansion of the medical device design and development services market.
What Key Areas Define The Segmentation Of The Global Medical Device Design And Development Services Market?
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
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How Are Emerging Trends Reshaping The Dynamics Of The Medical Device Design And Development Services Market?
Major companies in the medical device design and service development market are putting their resources into incorporating state-of-the-art solutions like human-centric design principles. The aim is to enrich the user experience, enhance the functionality of the product, and guarantee patient safety. The concept of human-centric design relates to the creation of products or systems with the main emphasis on meeting the needs and preferences of the end users, making sure that convenience, comfort, and accessibility are key. For instance, in January 2023, ClariMed Inc., a medical equipment producer based in the US, unveiled its foremost MedTech service partner that concentrates on delivering integrative, human-focused solutions for medical product development. This effort is geared towards offering comprehensive services that smoothly merge product strategy, design, development, and regulatory compliance. By putting patient requirements and usability first, this platform ensures the production of medical devices that are both technologically progressive and user compatible, as well as efficient.
Who Are the Key Players in the Medical Device Design And Development Services Market?
Major companies operating in the medical device design and development services market are include:
• 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 Is The Most Dominant Region In The Medical Device Design And Development Services Market?
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.
