What Is The Overview Of The Global Medical Device Engineering Services Market?
Medical device engineering services refers to a specialized sector within the medical device industry that focuses on providing engineering and technical support throughout the lifecycle of medical devices. These services encompass a broad range of activities essential for the design, development, manufacturing, testing, regulatory compliance, and maintenance of medical devices.
Medical Device Engineering Services Global Market Report 2024 provides data on the global medical device engineering services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical device engineering services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Medical Device Engineering Services ?
The medical device engineering services market has experienced strong growth, rising from $4.46 billion in 2023 to $4.98 billion in 2024 at a CAGR of 11.6%. Historical growth has been fueled by demographic shifts, rising chronic disease prevalence, increased healthcare budgets, expansion of medical device companies, and the growth of home healthcare. The market is projected to reach $7.76 billion by 2028, with a CAGR of 11.7%. Future growth drivers include the expansion of telemedicine, increased adoption of wearable health devices, advances in 3D printing technology, and a focus on precision medicine. Emerging trends include the use of AR and VR in device design, wireless power transfer technologies, advancements in imaging, and smart implant development.
What Are The Leading Drivers Of Growth In The Medical Device Engineering Services Market?
The growing number of diabetes patients is expected to fuel the growth of the medical device engineering services market. Diabetes is characterized by high blood sugar levels due to problems with insulin production or action. The increasing prevalence of diabetes is driven by sedentary lifestyles, aging populations, genetic factors, and dietary changes. Medical device engineering services support diabetes management by innovating technologies such as glucose monitors, insulin delivery systems, artificial pancreas, wearables, and user-friendly designs. For instance, the Cleveland Clinic estimated that 537 million adults globally had diabetes in 2023, with projections reaching 643 million by 2030 and 783 million by 2045. Therefore, the growing patient population with diabetes is driving the demand for medical device engineering services.
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How Are The Segments Defined Within The Global Medical Device Engineering Services 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
How Are New Trends Expected To Influence The Growth Of The Medical Device Engineering Services Market?
Leaders in the medical device engineering services industry are embracing integrated service models to streamline product development and enhance device functionality. Integrated medical device services encompass the full lifecycle of medical products, from design to post-market support. In January 2023, ClariMed, Inc., a US-based MedTech services firm, introduced an integrated medical device service platform to address the industry's need for efficient, human-centric solutions. This approach leverages partnerships with top-tier providers to improve the MedTech product development process.
Which Region Drives The Highest Growth In The Medical Device Engineering Services Market?
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.
