How Has the Medical Device Engineering Services Market Size Evolved in Recent Years?
The medical device engineering services market has seen considerable growth due to a variety of factors.
• The medical device engineering services market has expanded rapidly in recent years. It will grow from $4.98 billion in 2024 to $5.58 billion in 2025, reflecting a CAGR of 12.0%.
This growth can be attributed to demographic shifts toward an older population, an increase in chronic diseases, rising healthcare budgets, the expansion of medical device companies, and the early adoption of home healthcare technologies.
What Are The Predictions for The Medical Device Engineering Services Market in the Coming Years?
The medical device engineering services market is expected to maintain its strong growth trajectory in upcoming years.
• The medical device engineering services market is expected to grow rapidly to $8.65 billion by 2029 at a CAGR of 11.6%.
Growth is driven by the expansion of telemedicine, wearable health devices, 3D printing adoption, and advancements in precision and personalized medicine. Key trends include AR and VR in device design, wireless charging development, imaging technology advances, artificial organ development, and smart implants with sensors.
Which Drivers Are Accelerating Growth In The Medical Device Engineering Services Market?
The increasing number of diabetes patients is expected to drive growth in the medical device engineering services market. The rise in diabetes, fueled by sedentary lifestyles and aging populations, is increasing demand for devices that help manage the condition. Medical device engineering services are critical in developing innovative solutions like glucose monitors, insulin delivery systems, and wearable technologies. In February 2023, the Cleveland Clinic estimated that 537 million adults were diagnosed with diabetes globally, with numbers expected to rise by 2045, driving the need for medical device engineering services.
What Are The Core Segments Of 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
Subsegments:
1) By Designing & Engineering: Product Design, Prototyping, Testing And Validation, Regulatory Support
2) By Machining: CNC Machining, Laser Cutting, EDM (Electrical Discharge Machining)
3) By Injection Molding: Plastic Injection Molding, Rubber Molding, Metal Injection Molding, Compression Molding
4) By Packaging: Sterile Packaging, Custom Packaging Solutions, Labeling And Documentation, Shipping And Storage Solutions
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Which Emerging Market Trends Are Altering The Medical Device Engineering Services Industry?
Leading entities in the medical device engineering services sector are making progressive efforts to innovate tech-based solutions such as integrated medical device services partners for improved functionality, connection, and patient monitoring abilities. Integrated medical device services comprise a range of solutions given by specialized companies covering complete medical device lifecycle - starting with the conception, proceeding with design and development, and ending with post-launch support. It ensures smooth coordination and efficacy throughout all phases. In January 2023, for instance, ClariMed, Inc., an American firm specializing in medical device development and regulatory services, introduced an integrated medical device services partner in response to the growing MedTech industry demand for a unified approach to medical product development. The goal of this initiative is to implement a human-centric approach to the MedTech product lifecycle by incorporating top-quality service partners throughout the product design, engineering, and development services. This model inclines towards cooperation with top-level service providers in varying fields, such as product design, engineering, and development services, to refine the product lifespan and optimize the process of launching medical devices in the market.
Who Are the Key Players In The Medical Device Engineering Services Market?
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.
What Are The Regional Insights Into 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.
