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.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The medical device engineering services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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