The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The Business Research Company’s Medical Device Engineering Services Global Market Report 2024 offers crucial insights into the medical device engineering services market help businesses analyse and build stronger strategies.

 

Market Growth Overview

The medical device engineering services market has seen significant growth, with the market size increasing rapidly:

• 2023: $4.46 billion
• 2024: $4.98 billion (CAGR of 11.6%)
• 2028: $7.76 billion (CAGR of 11.7%)

This growth is driven by demographic shifts, rising chronic disease incidences, healthcare budget increases, and the expansion of medical device companies.

Factors Driving Market Growth

Demographic Shifts and Chronic Diseases

• Impact: The aging population and rising chronic disease incidences drive demand for medical devices.
• Drivers: Higher life expectancy and lifestyle-related diseases increase the need for advanced medical solutions.

Historical Healthcare Budget Increases

• Impact: Increased funding enhances research, development, and deployment of medical devices.
• Drivers: Government and private sector investments in healthcare infrastructure.

Expansion of Medical Device Companies

• Impact: Growth in the number of companies accelerates innovation and market competition.
• Drivers: Startups and established companies investing in new technologies.

Home Healthcare Growth

• Impact: Early adoption of home healthcare solutions boosts the market.
• Drivers: Increased focus on patient convenience and remote monitoring.

 

Read The Full Medical Device Engineering Services Market Report Here:

https://www.thebusinessresearchcompany.com/report/medical-device-engineering-services-global-market-report

 

Future Growth Drivers

Telemedicine and Remote Patient Monitoring

• Impact: The expansion of telemedicine and remote monitoring technologies supports market growth.
• Drivers: Demand for remote healthcare solutions and accessibility.

Adoption of Wearable Health Devices

• Impact: Growing use of wearables for health monitoring propels market growth.
• Drivers: Consumer interest in fitness and health tracking.

3D Printing Technology

• Impact: Advances in 3D printing revolutionize medical device manufacturing.
• Drivers: Customization and rapid prototyping capabilities.

Precision and Personalized Medicine

• Impact: Growth in precision medicine requires specialized medical devices.
• Drivers: Increasing focus on tailored healthcare solutions.

Major Trends and Innovations

AR and VR in Device Design

• Impact: Use of augmented and virtual reality enhances device design and training.
• Trends: Virtual simulations and interactive design processes.

Wireless Charging and Power Transfer Technologies

• Impact: The development of wireless power solutions improves device usability.
• Trends: Integration of wireless charging in medical implants and wearables.

Advances in Imaging Technologies

• Impact: Improved imaging technologies enhance diagnostics and treatment.
• Trends: High-resolution imaging and portable diagnostic devices.

Development of Artificial Organs and Prosthetics

• Impact: Innovations in artificial organs and prosthetics improve patient outcomes.
• Trends: Biocompatible materials and advanced engineering techniques.

Smart Implants with Sensors

• Impact: Development of smart implants for real-time health monitoring.
• Trends: Integration of sensors for continuous data collection and analysis.

Impact of Diabetes Prevalence

Growing Diabetes Population

• Impact: Rising diabetes cases drive demand for innovative medical devices.
• Statistics: Estimated 537 million adults with diabetes, projected to reach 643 million by 2030 and 783 million by 2045.

Diabetes Management Devices

• Impact: Innovation in glucose monitors, insulin delivery systems, and wearables.
• Drivers: Need for effective and user-friendly diabetes management solutions.

Key Players in the Market

Leading companies shaping the medical device engineering services market include:

• Johnson & Johnson
• Accenture Plc
• Abbott Laboratories
• Medtronic Plc
• Siemens Healthineers
• Philips Healthcare
• GE Healthcare
• Boston Scientific
• HCL Technologies Limited
• Wipro Limited

Recent Developments

Integrated Medical Device Services

• Impact: Enhanced product lifecycle efficiency with integrated services.
• Example: ClariMed, Inc. launched integrated medical device services in January 2023.

Acquisition to Enhance Capabilities

• Impact: Sanner Group’s acquisition of Springboard Pro Ltd. enhances medical device design and development.
• Example: Acquisition aims to support drug delivery and diagnostics services.

Market Segmentation

By Services

• Designing & Engineering
• Machining
• Molding
• Packaging

By Device Type

• Imaging Devices
• Therapeutic Devices
• In-Vitro Diagnostic Devices
• Diagnostic and Patient Monitoring Devices
• Surgical Devices
• Other Devices

By End-use

• Medical Device Companies
• Biotechnology Companies

Regional Insights

North America

• Status: Largest market in 2023.
• Factors: Advanced healthcare infrastructure and high R&D investment.

Asia-Pacific

• Forecast: Expected to be the fastest-growing region.
• Drivers: Increasing healthcare expenditure and technological advancements.

Conclusion

The medical device engineering services market is poised for significant growth, driven by technological advancements, demographic shifts, and increasing healthcare demands. Innovations in AR, VR, 3D printing, and wearable technologies will continue to shape the future of this dynamic market, providing ample opportunities for companies to innovate and thrive.

 

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The Medical Device Engineering Services Global Market Report 2024  provides a comprehensive outlook of the medical device engineering services market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The medical device engineering services market forecast offers a thorough analysis on medical device engineering services market size, medical device engineering services market share, prominent players and their strategies.

 

The Table Of Content For The Medical Device Engineering Services Market Include:
1. Medical Device Engineering Services Market Executive Summary
2. Medical Device Engineering Services Market Segments
3. Medical Device Engineering Services Market Size And Medical Device Engineering Services Market Growth Rate
4. Key Medical Device Engineering Services Market Trends
5. Major Medical Device Engineering Services Market Drivers
……
25. Key Mergers And Acquisitions In The Medical Device Engineering Services Market
26. Top Medical Device Engineering Services Companies
27. Medical Device Engineering Services Market Opportunities And Strategies
28. Medical Device Engineering Services Market, Conclusions And Recommendations
29. Appendix

 

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