Growth, Trends, and Opportunities in the Medical Device Engineering Services Market: Key Insights for the Next Decade
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What is the Long-Term Projected Growth Rate for the Medical Device Engineering Services Market, and What Are the Key Drivers?
The market for medical device engineering services has seen a swift increase in size over recent years. This market is projected to expand from its $4.98 billion value in 2024 to hit a higher mark of $5.58 billion in 2025, growing at a compound annual growth rate (CAGR) of 12.0%. Factors such as demographic changes leaning towards an aging population, a surge in chronic disease cases, historical augmentation of healthcare budgets, growth and expansion of medical device corporations, along with early acceptance and enhancement of home healthcare can be credited for the growth witnessed in the past period.
The market size for medical device engineering services is predicted to witness a substantial increase over the next few years, enlarging to $8.65 billion by 2029 with a compound annual growth rate (CAGR) of 11.6%. The surge during the projected period can be credited to the expansion of remote patient monitoring and telemedicine, the mounting acceptance of wearable health devices, the escalation in utilization of 3D printing technology, and the advancement in precision and personalized medicine. Predominant trends anticipated during this period consist of the employment of AR and VR in device design, the evolution of power transfer and wireless charging technologies, enhancements in imaging technologies, the creation of artificial organs and advanced prosthetics, and the creation of smart implants incorporated with sensors.
What Are the Primary Drivers Supporting the Growth of the Medical Device Engineering Services Market?
The increase in individuals plagued by diabetes is anticipated to fuel the expansion of the medical device engineering services industry. Diabetes, a disease marked by elevated blood glucose (sugar) levels due to impaired insulin production or action or a combination of both, is on the rise due to factors such as inactive lifestyles, aging demographics, genetic susceptibility, and changes in diet, all of which contribute to a growth in the patient population. The management of diabetes is enhanced by medical device engineering services through the development of various products like glucose monitors, insulin delivery systems, artificial pancreas technology, wearable devices, and user-friendly designs. The Cleveland Clinic, a non-profit academic medical center in the US, reported in February 2023 that an estimated 537 million adults were diagnosed with diabetes worldwide, with forecasted increases to 643 million by 2030 and 783 million by 2045. Hence, the escalating number of diabetes patients is stimulating the expansion of the medical device engineering services market.
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Which Companies Are Leading the Charge in Expanding the Medical Device Engineering Services Market?
Major companies operating in the medical device engineering services market are:
• Johnson & Johnson_x000D_
• Accenture Plc_x000D_
• Abbott Laboratories_x000D_
• 3M Healthcare_x000D_
• Medtronic Plc_x000D_
What New Trends Are Reshaping the Medical Device Engineering Services Market and Its Opportunities?
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.
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Which Key Segments Stand Out in Understanding the Composition of the 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
What Are the Top Regions Fueling 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.
What Are the Defining Features of the 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.
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