The Medical Device Engineering Market Size is valued at USD 8.30 billion in 2023 and is predicted to reach USD 16.12 billion by the year 2031 at a 8.9% CAGR during the forecast period for 2024-2031.
Medical device engineering focuses on developing and refining instruments used in healthcare for disease detection, prognosis, treatment, and prevention. Engineers specializing in medical devices make sure they are up to code, work as intended, and improve health outcomes for patients. Several important factors are propelling the medical device engineering industry. Devices to manage age-related health concerns, such as mobility challenges, cardiovascular illnesses, and arthritis, are seeing a major uptick in demand due to the ageing population.
Additionally, this industry is experiencing innovation and growth due to supportive regulations and the expansion of healthcare infrastructure worldwide. Moreover, there is a growing demand for better diagnosis and treatment tools due to the increasing number of cases of long-term diseases such as cancer and diabetes. The demand for precise, high-tech devices has increased due to the increasing preference for less invasive operations. Rising medical technology investments and supportive government policies also bode well for future market expansion.
However, market expansion is hampered by the accessibility and affordability of medical devices, which a lack of knowledge, technical manufacturing hurdles, and high costs can hinder. Furthermore, the COVID-19 pandemic has boosted demand for medical device engineering products, like ventilators, diagnostic devices, and telemedicine technologies. There were initial delays in development and manufacturing due to supply chain interruptions and regulatory delays. In addition, the demand for medical device engineering is being propelled by the expanding healthcare infrastructure, increased healthcare expenditure, and an ever-increasing emphasis on health promotion and disease prevention.
Competitive Landscape
Some Major Key Players In The Medical Device Engineering Market:
- L&T Technology Services Limited
- Infosys Limited
- HCL Technologies Limited
- Cyient
- Wipro
- Tech Mahindra Limited
- TATA Consultancy Services Limited
- FlEX LTD
- Capgemini
- Embien Technologies India Pvt Ltd.
- Alten Group
- Accenture
- Consonance
- Althea Group
- MED INSTITUTE
- Saraca Solutions Private Limited
- Nemedio Inc.
- Sternum
- Medcrypt
- MCRA, LLC
- North American Science Associates, LLC
- MedQtech
- Veranex
- Ontogen Medtech LLC
- Seisa Media
- Simplexity Product Development
- Other Market Players
Market Segmentation:
The global medical device engineering market is segmented based on the service type and device type. Based on service type, the market is segmented into product innovation & design/industrial design services, prototyping services, electronics engineering services, software development & testing services, connectivity and mobility services, cybersecurity services, product testing services, regulatory consulting services, and product support & maintenance services. By device type, the market is segmented into diagnostic imaging equipment, surgical equipment, patient monitoring devices & life support devices, medical lasers, IVD devices, and others.
Based On The Device Type, The Software Development & Testing Service Market Is Accounted As A Major Contributor To The Medical Device Engineering Market
The software development & testing service in the medical device engineering market is expected to hold a major global market share in 2023. This is because software is progressively included in medical devices for therapy, monitoring, and diagnosis. Demand for strong development and testing services to guarantee flawless device performance and patient safety is driven by the need for dependable, safe, and compliant software as well as strict regulatory standards for safety and efficacy.
Diagnostic Imaging Equipment Segment To Witness Growth At A Rapid Rate
The diagnostic imaging equipment in the medical device engineering market is growing due to developments in imaging technology, the growing need for early and precise disease diagnosis, and the growing frequency of long-term diseases. Further driving demand for innovative diagnostic imaging technology are the increasing acceptance of less invasive techniques and the incorporation of AL and machine learning into imaging systems.
In The Region, The North American Medical Device Engineering Market Holds A Significant Revenue Share.
The North American global medical device engineering market is anticipated to note the highest market share in revenue in the near future. This is because of the swift uptake of cutting-edge medical technology and government measures that encourage healthcare innovation and provide strong support to the region. Moreover, medical device engineering is in high need due to the growing number of older people and the rising incidence of long-term illnesses. In addition, the Asia Pacific is anticipated to grow rapidly in the global medical device engineering market because this is because of developments in medical technology, more people living with chronic conditions, rising healthcare expenditure, more healthcare funding, and government policies that encourage research and development throughout the Asia-Pacific region.
Recent Developments:
- In March 2024, Wipro GE Healthcare has declared an investment over Rs 80 bn ($959m) in India to enhance its medical device technology production capabilities. The anticipated investment over the next five years will enhance the company's manufacturing output and local research and development (R&D). The initiative is anticipated to enhance Wipro GE Healthcare’s production capacity to meet the rising demand from both domestic and international markets.
Medical Device Engineering Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 8.30 Bn |
|
Revenue Forecast In 2031 |
USD 16.12 Bn |
|
Growth Rate CAGR |
CAGR of 8.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Service Type, Device Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
L&T Technology Services Limited, Infosys Limited, HCL Technologies Limited, Cyient, Wipro, Tech Mahindra Limited, TATA Consultancy Services Limited, FlEX LTD, Capgemini, Embien Technologies India Pvt Ltd., Alten Group, Accenture, Consonance, Althea Group, MED INSTITUTE, Saraca Solutions Private Limited, Nemedio Inc., Sternum, Medcrypt, MCRA, LLC, North American Science Associates, LLC, MedQtech, Veranex, Ontogen Medtech LLC, Seisa Media, and Simplexity Product Development. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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