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.
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.
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.
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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 8.30 Bn |
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Revenue Forecast In 2031 |
USD 16.12 Bn |
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Growth Rate CAGR |
CAGR of 8.9% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Service Type, Device Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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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. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Medical Device Engineering Market Snapshot
Chapter 4. Global Medical Device Engineering Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Medical Device Engineering Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Medical Device Engineering Industry Trends
Chapter 5. Medical Device Engineering Market Segmentation 1: By Service Type, Estimates & Trend Analysis
5.1. Market Share by Service Type, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Service Type:
5.2.1. Hardware
5.2.2. Software
5.2.3. Services
Chapter 6. Medical Device Engineering Market Segmentation 2: By Device Type, Estimates & Trend Analysis
6.1. Market Share by Device Type, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Device Types:
6.2.1. On-premises
6.2.2. Cloud-based
Chapter 7. Medical Device Engineering Market Segmentation 3: Regional Estimates & Trend Analysis
7.1. Global Medical Device Engineering Market, Regional Snapshot 2023 & 2031
7.2. North America
7.2.1. North America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.2.1.1. US
7.2.1.2. Canada
7.2.2. North America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2024-2031
7.2.3. North America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Device Type, 2024-2031
7.3. Europe
7.3.1. Europe Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.3.1.1. Germany
7.3.1.2. U.K.
7.3.1.3. France
7.3.1.4. Italy
7.3.1.5. Spain
7.3.1.6. Rest of Europe
7.3.2. Europe Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2024-2031
7.3.3. Europe Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Device Type, 2024-2031
7.4. Asia Pacific
7.4.1. Asia Pacific Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.4.1.1. India
7.4.1.2. China
7.4.1.3. Japan
7.4.1.4. Australia
7.4.1.5. South Korea
7.4.1.6. Hong Kong
7.4.1.7. Southeast Asia
7.4.1.8. Rest of Asia Pacific
7.4.2. Asia Pacific Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2024-2031
7.4.3. Asia Pacific Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Device Type, 2024-2031
7.4.4. Asia Pacific Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts By Customer Type, 2024-2031
7.5. Latin America
7.5.1. Latin America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031
7.5.1.1. Brazil
7.5.1.2. Mexico
7.5.1.3. Rest of Latin America
7.5.2. Latin America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2024-2031
7.5.3. Latin America Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Device Type, 2024-2031
7.6. Middle East & Africa
7.6.1. Middle East & Africa Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
7.6.1.1. GCC Countries
7.6.1.2. Israel
7.6.1.3. South Africa
7.6.1.4. Rest of Middle East and Africa
7.6.2. Middle East & Africa Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2024-2031
7.6.3. Middle East & Africa Medical Device Engineering Market Revenue (US$ Million) Estimates and Forecasts by Device Type, 2024-2031
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. L&T Technology Services Limited
8.2.1.1. Business Overview
8.2.1.2. Key Product/Service Offerings
8.2.1.3. Financial Performance
8.2.1.4. Geographical Presence
8.2.1.5. Recent Developments with Business Strategy
8.2.2. Infosys Limited
8.2.3. HCL Technologies Limited
8.2.4. Cyient
8.2.5. Wipro
8.2.6. Tech Mahindra Limited
8.2.7. TATA Consultancy Services Limited
8.2.8. FlEX LTD
8.2.9. Capgemini
8.2.10. Embien Technologies India Pvt Ltd.
8.2.11. Alten Group
8.2.12. Accenture
8.2.13. Consonance
8.2.14. Althea Group
8.2.15. MED INSTITUTE
8.2.16. Saraca Solutions Private Limited
8.2.17. Nemedio Inc.
8.2.18. Sternum
8.2.19. Medcrypt
8.2.20. MCRA, LLC
8.2.21. North American Science Associates, LLC
8.2.22. MedQtech
8.2.23. Veranex
8.2.24. Ontogen Medtech LLC
8.2.25. Seisa Media
8.2.26. Simplexity Product Development
8.2.27. Other Market Players
Medical Device Engineering Market By Service Type-
Medical Device Engineering Market By Device Type-
Medical Device Engineering Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
