MEDICAL DEVICE ENGINEERING SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global medical device engineering services market has been facing intense competition among leading players which has posed challenges for market growth in recent years. With several big corporations providing end-to-end device development services, there is high competition to acquire new clients and projects. Many large outsourcing companies have expanded their service portfolios and invested heavily in capabilities like product design and development, prototyping, testing, and manufacturing support services across many therapeutic areas. This level of consolidation and expanded capabilities among the top players has made it difficult for smaller and mid-sized players to compete for sizeable long-term contracts from medical device OEMs and startups.

Market Opportunities – Rising demand for upgraded healthcare infrastructure

The medical device engineering services market witness strong growth opportunities owing to rising demand for upgraded healthcare infrastructure across major markets. Continued expansion in healthcare expenditure globally leads to higher spending on medical technologies. Outsourcing of research and development activities is also surging among medical device OEMs to focus on their core offerings. This opens up opportunities for engineering service providers to take on greater product development responsibilities.