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

Medical Device Engineering Services Market Size and Trends

Global medical device engineering services market is estimated to be valued at USD 5.64 Bn in 2024 and is expected to reach USD 12.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.

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The market trend in the medical device engineering services sector has been positive with increasing momentum year-over-year. Key growth drivers of the market include rising healthcare expenditures in major markets, imminent patent cliffs leading to higher R&D activities for pharmaceutical and device companies, lower costs and faster development achieved through outsourcing, and growing need for technologies like IoT and digital health solutions across care pathway.

Market Driver – Increasing Product Launches by key market players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the global medical device engineering services market growth over the forecast period. For instance, on February 6, 2024, MGS, a leading end-to-end solutions provider, launched its global engineering services group that brings together more than 85 engineers and 200 toolmakers globally, enabling pharma, diagnostic and medtech innovators to take healthcare projects from napkin sketch to validated product, process, and production cell setup.

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A notable shift from conventional treatment-centric approach to preventive healthcare models which aim to address the root causes of chronic diseases and reduce long-term healthcare costs. Regulatory bodies and private insurers are promoting wellness programs, spreading awareness on lifestyle modifications and encouraging individuals to proactively monitor key health metrics. Various types of trackers, sensors and connected health platforms empowering remote patient monitoring are allowing continuous data collection outside traditional clinical settings. This generates huge volumes of patient-generated health data which needs to be analyzed for predictive insights, risk identification and personalized care interventions. At the same time, preventive approaches require innovative diagnostic tools integrated with digital health solutions for increased access, affordability and early detection. Medical device engineering services plays a critical role in developing such digital and remote healthcare technologies. This is expected to generate strong momentum for the overall medical device engineering services market.