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

Global medical device engineering services market is estimated to be valued at USD 5.64 Bn in 2024, and is expected to exhibit a CAGR of 11.5% during the forecast period (2024-2031). Global medical device engineering services market has witnessed tremendous growth in the recent years due to advancements in technology and rising demand for quality healthcare devices. Medical device engineering involves designing, developing and testing medical equipment, devices, components and other products used for medical purposes. Services include concept design, product development and lifecycle support, regulatory compliance, quality assurance as well as manufacturing and packaging support. With new diseases emerging and lifestyle changes leading to increased prevalence of chronic conditions, the need for innovative medical solutions continues to rise globally. Various factors such as rising geriatric population, growing incidence of chronic and lifestyle diseases, and increasing healthcare investments are driving the market growth.

Market Dynamics:

Global medical device engineering services market growth is driven by rising demand for innovative medical devices. Growing prevalence of chronic diseases due to changing lifestyle and dietary patterns has boosted the need for advanced healthcare solutions. According to World Health Organization, chronic diseases accounted for over 70% of all deaths globally in 2020. This has accelerated R&D in the medical device industry to come up with more effective diagnostic and treatment options. Rising healthcare expenditures coupled with increasing collaborations between medical device companies and engineering service providers are positively impacting the market growth. However, lengthy product approval timelines and stringent regulations can hamper the market growth. Moreover, the COVID-19 pandemic disrupted the supply chain which negatively impacted the market growth. However, growing investments by governments and private organizations in the healthcare sector present lucrative opportunities for market expansion.

Key Features of the Study:

• This report provides in-depth analysis of the global medical device engineering services market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global medical device engineering services market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, L&T Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global medical device engineering services market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical device engineering services market.

Detailed Segmentation-

• Service Type:
  • Product Development
  • Clinical Trial Services
  • Quality Management
  • Others
• Device Type:
  • IVD Devices
  • Diagnostic Imaging
  • Monitoring Devices
  • Others
• Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
  • Infosys Limited
  • Cyient 
  • Accenture
  • Embien Technologies India Pvt Ltd.
  • Saraca Solutions Private Limited
  • Tata Elxsi
  • Iziel 
  • Wipro
  • Althea Group
  • L&T Technology Services Limited.
  • Altran
  • ALTEN Technology
  • Flextronics International, LTD.
  • Nordson Corporation
  • ClariMed, Inc.