New York, USA, Dec. 18, 2024 (GLOBE NEWSWIRE) — Market Facts
The global medical device engineering market size was USD 9.05 billion in 2024, estimated at USD 9.93 billion in 2025, and is expected to reach around USD 23.35 billion by 2034, expanding at a CAGR of 10.0% from 2025 to 2034.
What is Medical Device Engineering?
Medical device engineering concentrates on the outline and making of gadgets utilized in medical care. These devices include movability aids, discrete diagnostic devices, extensive proportion diagnostic tools, and inventive drug conveyance systems. Medical device firms must acquire a tactical perspective to remain ahead of the invention bend by influencing technology progressions in manifold areas such as potency, wireless, cloud, and analytics to push inventions.
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Key Takeaways from Report
- The market is expected to exhibit a CAGR of 10.0%.
- The market for medical device engineering is expanding due to the entrenchment of the engineering field with medical knowledge to generate secure, productive, and inventive healthcare solutions.
- The medical device engineering market analysis is primarily based on service type, device type, and region.
- Based on service type, the software development and testing services segment dominated the market in 2024.
- In 2024, North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Medical Device Engineering Market Dynamics
Growth Drivers
Amalgamation of Progressive Technologies: The medical device engineering market size is expanding due to the amalgamation of progressive technologies such as IoT, AI, big data analytics, and automation. These technologies sanction the advancement of intelligent, interconnected medical gadgets that can observe, survey, and register patient data in real time, causing more customized and productive healthcare. The usage of digital twins and administrative sustenance in manufacturing also maximizes production procedures, decreasing downtime and enhancing commodity standards.
Administrative Enhancements: Regulatory enhancements in the industry are pushing invention by smoothening the consent procedure and enhancing transparency. By acquiring more flexible structures, administrative bodies sanction a speedier approach to contemporary technologies in the market, motivating firms to fund research and development.
Trends and Opportunities
Growing Demand for Inventive Healthcare Solutions: The market is encountering notable growth powered by technological progressions and the growing demand for inventive healthcare solutions. This sector encompasses a broad gamut of services involving commodity outline, prototyping, software advancement, and regulatory consulting, all targeted at enhancing patient care and security, which suggests that the medical device engineering market demand is expanding.
Stringent Regulatory Frameworks: The stringent administrative frameworks such as the EU GDPR (General Data Protection Regulation) directives promote inventions while sanctioning constancy to assent and security standards. Subsequently, firms are rendering sizeable funding in R&D to sustain their competitive edge in the dynamic market.
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Competitive Analysis
The market is excessively aggressive with the incorporation of global industry leaders and surfacing regional players contesting for market share. Critical global contenders such as Abbott, Baxter, Medtronic, Siemens Healthineers, and Johnson & Johnson command the market by capitalizing on their robust research and development potential, extensive production facilities, and substantial distribution frameworks.
Major players operating in medical device engineering market are:
- L&T Technology Services Limited
- Infosys Limited
- HCL Technologies Limited
- Cyient
- Wipro
- Tech Mahindra Limited
- TATA Consultancy Services Limited
- Able Medical Devices Inc.
- Embien Technologies India Pvt Ltd.
- Sintec Optronics Ltd
- Medtronic
Regional Insights
North America: This region held the largest market share due to its progressive healthcare framework and elevated demand for inventive technologies such as AI, IoT, and others. The growing existence of detrimental illnesses and maturing populations is powering the need for superior diagnostics and therapeutic solutions.
Asia Pacific: Speedy economic evolution and enhancement in healthcare infrastructure in nations such as China and India are expected to drive the Asia Pacific medical device engineering market with the highest CAGR during the forecast period.
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Medical Device Engineering Market Segmentation
By Service Type Outlook
- 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
- Product Support & Maintenance Services
By Device Type Outlook
- Diagnostic Imaging Equipment
- Surgical Equipment
- Patient Monitoring Devices & Life Support Devices
- Medical Lasers
- Ivd Devices
- Other Medical Devices
By Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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