Medical Device Engineering Services Market Will Grow At Highest Pace Owing To Increased Global Demand For Advanced Medical Devices

 

Medical Device Engineering Services Market

The medical device engineering services market is gaining rapid popularity owing to the growing demand for advanced medical devices and technologies. Medical device engineering services help in designing, developing and testing of various medical devices across therapeutics areas. Some key services include product development and lifecycle management, regulatory and quality compliance, product upgrade services and clinical research services. With advancements in healthcare infrastructure and rising focus on patient safety, there is increasing adoption of latest medical technologies. This is driving the need for engineering consulting, prototyping and testing of various surgical, diagnostic and monitoring equipment.

The global Medical Device Engineering Services Market is estimated to be valued at US$ 12.05 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the medical device engineering services are 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. The market is witnessing high demand due to growing need for designing and development advanced medical technologies. With increasing investments to develop innovative medical equipment, key players are focusing on new product launches and partnerships to gain competitive edge. Rising demand for disease monitoring and diagnostic solutions across regions is another growth driver for medical device engineering services market. Growing technological advancements such as artificial intelligence, 3D printing, IoT integration are enabling development of smart medical devices with enhanced functionalities.

Market trends

The Medical Device Engineering Services Market is evolving at a rapid pace. Few key trends include growing demand for specialized chronic care and disease management solutions. Engineering firms are developing smart patches, implantable sensors and connected drug delivery systems. Adoption of virtual prototyping and augmented reality based engineering is reducing product development timelines. Furthermore, partnerships between medical device firms and engineering companies are leading to co-creation of customized technologies. Regulatory changes are also enabling faster approvals for innovative medical solutions.

Market Opportunities

The untapped opportunities in the global medical device engineering services market include development of portable and self-operated medical devices. Wearable health trackers and remote patient monitoring solutions present a highly lucrative segment. Engineering of personalized medical implants and 3D printed prosthetics based on patient's anatomy can revolutionize the industry. There is also scope for engineering firms to collaborate with biotech companies for developing combination devices integrating drugs and devices. Telemedicine and digital health present a major opportunity area with growing investments.

Impact of COVID-19 on Medical Device Engineering Services Market growth

The COVID-19 pandemic significantly impacted the growth of the medical device engineering services market. During pre-COVID times, the market was growing at a steady pace owing to the increasing need for contract engineering services to meet the rising demand for medical devices. However, during the peak of the pandemic, the market experienced a downfall due to lockdowns and restrictions imposed across major economies. This led to disruptions in supply chains while halting manufacturing activities and slowing down new product development processes.

However, the pandemic also accelerated opportunities for the medical device engineering services market. There was a surge in demand for medical devices like ventilators, diagnostic equipment, personal protective equipment, and TeleHealth solutions to fight COVID-19. This propelled medical device OEMs and hospitals to outsource engineering services to rapidly develop and manufacture critical care devices. Moreover, regulatory agencies eased norms to expedite product approvals. The market is now recovering steadily post-COVID as demand for healthcare infrastructure and services widens globally. Looking ahead, customized and next-gen solutions for unmet clinical needs as well as digital transformation will be key focus areas driving long-term growth in the medical device engineering services sector.

Geographical regions where market value is concentrated

North America currently accounts for the largest share of the global medical device engineering services market in terms of value, owing to well-established healthcare infrastructure and early technology adoption in the region. The United States, in particular, holds the majority of the market share led by presence of prominent medical device companies. Asia Pacific is emerging as the fastest growing regional market thanks to low-cost skilled labor, increasing medical tourism as well as expanding Healthcare expenditure across developing nations like China and India. Europe is another valuable regional market supported by rising geriatric population, availability of advanced treatment options and stringent regulatory standards for medical device approval.

Fastest growing geographical region for Medical Device Engineering Services Market

Asia Pacific region is poised to grow at the fastest pace for the medical device engineering services market during the forecast period. Factors such as growing medical device industry, large patient pool, and lower costs have encouraged medical device makers to outsource R&D and manufacturing activities to countries like China, India and South Korea. Furthermore, rising healthcare expenditure, increasing investments in medical infrastructure from governments and private players, and presence of experienced engineering talent are attracting major investments. This is fueling demand for contract engineering solutions and customized outsourcing models. With Asia becoming a hotspot for clinical trials and manufacturing too, demand for associated compliance and regulatory services are on the rise, thus accelerating regional market growth substantially.