Medical Device Design and Development Services Market 2024-2033

The new report published by The Business Research Company, titled ""Medical Device Engineering Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the medical device engineering services market size has grown rapidly in recent years. It will grow from $4.46 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The medical device engineering services market size is expected to see rapid growth in the next few years. It will grow to $7.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.

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Impact Of Diabetes Prevalence On Medical Device Engineering Services Market
The growing patient population suffering from diabetes is expected to propel the growth of the medical device engineering services market going forward. Diabetes is a medical condition characterized by high blood glucose (sugar) levels resulting from defects in insulin production, insulin action, or both. The rising prevalence of diabetes is attributed to factors like sedentary lifestyles, aging populations, genetic predisposition, and dietary changes, driving an increase in the patient population. Medical device engineering services drive diabetes management by innovating glucose monitors, insulin delivery systems, artificial pancreas technology, wearables, and user-friendly designs. For instance, in February 2023, according to the Cleveland Clinic, a US-based non-profit academic medical center, globally, an estimated 537 million adults were diagnosed with diabetes, with projections suggesting an increase to 643 million by 2030 and 783 million by 2045. Therefore, the growing patient population suffering from diabetes is driving the growth of the medical device engineering services market.

Innovative Integrated Medical Device Services Enhance Medtech Product Lifecycle Efficiency
Major companies operating in the medical device engineering services market focus on developing innovative technological solutions, such as integrated medical device services partners, to enhance their functionality, connectivity, and patient monitoring capabilities. Integrated medical device services are a comprehensive suite of services provided by specialized firms that support the entire lifecycle of a medical device, from initial concept through design, development, and post-market support, ensuring seamless coordination and efficiency across all stages. For instance, in January 2023, ClariMed, Inc., a US-based medical device development and regulatory services company, launched an integrated medical device services partner to address the growing need in the MedTech industry for an integrated approach to medical product development. This initiative aims to provide a human-centric approach to the MedTech product lifecycle by integrating best-of-breed service partners across product design, engineering, and development services. This model involves collaborating with top-tier service providers across various domains, such as product design, engineering, and development services, to streamline the product lifecycle and enhance the efficiency of bringing medical devices to market.

The medical device engineering services market covered in this report is segmented -

1) By Services: Designing & Engineering, Machining, Molding, Packaging
2) By Device Type: Imaging Devices, Therapeutic Devices, In-Vitro Diagnostic Devices, Diagnostic And Patient Monitoring Devices, Surgical Devices, Other Devices
3) By End-use: Medical Device Companies, Biotechnology Companies

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Major companies operating in the medical device engineering services market are Johnson & Johnson, Abbott Laboratories, 3M Healthcare, Medtronic Plc, Tata Consultancy Services, Siemens Healthineers, Philips Healthcare, Becton Dickinson and Company, Stryker Corporation, GE Healthcare, Infosys Limited, Baxter International, Boston Scientific, HCL Technologies Limited, Wipro Limited, Zimmer Biomet, Tech Mahindra, Terumo Corporation, Intuitive Surgical, Edwards Lifesciences, Smith & Nephew, Hologic Inc., Varian Medical Systems, Nordson Corporation, L&T Technology Services Limited., Althea Group, Roche Diagnostics, Altran Technologies SA, ClariMed Inc.

Contents of the report:
1. Executive Summary
2. Medical Device Engineering Services Market Report Structure
3. Medical Device Engineering Services Market Trends And Strategies
4. Medical Device Engineering Services Market - Macro Economic Scenario
5. Medical Device Engineering Services Market Size And Growth
…..
27. Medical Device Engineering Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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