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Medical Component Manufacturing Global Market Report 2024 - By Size, Share, Demand And Analysis, Forecast To 2033
Medical Component Manufacturing Market
As per the report, the medical component manufacturing market size has grown strongly in recent years. It will grow from $13.29 billion in 2023 to $14.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The medical component manufacturing market size is expected to see strong growth in the next few years. It will grow to $18.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Surging Demand For Medical Devices Propels Growth In The Medical Component Manufacturing Market
The rising demand for medical devices is driving the growth of the medical component manufacturing market going forward. Medical devices are instruments, machines, appliances, software, implants, or other similar articles used in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. Medical component manufacturing is used to manufacture components such as injection-molded and electronic components used in medical devices. For instance, in 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency that administers the Medicare program, federal retail spending on medical devices such as contact lenses, eyeglasses, and hearing aids increased by 21.8% compared to 2020. Furthermore, in February 2021, according to the US Food and Drug Administration, a US-based health regulatory authority, 40 innovative medical devices were approved in 2021, an increase of 25% from 32 approvals in 2020. Therefore, the increasing demand for medical devices drives the medical component manufacturing market.
Technological Advancements In The Medical Component Manufacturing Market
Advancements in technology are key trends gaining popularity in the medical component manufacturing market. Major companies operating in the medical component manufacturing market are developing advanced technologies to create innovative solutions to sustain their position in the market. For instance, in June 2021, Stratasys Ltd., an Israel-based additive manufacturing company, introduced a new Stratasys J5 MediJet 3D printer for medical component manufacturing. The unknown printer includes multiple applications in a single system and helps users create highly detailed components. The MediJet 3D printer is up to 30% faster than comparable 3D printers. It has a straightforward workflow with automatic build tray organization, adjustments, and support for the most recent 3MF file format for more effortless connectivity to third-party segmentation and design software.
The medical component manufacturing market covered in this report is segmented -
1) By Process: Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding, Other Processes
2) By Service: Device Development And Manufacturing Services, Quality Management Services, Final Goods Assembly Services
3) By Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications
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Major companies operating in the medical component manufacturing market report are Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, Heraeus Holding GmbH, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips NV, Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Olympus Corporation, The Lubrizol Corporation, Intuitive Surgical Inc., Terumo Corporation, Varian Medical Systems Inc., West Pharmaceutical Services Inc., The Ensinger Group, 3D Systems Inc., Hudson Technologies Inc., Seisa Medical Inc, Viant Medical Inc., Anchor Harvey Components LLC, The Rodon Group, Nexxt Spine LLC, Hologic Inc., American Casting Company, Optimum Medical Limited, Walter Stern Inc.
Contents of the report:
1. Executive Summary
2. Medical Component Manufacturing Market Report Structure
3. Medical Component Manufacturing Market Trends And Strategies
4. Medical Component Manufacturing Market - Macro Economic Scenario
5. Medical Component Manufacturing Market Size And Growth
…..
27. Medical Component Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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