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Global Medical Component Manufacturing Market: Projected Growth, Key Drivers, and Emerging Trends
Medical Component Manufacturing Market Size
What Is The Projected Market Size Of The Global Medical Component Manufacturing Market And Its Growth Rate?
The global medical component manufacturing market has displayed impressive growth, with significant developments set to fuel future expansion.
• The market is predicted to increase from $14.28 billion in 2024 to $15.17 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%.
• This progress can be credited to various factors such as the expansion of the healthcare industry, increasing demand for diagnostic testing, and improvements in pharmaceutical R&D.
• The medical component manufacturing market is expected to reach $20.22 billion by 2029, growing at a CAGR of 7.4%, driven by the rising demand for personalized medicine, expansion of the food and beverage industry, and developments in biotechnology research.
What Is Driving The Growth In The Medical Component Manufacturing Market?
The surge in demand for medical devices significantly influences the expansion of the medical component manufacturing market. These devices, encompassing a wide range of instruments, machines, software, and implants, play a pivotal role in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. The medical component manufacturing domain chiefly focuses on the production of components like injection-molded and electronic components integrated into medical devices. For instance, in 2024, the International Trade Administration observed an increase in the medical devices industry from US$ 1,856 million in 2021 to US$ 2,049 million in 2022. Thus, the rising demand for such devices stimulates the progress in the medical component manufacturing market.
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Who Are the Key Players Driving Medical Component Manufacturing Market Growth?
The major players propelling the growth of the medical component manufacturing market include:
• 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.
What Are The Key Trends In The Medical Component Manufacturing Market?
Emerging trends in the medical component manufacturing market include:
• Rising emphasis on green chemistry practices
• Increased use of automation in laboratories
• Development of sustainable chemical processes
• Integration of artificial intelligence in laboratory workflows
• Rising demand for specialty chemicals
What Are The Segments Of The Global Medical Component Manufacturing Market?
The global medical component manufacturing market involves the following segments:
• By Process: Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding, Other Processes
• By Service: Device Development And Manufacturing Services, Quality Management Services, Final Goods Assembly Services
• By Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications
Which Region Leads The Medical Component Manufacturing Market?
In 2024, North America emerged as the largest region in the medical component manufacturing market. However, the Asia-Pacific region is expected to exhibit the fastest growth in the market in the forecast period. The regions covered in the medical component manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Medical Component Manufacturing Market Global Market Report?
- Market Size Analysis: Analyze the Medical Component Manufacturing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Medical Component Manufacturing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall Medical Component Manufacturing Market growth.
- Growth Drivers: Detail key factors influencing market growth.
- Industry Challenges: Analyze challenges and risks affecting the market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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