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Major Force in the Medical Device Design And Development Services Market 2025: The Growing Prevalence Of Chronic Diseases Boosts Market Growth
Medical Device Design And Development Services Market Size
The market size of medical device design and development services has been expanding briskly over the past few years. The growth is expected to be from $12.00 billion in 2024 to $13.72 billion in 2025 with a compound annual growth rate (CAGR) of 14.36%. The expansion during the historical period can be credited to factors such as increasing aging population, advancement in personalized medicine, surge in healthcare expenditure, more investments in research and development, and enlargement of healthcare infrastructure.
In the coming years, the market for medical device design and development services is projected to experience swift expansion. The predicted growth will result in a market size of $23.26 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.10%. The growth over the forecasted timeframe can be tied back to factors such as the rising demand for diagnostic procedures, the shift towards home healthcare, the rising need for diagnostic tools for disease detection, an increase in the use of imaging devices for diagnostics, and the growing focus on preventative healthcare. Key trends forecasted in the market during this period include the integration of AI and machine learning, the use of 3D printing, device miniaturization, advancements in telemedicine, and innovation in surgical robotics.
What Key Elements Are Boosting Growth in the Medical Device Design And Development Services Market?
The increasing occurrence of long-term health conditions is projected to fuel the rise of the medical device design and development services market. Such chronic diseases usually last for one year or more, demand continuous medical care, and could hamper daily activities and overall living quality. Unhealthy lifestyle habits, aging demographics, poor eating choices, lack of physical movement, and higher stress levels are among the factors responsible for the heightened occurrence of chronic diseases. Medical device design and development services significantly contribute to addressing chronic diseases by offering innovative, user-focused solutions to improve disease control, boost patient results, and simplify long-term healthcare. For example, as per the Australian Institute of Health and Welfare, an Australian government agency, the age-standardized death rate associated with chronic conditions was reported to be 448 per 100,000 population in June 2024. This rose slightly to 459 per 100,000 in 2021 and further increased to 490 per 100,000 in 2022. Thus, the escalating occurrence of chronic diseases is stimulating the expansion of the medical device design and development services market.
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Who Are the Major Industry Players Fueling Medical Device Design And Development Services Market Expansion?
Major companies operating in the medical device design and development services market are Johnson & Johnson Inc, Siemens Healthineers AG, Jabil Inc., Medtronic plc, Flex Ltd., Stryker Corporation, Quest Global Engineering Services Private Limited, Boston Scientific Corporation, Sanmina Corporation, Plexus Corp., Integer Holdings Corporation, Nordson MEDICAL Inc., Veranex Solutions, Cirtec Medical Corporation, Cambridge Design Partnership, Planet Innovation Technologies Pvt. Ltd., Ximedica LLC, Starfish Medical, Avail Medsystems, DeviceLab Inc.
What Are the Latest Innovations in the Medical Device Design And Development Services Market?
Market-leading businesses in the medical device design and development services sector are prioritizing the inclusion of innovative methods like human-centric design principles. By doing so, they hope to improve user experience, product functionality, and patient safety. The idea behind human-centric design principles is to create products, systems, or settings that put the needs, preferences, and limitations of end users first. The goal is to prioritize usability, comfort, and accessibility. For example, ClariMed Inc., an American medical equipment manufacturer, in January 2023, debuted its inaugural MedTech services partner with an emphasis on delivering integrated, human-focused solutions for medical product development. This initiative aims to provide full, end-to-end services that incorporate product strategy, design, development, and regulatory compliance into a cohesive process. Ensuring that patient needs and usability are prioritized, the platform provides technologically advanced, practical and user-friendly medical devices.
How Is the Segmentation of the Medical Device Design And Development Services Market Defined?
The medical device design and development services market covered in this report is segmented -
1) By Services: Designing And Engineering, Machining, Molding, Packaging
2) By Medical Devices: Cardiovascular Devices, Point Of Care (POC) Diagnostic Equipment, Hb1ac Testing, Drug Delivery Devices, Orthopedic Devices, Dental Devices, Imaging Devices, Surgical Devices, Sleep And Respiratory Devices, Other Medical Devices
3) By Application: Treatment, Diagnostics
4) By End Use: Medical Device Companies, Biotechnology Companies
Subsegments:
1) By Designing And Engineering: Product Concept Design, Prototyping And Testing, CAD Modeling And Simulation, Material Selection And Engineering
2) By Machining: Precision Machining, CNC Machining, Laser Cutting And Etching, Surface Finishing
3) By Molding: Injection Molding, Blow Molding, Compression Molding, Overmolding
4) By Packaging: Sterile Packaging, Custom Packaging Solutions, Regulatory-Compliant Packaging, Packaging For Distribution And Storage
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What Is the Leading Region in the Medical Device Design And Development Services Market?
North America was the largest region in the medical device design and development services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device design and development services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Medical Device Design And Development Services Global Market Report?
- Market Size Analysis: Analyze the medical device design and development services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the medical device design and development services 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 device design and development services market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the medical device design and development services market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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