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Leading Growth Driver in the Medical Device Design And Development Services Market in 2025: The Growing Prevalence Of Chronic Diseases Boosts Market Growth Driver's Influence
Medical Device Design And Development Services
The increasing incidence of chronic diseases is anticipated to fuel the expansion of the market for medical device design and development services. These ailments are enduring health issues that persist over a year, necessitate continued medical care, and may hinder daily activities or overall life quality. The rise in chronic diseases is linked to factors such as population aging, unhealthy lifestyle habits, poor diet, lack of physical activity, and heightened stress levels. Medical device design and development services are integral in tackling chronic diseases by innovating and developing user-friendly solutions for effective disease control, enhanced patient results, and efficient long-term care. For example, according to the Australian Institute of Health and Welfare, a government agency in Australia, in June 2024, the age-standardized death rate associated with chronic conditions was 448 per 100,000 population. There was a slight increase to 459 per 100,000 in 2021, which further heightened to 490 per 100,000 in 2022. Consequently, the escalating incidence of chronic diseases is boosting the growth of the market for medical device design and development services.
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What is the future CAGR of the medical device design and development services market, and how will it impact industry expansion?
In recent times, the market size for design and development services in the medical device industry has expanded swiftly. It's projected to escalate from a valuation of $12.00 billion in 2024 to approximately $13.72 billion in 2025, representing a compound annual growth rate (CAGR) of 14.36%. The remarkable growth experienced over the historic duration is attributable to factors including an aging demographic, an uptick in personalized medicine, escalating healthcare expenditure, a surge in R&D investments, and the expansion of the healthcare infrastructure.
Anticipated to witness substantial expansion over the upcoming years, the medical device design and development services market is projected to reach a value of $23.26 billion by 2029, experiencing a compound annual growth rate (CAGR) of 14.10%. Factors such as escalating demand for diagnostic tools, the trend towards home healthcare, a growing necessity for diagnostic instruments in detecting diseases, increasing use of imaging devices for diagnostics, and an enhanced focus on preventive care are contributing to the growth during the forecast period. Major developments expected during this time frame include the incorporation of AI and machine learning, the use of 3D printing, the miniaturization of devices, advancements in telemedicine, and innovative progress in surgical robotics.
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What are the most significant trends transforming the medical device design and development services market today?
A focus on integrating innovative solutions such as human-centered design principles is being seen among major companies in the medical device design and development services market. These principles concentrate on designing products keeping in mind the necessities, preferences, and restrictions of the end users, ensuring that the emphasis is on usability, comfort, and accessibility. For example, ClariMed Inc., a medical equipment company based in the US, started its first MedTech services partner in January 2023. Its main aim was to deliver integrated, human-centric solutions for medical product development. This endeavor aims to offer thorough services, from product strategy, design, development to regulatory compliance. The platform gives precedence to the needs of patients and usability, thereby ensuring that medical devices are technologically forward, user-friendly, and effective.
Which key market segments comprise the medical device design and development services market and drive its revenue growth?
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 regions are at the forefront of medical device design and development services market expansion?
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.
Who are the leading players fueling growth in the medical device design and development services market?
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.
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What Is Covered In The Medical Device Design And Development Services Global Market Report?
•Market Size Forecast: Examine the medical device design and development services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the medical device design and development services market for a structured understanding.
•Key Players Overview: Analyze major players in the medical device design and development services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the medical device design and development services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the medical device design and development services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the medical device design and development services market.
•Industry Challenges: Identify potential risks and obstacles affecting the medical device design and development services market.
•Competitive Landscape: Review strategic developments in the medical device design and development services market, including expansions, agreements, and new product launches.
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