Surging Demand For Medical Devices Propels Growth In The Medical Component Manufacturing Market

The Medical Component Manufacturing Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Medical Component Manufacturing Market Size and Projected Growth Rate?
There has been substantial growth in the medical component manufacturing market recently. The market size is predicted to rise from $14.28 billion in 2024 to $15.17 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.2%. The past growth has been influenced by factors such as the expansion of the healthcare sector, increased pharmaceutical research and development, rising demand for diagnostic testing, globalization in the chemical industry, and regulatory compliance requirements.

The market for manufacturing medical components is anticipated to witness robust growth in the upcoming years. With a compound annual growth rate (CAGR) of 7.4%, the market is projected to reach $20.22 billion by 2029. Factors contributing to this growth within the predicated period include escalated demand for tailor-made medicine, intensified biotechnology research, the growth of environmental testing, the burgeoning food and beverage sector and the worldwide expansion of drug manufacturing. Notable trends for the forecast period involve a heightened focus on eco-friendly chemistry methods, rising employment of automation in lab settings, a surge in the demand for specialty chemicals, the evolution of sustainable chemical processes, and the integration of artificial intelligence into lab workflows.

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What Are the Major Segments in the Medical Component Manufacturing Market?
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

Subsegments:
1) By Forging: Open-Die Forging, Closed-Die Forging, Precision Forging
2) By Metal Injection Molding: Stainless Steel Components, Titanium Components, Other Metal Components
3) By 3D Printing: Polymer-Based Printing, Metal-Based Printing, Bioprinting
4) By Ceramic Injection Molding: Alumina Components, Zirconia Components, Other Ceramic Materials
5) By Investment Casting: Precision Investment Casting, Shell Casting, Other Investment Casting Techniques
6) By Plastic Injection Molding: Thermoplastics, Thermosetting Plastics, Biodegradable Plastics
7) By Other Processes: Extrusion, Machining, Die Casting

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What Are The Driving Medical Component Manufacturing Market Evolution?
The boost in the need for medical devices propels the expansion of the medical component manufacturing market. These devices include tools, machinery, software programs, implants, and other similar items utilized for the detection, prevention, observation, treatment, or mitigation of diseases or medical conditions in humans. The process of medical component manufacturing creates elements like injection-molded and electronic components required in medical devices. For instance, the International Trade Administration, a US-based government entity, reported in January 2024 that there was growth in the medical devices industry from US$ 1,856 million in 2021 to US$ 2,049 million in 2022. Hence, the escalating requirement for medical devices steers the growth of the medical component manufacturing industry.

Which Firms Dominate The Medical Component Manufacturing Market Segments?
Major companies operating in 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 inson 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.

What Trends Are Expected to Dominate the Medical Component Manufacturing Market in the Next 5 Years?
Leading firms in the medical component manufacturing market are innovating with technologies like metal injection molding technology. This technology increases accuracy and minimizes production waste. Metal injection molding technology is a production process that blends injection molding and powder metallurgy techniques to create intricate and precise metal parts, by injecting a composite of metal powder and polymer into a mold. For example, Biomerics, a medical equipment manufacturing entity from the US, unveiled its vertically integrated metal injection molding (MIM) services in October 2024. This new Metal Injection Molding (MIM) service accessible via a Center of Excellence expands capabilities in creating intricate, high-efficiency interventional medical devices.

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Which Is The Largest Region In The Medical Component Manufacturing Market?
North America was the largest region in the medical component manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region 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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Medical Component Manufacturing Market?
2. What is the CAGR expected in the Medical Component Manufacturing Market?
3. What Are the Key Innovations Transforming the Medical Component Manufacturing Industry?
4. Which Region Is Leading the Medical Component Manufacturing Market?

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