Medical Device Engineering Services Market Expansion Continues, with Forecast Valuation of $8.54 Billion by 2029

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Medical Device Engineering Services Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a swift expansion in the market size of medical device engineering services. The market, which was valued at $4.98 billion in 2024, is projected to increase to $5.6 billion in 2025, representing a compound annual growth rate (CAGR) of 12.4%. Factors such as a demographic trend towards an aging population, a surge in chronic disease cases, previous augmentations to healthcare budgets, the widening scope of medical device manufacturers, and the early acceptance and growth of home healthcare services have all contributed to the growth observed in the historical period.

How Will the Medical Device Engineering Services Market Size Evolve and Grow by 2029?
The market for medical device engineering services is projected to experience significant expansion in the forthcoming years. It is forecasted to reach a value of $8.54 billion by 2029, having an annual compound growth rate of 11.1%. This acceleration during the forecast period can be traced back to the growth of telemedicine, remote healthcare monitoring, the increasing adoption of health-specific wearable devices, rising use of 3D printing technology, and advancements in precision and personalized healthcare treatments. Predicted trends for the forecast period encompass incorporating AR and VR in device development, the introduction of wireless charging and power transfer technologies, upgrades in imaging technologies, creation of artificial organs and sophisticated prosthetics, and the progression towards smart implants furnished with sensors.

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What Drivers Are Propelling the Growth of Medical Device Engineering Services Market Forward?
The anticipated expansion of the medical device engineering services market is fuelled by the rising number of patients afflicted with diabetes. Characterized by elevated levels of glucose in the blood due to inadequate insulin production or function, the increasing prevalence of diabetes is a result of factors like inactive lifestyles, aging demographics, genetic susceptibility, and dietary shifts, leading to an upsurge in the patient community. Medical device engineering services play a crucial role in diabetes management, contributing innovations in glucose tracking devices, insulin delivery systems, synthetic pancreas technology, wearable devices, and designs that prioritize user-friendliness. For example, the Cleveland Clinic, a US-based non-profit academic medical center, reported in February 2023 that around 537 million adults worldwide were diagnosed with diabetes, and this figure is predicted to rise to 643 million by 2030 and 783 million by 2045. As such, the expanding patient demographic suffering from diabetes is propelling the growth of the medical device engineering services market.

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What Are the Key Trends Driving Medical Device Engineering Services Market Growth?
Focusing on "Trend 1", leading firms in the medical device engineering services market are primarily looking to roll out innovative technology-based solutions like integrated medical device services partners to amplify their functionality, connectivity, and patient monitoring capacities. Integrated medical device services refers to a comprehensive set of services offered by dedicated companies that address all the stages of a medical device's life cycle - right from its initial conception, through its design and development phases, up to its post-market support. The aim is to ensure a smooth, well-coordinated, and efficient process throughout all the stages. For example, in January 2023, ClariMed, Inc., a US medical device development and regulatory services firm, introduced an integrated medical device services partner to cater to the increasing requirement in the MedTech sector for a holistic approach to medical product development. This move's main objective is to introduce a human-centric viewpoint to the MedTech product life cycle by bringing together superior service partners in fields such as product design, engineering, and development services. In this model, the firm collaborates with top-tier service providers across different domains to simplify the product life cycle and elevate the efficiency of introducing medical devices into the market.

What Are the Key Segments in the Medical Device Engineering Services Market?
The medical device engineering services market covered in this report is segmented -

1) By Services: Designing & Engineering, Machining, Molding, Packaging
2) By Device Type: Imaging Devices, Therapeutic Devices, In-Vitro Diagnostic Devices, Diagnostic And Patient Monitoring Devices, Surgical Devices, Other Devices
3) By End-use: Medical Device Companies, Biotechnology Companies

Subsegments:
1) By Designing & Engineering: Product Design, Prototyping, Testing And Validation, Regulatory Support
2) By Machining: CNC Machining, Laser Cutting, EDM (Electrical Discharge Machining)
3) By Injection Molding: Plastic Injection Molding, Rubber Molding, Metal Injection Molding, Compression Molding
4) By Packaging: Sterile Packaging, Custom Packaging Solutions, Labeling And Documentation, Shipping And Storage Solutions

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Who Are the Key Players Shaping the Medical Device Engineering Services Market's Competitive Landscape?
Major companies operating in the medical device engineering services market are Johnson & Johnson, accenture* Plc, Abbott Laboratories, 3M Healthcare, Medtronic Plc, Tata Consultancy Services, Siemens Healthineers, Philips Healthcare, Becton Dickinson and Company, Stryker Corporation, GE Healthcare, Infosys Limited, Baxter International, Boston Scientific, HCL Technologies Limited, Wipro Limited, Zimmer Biomet, Tech Mahindra, Terumo Corporation, Intuitive Surgical, Edwards Lifesciences, Smith & Nephew, Hologic Inc., Varian Medical Systems, Nordson Corporation, L&T Technology Services Limited., Althea Group, Roche Diagnostics, Altran Technologies SA, ClariMed Inc.

What Geographic Markets Are Powering Growth in the Medical Device Engineering Services Market?
North America was the largest region in the medical device engineering 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 engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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