June 16, 2024
Medical Device Engineering Services Market

Medical Device Engineering Services Market is Estimated to Witness High Growth Owing to Advancement in Medical Devices

The Medical Device Engineering Services market assists in the development and commercialization of medical devices and equipment. Medical device engineering services help in product design and development, regulatory compliance, quality assurance and commercialization support. With advancement in medical technologies, demand for innovative and more effective medical devices and equipment is increasing rapidly. Engineers play a vital role in developing medical devices with enhanced functionality while meeting stringent regulations. This is driving greater need for specialized medical device engineering services.

The global medical device engineering services market is estimated to be valued at US$ 5.64 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Medical Device Engineering Services are Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, LT Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc. Key players are focusing on strengthening their medical device engineering capabilities and global presence.

The growing demand for advanced medical devices across the globe presents significant opportunities for medical device engineering service providers. Global Medical Device Engineering Services Market Size  Increasing investments in R&D of novel medical technologies will further boost market opportunities.

Advancements in areas such as robotics, 3D printing, artificial intelligence, and wireless technologies are opening up new avenues for developing innovative medical devices. Engineering firms are leveraging latest technologies to develop smart, personalized and minimally-invasive medical products.

Market Drivers

Growing Geriatric Population: Rise in elderly population globally is increasing the incidence of chronic diseases, thereby driving demand for advanced medical devices. Older people typically need more medical attention and care, propelling need for better medical technologies.

Stringent Regulations: Medical device development is highly regulated to ensure patient safety. stringent regulatory environment necessitates incorporation of quality and regulatory compliance processes early in product development cycle, fuelling requirement of medical device engineering services.

Rising Healthcare Expenditure: Increasing healthcare spending worldwide on account of economic growth, rising disposable income and changing disease patterns is augmenting investments in novel medical technologies and corresponding engineering needs.

Current challenges in the Medical Device Engineering Services Market:

The medical device engineering services market faces challenges related to intense competition, high costs of Research & Development (R&D), and stringent regulatory guidelines. The high costs involved in bringing new medical devices to the market poses a hurdle. Further, the frequent recalls of some devices push up compliance costs. Managing regulatory approvals also remains a major task due to differing guidelines across regions. Additionally, the market sees concerns around data privacy and security with the growing adoption of connected devices. Skill gaps and talent crunch also impact outsourcing activities in this sector.

SWOT Analysis

Strength: Advanced engineering capabilities to design innovative medical solutions; expertise in handling complex product development projects.
Weakness: Heavy dependence on a few large clients; vulnerability to pricing pressures.
Opportunity: Growing use of IoT and artificial intelligence in healthcare; rising demand for connected devices and digital health solutions.
Threats: Stringent regulations delay product approvals; intense competition from in-house medical device companies.

Geographical regions

North America holds the major share of the medical device engineering services market currently in terms of value led by the large size of the US market. The region witnesses high capital investments in new medical technologies along with emphasis on delivering advanced patient care treatments effectively.

Asia Pacific region is expected to grow the fastest during the forecast period supported by expanding healthcare infrastructure, lower operating costs for clinical trials and a large patient pool in countries like China and India. There is increasing adoption of outsourcing models by Western medical device giants tapping engineering talent pools in Asia Pacific nations.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it