Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Medical Device Engineering Market Size, Share & Trends by Service Type (Product Support & Maintenance Services, Regulatory Consulting Services), Device Type (Patient Monitoring Devices & Life Support Devices, Medical Lasers, IVD Devices) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The medical device engineering market is projected to reach USD 20.1 Billion by 2029 from USD 12 Billion in 2024, rising at a CAGR of 10.8% during the forecast period.
An increasing number of medical device companies are collaborating with engineering service providers to bring new innovations and enhance capabilities in the market. These partnerships help a company avail specific professional skills, state-of-the-art technologies, and full R&D facilities that an engineering service provider has at its disposal. Such collaborations will fast-track the development of innovative medical devices and simplify regulatory compliance, reducing time-to-market. This enables sharing of best practices and knowledge to advance the development environment in the collaborative effort. This synergy not only optimizes resource utilization but also allows for a new medical device to be safe, effective, and have a market need.
The market study covers the medical device engineering market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by service type, device type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
The software development & testing services segment is projected to experience the highest CAGR during the forecast period
The software development & testing services segment is projected to experience the highest CAGR during the forecast period. Healthcare providers and patients seek out more individualized medical solutions to be able to meet each patient's needs and preferences. With the offering of development and testing services on devices, comes the scope for customization of a device to suit the given requirements using adaptive control algorithms, user interface personalization, or even interoperability with other healthcare systems.
Diagnostic imaging equipment segment projected the rapid growth during the forecast period
The diagnostic imaging equipment segment will grow at the highest CAGR in the global medical device engineering market during the forecast period, as there has been rapid development in healthcare infrastructure, especially in emerging economies. Most of these regions are having many new hospitals and diagnostic centers; all these hospitals and diagnostic centers are well-equipped with advanced imaging technologies. High-resolution and 3D imaging in advanced diagnostic tools raise the accuracy and speed of diagnosis; greater integration of AI and ML into the image analysis procedure enhances image analysis and interpretation. This growth in advanced healthcare facilities and state-of-the-art technologies is boosting the segment for diagnostic imaging equipment quite rapidly.
North America to witness the substantial growth rate during the forecast period
The medical device engineering market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa based on the region type. In 2023, the Asia Pacific region is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period. However, North America holds the largest share of the medical device engineering market in 2023. One of the major factors behind North America's leading position in the medical device engineering market is its robust economic strength.
This region's high spending toward healthcare ensures that funding for medical equipment innovations and enhancements never comes to a halt. Proper medical care also ensures that the patients recover better, hence demanding more developed medical devices. This optimistic economic outlook attracts hefty investments in R&D, thus providing for the development and deployment of new and innovative technologies for medical applications. This is a region that offers access to the best engineering talent, as well as enables close collaboration among the industry leaders, leading-edge research institutions, and innovative healthcare providers in further building and fine-tuning medical device engineering.
This report provides insights on:
- Analysis of Market Dynamics: Drivers (growing demand for medical devices driven by aging population and chronic disease incidence boosts need for advanced engineering services, industry 4.0 significantly impacting the medical device engineering market, and ensuring regulatory compliance and stringent quality controls drives expansion of medical device engineering market) restraints (high costs and investment demands will constrain growth) opportunities (growing complexities of medical devices, and strategic collaborations and acquisitions between market players to boost the innovation in medical device engineering), and challenges (survival of small players in highly fragmented and competitive market, and concerns about cybersecurity)
- Services/Innovations: Detailed insights on upcoming technologies, research & development activities, and new service launches in the medical device engineering market.
- Market Development: Comprehensive information on the lucrative emerging markets, components, demographics, end-user, and region.
- Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the medical device engineering market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the medical device engineering market like L&T Technology Services Limited (India), Infosys Limited (India), HCL Technologies Limited (India), Cyient (India), TATA Consultancy Services Limited (India) among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 270 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $12 Billion |
| Forecasted Market Value (USD) by 2029 | $20.1 Billion |
| Compound Annual Growth Rate | 10.8% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Medical Device Engineering Market Overview
- Asia-Pacific: Medical Device Engineering Market, by Device Type and Country
- Medical Device Engineering Market: Geographic Growth Opportunities
- Regional Mix: Medical Device Engineering Market
- Medical Device Engineering Market: Developed vs. Developing Markets
Market Dynamics
Drivers
- Aging Population Coupled with Rise in Chronic Disease Incidence
- Advances Introduced by Industry 4.0
- Need to Ensure Regulatory Compliance and Stringent Quality Controls
Restraints
- High Costs and Investment Demands
Opportunities
- Growing Complexities of Technology Surrounding Medical Devices
- Strategic Collaborations and Acquisitions Between Market Players
Challenges
- Survival of Small Players in Highly Fragmented and Competitive Market
Industry Trends
- Human Factors Engineering
- Increased Outsourcing
- Telemedicine Integration
Technology Analysis
- Key Technologies
- Artificial Intelligence (AI) and Machine Learning (ML)
- Internet of Medical Things (IOMT)
- Complementary Technologies
- 3D Printing and Additive Manufacturing
- Cybersecurity Technologies
- Adjacent Technologies
- Wearable Technology
- Cloud Computing
Patent Analysis
- Patent Publication Trends for Medical Device Engineering
- Insights: Jurisdiction and Top Applicant Analysis
Pricing Analysis
- Average Selling Price Medical Device Regulatory Consulting Services for Key Vendor, by Region
- Indicative Pricing, by Service Type
Trade Analysis
Key Conferences and Events, 2024-2025
Key Stakeholders and Buying Criteria
Impact of Generative AI on Medical Device Engineering Market
Ecosystem Analysis
Case Study Analysis
Trends/Disruptions Affecting Customers' Businesses
Medical Device Engineering Market: Investment and Funding Scenario
Company Profiles
- L&T Technology Services
- Infosys
- HCL Technologies
- Tata Consultancy Services
- Cyient
- Wipro
- Tech Mahindra
- Capgemini
- Accenture
- Alten Group
- Flex Ltd
- Althea Group
- Embien Technologies India
- Saraca Solutions
- Consonance
- Med Institute
- Nemedio Inc.
- Sternum
- Medcrypt
- MCRA
- North American Science Associates
- Medqtech
- Ontogen Medtech
- Seisa Medical
- Simplexity Product Development
- Veranex
For more information about this report visit https://www.researchandmarkets.com/r/r31t2f
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