PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477320
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477320
Medical Device Engineering Services Market, By Service Type, By Device Type, By Geography
Global medical device engineering services market is estimated to be valued at USD 5.64 Bn in 2024 and is expected to reach USD 12.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 5.64 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2024 to 2031 CAGR: | 11.50% | 2031 Value Projection: | US$ 12.05 Bn |
Global medical device engineering services market has witnessed tremendous growth in the recent years due to advancements in technology and rising demand for quality healthcare devices. Medical device engineering involves designing, developing and testing medical equipment, devices, components and other products used for medical purposes. Services include concept design, product development and lifecycle support, regulatory compliance, quality assurance as well as manufacturing and packaging support. With new diseases emerging and lifestyle changes leading to increased prevalence of chronic conditions, the need for innovative medical solutions continues to rise globally. Various factors such as rising geriatric population, growing incidence of chronic and lifestyle diseases, and increasing healthcare investments are driving the market growth.
Market Dynamics:
Global medical device engineering services market growth is driven by rising demand for innovative medical devices. Growing prevalence of chronic diseases due to changing lifestyle and dietary patterns has boosted the need for advanced healthcare solutions. According to World Health Organization, chronic diseases accounted for over 70% of all deaths globally in 2020. This has accelerated R&D in the medical device industry to come up with more effective diagnostic and treatment options. Rising healthcare expenditures coupled with increasing collaborations between medical device companies and engineering service providers are positively impacting the market growth. However, lengthy product approval timelines and stringent regulations can hamper the market growth. Moreover, the COVID-19 pandemic disrupted the supply chain which negatively impacted the market growth. However, growing investments by governments and private organizations in the healthcare sector present lucrative opportunities for market expansion.
Key Features of the Study:
- This report provides in-depth analysis of the global medical device engineering services market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global medical device engineering services market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, L&T Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- Global medical device engineering services market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical device engineering services market.
Detailed Segmentation-
- Service Type:
- Product Development
- Clinical Trial Services
- Quality Management
- Others
- Device Type:
- IVD Devices
- Diagnostic Imaging
- Monitoring Devices
- Others
- Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
- Company Profiles:
- Infosys Limited
- Cyient
- Accenture
- Embien Technologies India Pvt Ltd.
- Saraca Solutions Private Limited
- Tata Elxsi
- Iziel
- Wipro
- Althea Group
- L&T Technology Services Limited.
- Altran
- ALTEN Technology
- Flextronics International, LTD.
- Nordson Corporation
- ClariMed, Inc.
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Service Type
- Market Snapshot, By Device Type
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Impact Analysis
- Market Trends
- Recent Developments
- Regulatory Scenario
- Acquisitions and Partnerships Scenario
- Service Type Launches
- Fundings and Investments
- PEST Analysis
- Porter's Analysis
4. Global Medical Device Engineering Services Market- Impact of Coronavirus (COVID-19) Pandemic
- Overall Impact
- Government Initiatives
- COVID-19 Impact on the market
5. Global Medical Device Engineering Services Market, By Service Type, 2019 - 2031, (USD Bn)
- Overview
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Product Development
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Clinical Trial Services
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Quality Management
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Others
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
6. Global Medical Device Engineering Services Market, By Device Type, 2019 - 2031, (USD Bn)
- Overview
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- IVD Devices
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Diagnostic Imaging
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Monitoring Devices
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Others
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
7. Global Medical Device Engineering Services Market, By Region, 2019 - 2031, (USD Bn)
- Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2019-2031
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 - 2031, (USD Bn)
- U.S.
- Canada
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 - 2031, (USD Bn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 - 2031, (USD Bn)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 - 2031, (USD Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 - 2031, (USD Bn)
- GCC
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Device Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country/Region, 2019 - 2031, (USD Bn)
- North Africa
- Central Africa
- South Africa
8. Competitive Landscape
- Company Profiles
- Infosys Limited
- Company Highlights
- Service Type Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Cyient
- Accenture
- Embien Technologies India Pvt Ltd.
- Saraca Solutions Private Limited
- Tata Elxsi
- Iziel
- Wipro
- Althea Group
- L&T Technology Services Limited.
- Altran
- ALTEN Technology
- Flextronics International, LTD.
- Nordson Corporation
- ClariMed, Inc.
9. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. References and Research Methodology
- References
- Research Methodology
- About us and Sales Contact
