Global Medical Component Manufacturing Market Analysis: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global medical component manufacturing market is expected to grow from $12.44 billion in 2022 to $13.29 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The medical component manufacturing market is expected to reach $17.03 billion in 2027 at a CAGR of 6.4%.
North America was the largest region in the medical component manufacturing market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Medical Component Manufacturing Market Driver
The rising demand for medical devices is driving the growth of the medical component manufacturing market going forward. Medical devices are instruments, machines, appliances, software, implants, or other similar articles used in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. Medical component manufacturing is used to manufacture components such as injection-molded and electronic components used in medical devices. For instance, in 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency that administers the Medicare program, federal retail spending on medical devices such as contact lenses, eyeglasses, and hearing aids increased by 21.8% compared to 2020. Furthermore, in February 2021, according to the US Food and Drug Administration, a US-based health regulatory authority, 40 innovative medical devices were approved in 2021, an increase of 25% from 32 approvals in 2020. Therefore, the increasing demand for medical devices drives the medical component manufacturing market.
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Prominent Medical Component Manufacturing Market Trend
Advancements in technology are key trends gaining popularity in the medical component manufacturing market. Major companies operating in the medical component manufacturing market are developing advanced technologies to create innovative solutions to sustain their position in the market. For instance, in June 2021, Stratasys Ltd., an Israel-based additive manufacturing company, introduced a new Stratasys J5 MediJet 3D printer for medical component manufacturing. The unknown printer includes multiple applications in a single system and helps users create highly detailed components. The MediJet 3D printer is up to 30% faster than comparable 3D printers. It has a straightforward workflow with automatic build tray organization, adjustments, and support for the most recent 3MF file format for more effortless connectivity to third-party segmentation and design software.
Medical Component Manufacturing Market Prominent Players
Major players in the medical component manufacturing market are Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, Heraeus Holding GmbH, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson 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, and Walter Stern Inc.
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Key Medical Component Manufacturing Market Segments
The global medical component manufacturing market 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
The Medical Component Manufacturing Global Market Report 2023 provides a comprehensive overview on the medical component manufacturing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical component manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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