The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Medical Component Manufacturing Global Market Report 2024, the medical component manufacturing market is expected to show significant growth in the forecast period.

Robust Growth and Projections

• Market size surged from $13.29 billion in 2023 to $14.19 billion in 2024, with a CAGR of 6.7%.
• Historic growth attributed to pharmaceutical R&D, healthcare industry expansion, diagnostic testing demand, globalization of the chemical industry, and regulatory compliance.
• Expected to reach $18.37 billion in 2028, with a CAGR of 6.7%.
• Forecasted growth fueled by personalized medicine demand, biotechnology focus, environmental testing expansion, food and beverage industry growth, and drug manufacturing globalization.

Surging Demand For Medical Devices Propels Growth

• Increasing demand for medical devices is a primary growth driver.
• Medical devices encompass various instruments, appliances, implants, and software used in healthcare.
• Federal retail spending on medical devices rose by 21.8% in 2021 compared to 2020.
• FDA approved 40 innovative medical devices in 2021, marking a 25% increase from 2020.
• Major players in the market include Johnson & Johnson Services Inc., Abbott Laboratories Inc., and Medtronic PLC.

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Technological Advancements In Medical Component Manufacturing

• Technological advancements are key trends shaping the market.
• Companies focus on developing advanced technologies to sustain market position.
• Stratasys Ltd. introduced the Stratasys J5 MediJet 3D printer in June 2021, enhancing efficiency and detail in component manufacturing.
• Stratasys J5 MediJet 3D printer offers up to 30% faster printing and supports the latest 3MF file format for improved connectivity.
• Major players emphasize innovation to meet evolving industry demands.

ARCH Medical Solutions Enhances Capabilities With Acquisition

• In November 2022, ARCH Medical Solutions Corp acquired Alpha Manufacturing & Design, consolidating expertise to drive innovation.
• The acquisition aimed to bolster ARCH Medical’s ability to deliver superior solutions.
• Alpha Manufacturing & Design specializes in highly engineered surgical devices for various medical applications.
• Strategic acquisitions play a vital role in expanding market presence and capabilities.

Market Segmentation

• Segmented by Process: Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding, Other Processes.
• Segmented by Service: Device Development And Manufacturing Services, Quality Management Services, Final Goods Assembly Services.
• Segmented by Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications.
• North America dominated the market in 2023, while Asia-Pacific is projected to witness the fastest growth.

Conclusion: Driving Healthcare Innovation The medical component manufacturing market is experiencing robust growth, driven by increasing demand for medical devices and technological advancements. Companies are leveraging innovative solutions and strategic acquisitions to meet evolving industry needs. As the healthcare landscape continues to evolve, technological innovation and strategic partnerships will remain crucial for driving progress and delivering superior healthcare solutions globally.

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