Key Trends and Insights into the Medical Device Design And Development Services Market: Growth Rate and Opportunities to 2034
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How has the medical device design and development services market grown over the years?
Recent years have seen a quick expansion in the medical device design and development services market. The market, which stood at $12.00 billion in 2024, is projected to reach $13.72 billion in 2025 exhibiting a compound annual growth rate (CAGR) of 14.36%. Key factors promoting such exceptional growth during the historic period include an increasing aging population, the upsurge of personalized medicinal treatments, escalated healthcare expenditure, enhanced investment in research and development, and a larger healthcare infrastructure.
What Is the forecasted market size and growth rate for the medical device design and development services market?
There is an expected rapid expansion in the medical device design and development services market in the coming years. The market is predicted to rise to a worth of $23.26 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 14.10%. The predicted growth for the period is a result of factors such as a rising demand for diagnostic tools, a trend towards home-based healthcare, an enhanced need for disease detection tools, an escalating use of imaging devices for diagnostic purposes, and a growing focus on preventive care. Major trends projected for this period include the adoption of AI and machine learning, the use of 3D printing, device miniaturization, advancements in telemedicine, and surgical robotics innovation.
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What are the major factors driving growth in the medical device design and development services market?
The escalation of chronic illnesses is anticipated to propel the advancement of the medical device design and development services market in the near future. Chronic diseases, being enduring health conditions, generally persist over a year and necessitate continuous medical supervision, and potentially limit daily activities or overall life quality. The increasing occurence of such diseases is credited to factors such as rising aging populations, unhealthy lifestyle choices, poor diet, lack of physical activity, and heightened stress levels. Medical device design and development services prove vital in tackling chronic diseases by delivering creative, patient-focused solutions which enhance disease management, amplify patient outcomes, and simplify long-term care. As an illustration, the Australian Institute of Health and Welfare, a government agency based in Australia, reported in June 2024 that the age-standardized death rate associated with chronic conditions was 448 per 100,000 of the population, a figure which slightly rose to 459 per 100,000 in 2021 and further climbed to 490 per 100,000 in 2022. Thus, the escalating prevalence of chronic diseases prompts the growth of the medical device design and development services market.
What key areas define the segmentation of the global medical device design and development services Market?
The medical device design and development services market covered in this report is segmented –
1) By Services: Designing And Engineering, Machining, Molding, Packaging
2) By Medical Devices: Cardiovascular Devices, Point Of Care (POC) Diagnostic Equipment, Hb1ac Testing, Drug Delivery Devices, Orthopedic Devices, Dental Devices, Imaging Devices, Surgical Devices, Sleep And Respiratory Devices, Other Medical Devices
3) By Application: Treatment, Diagnostics
4) By End Use: Medical Device Companies, Biotechnology Companies
Subsegments:
1) By Designing And Engineering: Product Concept Design, Prototyping And Testing, CAD Modeling And Simulation, Material Selection And Engineering
2) By Machining: Precision Machining, CNC Machining, Laser Cutting And Etching, Surface Finishing
3) By Molding: Injection Molding, Blow Molding, Compression Molding, Overmolding
4) By Packaging: Sterile Packaging, Custom Packaging Solutions, Regulatory-Compliant Packaging, Packaging For Distribution And Storage
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What are the top market players propelling the growth of the medical device design and development services industry?
Major companies operating in the medical device design and development services market are Johnson & Johnson Inc, Siemens Healthineers AG, Jabil Inc., Medtronic plc, Flex Ltd., Stryker Corporation, Quest Global Engineering Services Private Limited, Boston Scientific Corporation, Sanmina Corporation, Plexus Corp., Integer Holdings Corporation, Nordson MEDICAL Inc., Veranex Solutions, Cirtec Medical Corporation, Cambridge Design Partnership, Planet Innovation Technologies Pvt. Ltd., Ximedica LLC, Starfish Medical, Avail Medsystems, DeviceLab Inc.
What emerging trends are influencing the growth of the medical device design and development services market?
Major companies operating in the medical device design and development services market are focusing on integrating innovative solutions such as human-centric design principles to enhance user experience, improve product functionality, and ensure patient safety. Human-centric design principles refer to designing products, systems, or environments with a primary focus on the needs, preferences, and limitations of the end users, ensuring that usability, comfort, and accessibility are prioritized. For instance, in January 2023, ClariMed Inc., a US-based medical equipment manufacturing company, launched its first MedTech services partner focused on delivering integrated, human-centered solutions for medical product development. This initiative focuses on providing comprehensive, end-to-end services that integrate product strategy, design, development, and regulatory compliance into a seamless process. By prioritizing patient needs and usability, the platform ensures that medical devices are not only technologically advanced but also user-friendly and effective.
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What regions are dominating the medical device design and development services market growth?
North America was the largest region in the medical device design and development services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device design and development services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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