Medical Device Engineering Services Market

Medical Device Engineering Services Market by Type (Prototyping, Mechanical, Electronics, Connectivity, Cybersecurity), Device Type (IVD, Imaging, Surgical, Therapeutic devices) and Geography - Global Forecast to 2027

Report Code: UC 1986 Jan, 2023, by marketsandmarkets.com

The global medical device engineering services market size is projected to reach USD 7.76 billion by 2027 from USD 4.60 billion in 2022, at a CAGR of 11% during the forecast period. The growth in this market is driven by increasing tendency of the manufacturers to outsource high value phases and strong growth in end-user markets like in vitro diagnostics and patient monitoring devices. However, the changing regulatory landscape in US and European Union has raised the standards for safety and quality that is necessary to bring the product in the market. The increasing regulatory burden is expected to restrain the market growth to certain extent.

Global Medical Device Engineering Services Market

Medical Device Engineering Services Market Size, Share

To know about the assumptions considered for the study, Request for Free Sample Report

The medical device market is characterised by increasing consolidation in the past few years wherein large M&A transactions were seen among the top 20 players in the market. The growing need to integrate, simplify and streamline operations have lead manufacturers to increasingly rely on contract manufacturing services to attain scalability and cost synergies.

Moreover, over the past few years it has been observed that medical devices manufacturers are increasingly combining digital, robotic and therapeutic capabilities of different stakeholders. In this convergence of technology platforms, developing and matching the capabilities of competitors outside of their core technical competencies is expected to create and opportunity for contract manufacturing organizations to attain competitive edge in the market.

However, the changes in the regulations for the approval of medical devices in US and Europe will pose a threat for the companies. Stricter regulatory norms, increased stringency around safety and quality of products is expected to restrict market growth.

The connectivity and mobility services for the largest market share in the medical device engineering services market, type, during the forecast period”

Based on the type of engineering services, medical device engineering services market has been segmented into Product Innovation & Design/Industrial Design Services, Prototyping Services, Mechanical Engineering Services, Electronics Engineering & Software Development Services, Connectivity and Mobility Services, Cybersecurity Services, Product Testing Services, Regulatory Consulting Services, Product Support & Maintenance Services and other services. Connectivity and mobility services is expected to register the highest growth rate during the forecast period owing to the increasing adoption of industry 4.0 principles in the medical device industry and growing demand for integrated solutions in the end user markets.

“In-vitro diagnostic devices accounted for the largest share in the medical device engineering services market”

Based on device type, medical device engineering services has been segmented into imaging devices, therapeutic devices, in-vitro diagnostic devices, diagnostic and patient monitoring devices, surgical devices and other devices. In-vitro diagnostic devices accounted for the largest share in the medical device engineering services market owing to the increasing adoption of rapid diagnostics for preliminary diagnosis or monitoring of disease or health status and increasing burden of life-style diseases that requires regular monitoring.

“Asia Pacific region is expected to witness the highest growth during the forecast.”

The global medical device engineering services market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific is expected to register significant growth. The growth in this region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.

To know about the assumptions considered for the study, download the pdf brochure

Competitive Landscape

Key Market Players

Some of the prominent players in the market include Embiem, Altran, Alten Group, HCL Technologies, Akka Technologies, Capgemini, Tata Consultancy Services, Wipro, Tech Mahindra, Accenture, L&T Technology Service, Althea, Arrow, Sterling Medical Devices and more.

Key Industry Development:

In March-22, Cyient, a leading global technology solutions company, launched Firmware over-the-Air (FOTA) updates from its CyientfIQTM innovation platform. The FOTA solution is designed to accelerate the development of intelligent and connected products for its customers across the industry. The solution is developed to ensure that there is a significant reduction in the cost of after-sales service support, and an avenue for additional revenue through optional new feature upgrades for end-users.

The primary interviews conducted for this report can be categorized as follows:

  • By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
  • By Designation: C-level - 27%, D-level - 18%, and Others - 55%
  • By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6% , and the Middle East & Africa – 4%

Lists of Companies Profiled in the Report:

  • Embiem
  • Altran
  • Alten Group
  • HCL
  • Akka Technologies
  • Capgemini
  • Tata Consultancy Services
  • Wipro
  • Tech Mahindra
  • Accenture
  • L&T Technology Services
  • Althea
  • Infosys

Get online access to the report on the World's First Market Intelligence Cloud

  • Easy to Download Historical Data & Forecast Numbers
  • Company Analysis Dashboard for high growth potential opportunities
  • Research Analyst Access for customization & queries
  • Competitor Analysis with Interactive dashboard
  • Latest News, Updates & Trend analysis
Request Sample

Scope of the Report

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD)

Segments covered

Type, Device Type and Region

Geographies covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Companies covered

Cyient (India), Capgemini (France), TCS (India), Infosys (India), HCL Technologies (India), Akka Technologies (Belgium), Wipro (India), Arrow (US), MÖLLER Medical (Germany), L&T Technology Services Limited (India) and more.

This report categorizes the medical device engineering services market into the following segments and subsegments:

By Type
  • Introduction
  • Product Innovation & Design/Industrial Design Services
  • Prototyping Services
  • Model Making
  • Rapid Prototyping
  • Mechanical Engineering Services
  • Electronics Engineering & Software Development Services
  • Connectivity and Mobility Services
  • Cybersecurity Services
  • Product Testing Services
  • Regulatory Consulting Services
  • Product Support & Maintenance Services
  • Other Services
By Device Type
  • Introduction
  • Imaging Devices
  • Therapeutic Devices
  • In-Vitro Diagnostic Devices
  • Diagnostic And Patient Monitoring Devices
  • Surgical Devices
  • Other Devices
By Region
  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific (RoAPAC)
  • Latin America
  • Middle East & Africa

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION & SCOPE
           1.2.1 MARKETS COVERED
           1.2.2 YEARS CONSIDERED FOR THE STUDY
    1.3 CURRENCY
    1.4 STAKEHOLDERS
    1.5 LIMITATIONS
    1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY
    2.1 RESEARCH APPROACH
           2.1.1 SECONDARY RESEARCH
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY RESEARCH
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION
    2.3 DATA TRIANGULATION APPROACH
    2.4 MARKET SHARE ESTIMATION
    2.5 ASSUMPTIONS FOR THE STUDY
    2.6 LIMITATIONS
           2.6.1 METHODOLOGY-RELATED LIMITATIONS
           2.6.2 SCOPE-RELATED LIMITATIONS
    2.7 RISK ASSESSMENT

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS
    4.1 MEDICAL DEVICE ENGINEERING SERVICES MARKET OVERVIEW
    4.2 MEDICAL DEVICE ENGINEERING SERVICES MARKET: DEVELOPED VS. DEVELOPING MARKETS
    4.3 MEDICAL DEVICE ENGINEERING SERVICES MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
    4.4 MEDICAL DEVICE ENGINEERING SERVICES MARKET: REGIONAL MIX

5 MARKET OVERVIEW
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES

6 INDUSTRY INSIGHTS
    6.1 INTRODUCTION
    6.2 TRENDS/ DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
    6.3 SUPPLY/ VALUE CHAIN ANALYSIS
    6.4 ECOSYSTEM/ MARKET MAP
    6.5 TECHNOLOGY ANALYSIS
    6.6 TRADE ANALYSIS
    6.7 KEY CONFERENCES & EVENTS IN 2022-2023
    6.8 TARIFF AND REGULATORY LANDSCAPE
           6.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
           6.8.2 NORTH AMERICA
           6.8.3 EUROPE
           6.8.4 ASIA PACIFIC
    6.9 PORTER’S FIVE FORCES ANALYSIS
           6.9.1 THREAT FROM NEW ENTRANTS
           6.9.2 THREAT FROM SUBSTITUTES
           6.9.3 BARGAINING POWER OF SUPPLIERS
           6.9.4 BARGAINING POWER OF BUYERS
           6.9.5 INTENSITY OF COMPETITIVE RIVALRY
    6.1 KEY STAKEHOLDERS & BUYING CRITERIA
           6.10.1 KEY STAKEHOLDERS IN BUYING PROCESS
           6.10.2 BUYING CRITERIA
    6.11 ADJACENT MARKET ANALYSIS
    6.12 CASE STUDY 

7 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY TYPE
    7.1 INTRODUCTION
    7.2 PRODUCT INNOVATION & DESIGN/INDUSTRIAL DESIGN SERVICES
    7.3 PROTOTYPING SERVICES
                     7.3.1  MODEL MAKING
                     7.3.2  RAPID PROTOTYPING
    7.4 MECHANICAL ENGINEERING SERVICES
    7.5 ELECTRONICS ENGINEERING & SOFTWARE DEVELOPMENT SERVICES
    7.6 CONNECTIVITY AND MOBILITY SERVICES
    7.7 CYBERSECURITY SERVICES
    7.8 PRODUCT TESTING SERVICES
    7.9 REGULATORY CONSULTING SERVICES
    7.10 PRODUCT SUPPORT & MAINTENANCE SERVICES
    7.11 OTHER SERVICES (IF ANY)

8 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY DEVICE TYPE
    8.1 INTRODUCTION
    8.2 IMAGING DEVICES
    8.3 THERAPEUTIC DEVICES
    8.4 IN-VITRO DIAGNOSTIC DEVICES
    8.5 DIAGNOSTIC AND PATIENT MONITORING DEVICES
    8.6 SURGICAL DEVICES
    8.7 OTHER DEVICES (IF ANY)

9 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY REGION
    9.1 INTRODUCTION
    9.2 NORTH AMERICA
           9.2.1 US
           9.2.2 CANADA
    9.3 EUROPE
           9.3.1 GERMANY
           9.3.2 FRANCE
           9.3.3 UK
           9.3.4 ITALY
           9.3.5 SPAIN
           9.3.6 REST OF EUROPE
    9.4 ASIA PACIFIC
           9.4.1 CHINA
           9.4.2 JAPAN
           9.4.3 INDIA
           9.4.4 REST OF ASIA-PACIFIC
    9.5 LATIN AMERICA
    9.6 MIDDLE EAST & AFRICA

10 COMPETITIVE LANDSCAPE
     10.1 INTRODUCTION
     10.2 KEY PLAYER STRATEGIES/ RIGHT TO WIN
     10.3 REVENUE SHARE ANALYSIS- TOP 5 PLAYERS
     10.4 MARKET SHARE ANALYSIS
     10.6 COMPANY EVALUATION QUADRANT
             10.6.1 STARS
             10.6.2 PERVASIVE PLAYERS
             10.6.3 EMERGING LEADERS
             10.6.4 PARTICIPANTS
     10.7 COMPANY EVALUATION QUADRANT- FOR STARTUP’S/ SMEs
             10.7.1 PROGRESSIVE COMPANIES
             10.7.2 DYNAMIC COMPANIES
             10.7.3 STARTING BLOCKS
             10.7.4 RESPONSIVE COMPANIES
     10.8 COMPETITIVE BENCHMARKING 
     10.9 COMPETITIVE SCENARIO AND TRENDS
             10.9.1 PRODUCT LAUNCHES & APPROVALS
             10.9.2 DEALS
             10.9.3 OTHER DEVELOPMENTS

11 COMPANY PROFILES
(Business Overview, Financial Information, Products Offered, Recent Developments and MnM View) *
     11.1 EMBIEM
     11.2 ALTRAN
     11.3 ALTEN GROUP
     11.4 HCL
     11.5 AKKA TECHNOLOGIES
     11.6 CAPGEMINI
     11.7 TCS
     11.8 WIPRO
     11.9 TECH MAHINDRA
     11.10 ACCENTURE
     11.11 L&T TECHNOLOGY SERVICES
     11.12 ALTHEA
     11.12 INFOSYS 

* Financial Information and MnM View would be provided for public listed companies only.

12 APPENDIX
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATIONS
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS

*Contents in the ToC/market segments are tentative and might change as the research proceeds.
*List of companies is tentative and not exhaustive and might change during course of study.
*Details on key financials might not be captured in case of unlisted companies.

This study involved four major activities in estimating the current size of the medical device engineering services market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.  After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.

Secondary Research

In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.

The following is a breakdown of the primary respondents (supply side):

Medical Device Engineering Services Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the market size of medical device engineering services market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry have been identified through extensive secondary research
  • The revenues generated by leading players operating in the medical device engineering services market have been determined through primary and secondary research
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Medical Device Engineering Services Market Size: Top-Down Approach

Medical Device Engineering Services Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • To define, describe, segment, and forecast the global medical device engineering services market by type, device type, and region
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
  • To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
  • To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
  • To track and analyze company developments such as acquisitions, product launches and approvals, expansions, and other developments in the medical device engineering services market.
  • To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:

Country Information

Medical Device Engineering Services market size and growth rate estimates for countries in the Rest of Europe, the Rest of Asia Pacific, Latin America, and Middle East & Africa

Company profiles

Company profiles of 25 players operating in the Medical Device Engineering Services Market.

Report Code
UC 1986
Available for Pre-Book
Choose License Type
Prebook Now
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Medical Device Engineering Services Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status Website Feedback